Closing the Deal: Boosting Your Negotiation Skills

shaking hands

Some business owners often give up on negotiating. Whether it is because they feel that they don’t have the time for it or think that they can throw money at a deal, they think that it is not necessary to negotiate. However, good negotiations can potentially make or break a company. As the head of the company, your negotiation skills have to be on point. Here are a few tips on how to sharpen them.

Develop Your Preparation Skills

One of the more important parts of any negotiation happens before you meet with the other party. Learning how to prepare for negotiations thoroughly is important. Similar to going into battle unarmed, entering a negotiation with minimal preparation or information can be disastrous. For example, when negotiating with mortgage companies, it is always a good idea to research all the current mortgage rates being offered in the field. Besides that, your research should also include your finances, your credit report, and other factors that can affect your deal. Negotiating good mortgage rates can allow you to save money and ensure that you don’t have burdensome payments hanging over your head.

It may seem like it is simple to prepare for a negotiation, but a lot of negotiators miss out on many things. Learning how to do research properly and how to be thorough is an essential part of ensuring you arrive at negotiation with all the things you need. For example, if you know the other side better and what they want, you will be able to come up with a solid negotiating position.

Becoming A People Person

Another aspect of negotiating is being able to understand who is trying to negotiate with you. This will require you to be more of a people person. If you are not comfortable in a social environment or have problems with communicating this can be a difficult hurdle to overcome. But it is not as difficult as it seems.

Though there are several skills that you can develop to enhance your sociability, the most important one is to be able to listen. A lot of people think they can listen, but they actually can’t. They can hear the other party talking, but listening is more than that. A good listener pays attention to what the other person is saying. Communication is not just verbal, either. The person who is talking most likely has nonverbal cues that you need to see to understand them fully. Active listening is a useful skill to have during negotiations since it gives you more information and assures the other party that you respect them.

Besides listening, you also need to be assertive. This is not being aggressive, which is what people think. Being assertive means that you won’t be a pushover in the negotiation, but you also don’t dominate it. You give ground when necessary. Learning this balance can be difficult for some people.

broker

Learning To Keep Your Cool

Negotiations can get heated and getting caught in your emotions can cause problems for your negotiation. The negotiations can end because of emotional tension, or it ends with one side at a disadvantage which can cause problems later. The key thing here is to keep your cool. Refuse to react to negative behavior and let it pass. Focus on the deal and nothing else. This helps deescalate the stress of the situation. You can also try to relieve the pressure by using humor and jokes.

Be Aware Of The Give And Take

One mistake that many negotiators make is that they think that they have to win. A negotiation is not a fight. It is the opposite of a fight, and people can walk away from one feeling like they both won. The goal of any negotiation is a win-win situation. To make that happen, you need to be willing to give up some things to get your goal. Being stubborn and not making any concessions will only result in bad negotiations. But it would be best if you also were on the lookout on being on the losing end of a deal. Balancing your needs and their needs will require you to be aware of what your company needs and what it can reasonably give up.

Negotiations require a varied set of skills if you want to succeed. But developing them and ensuring that you get a fair or advantageous deal can be worth the effort that you put into them. A good negotiation can also ensure that your partners will be able to respect you. Hone your skills and ensure that you come out well from any deal.

Share on facebook
Facebook
Share on google
Google+
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on pinterest
Pinterest
Scroll to Top