Negotiation is a vital ability that can help you in your career and personal life. Many people do not understand the fundamental principles of negotiation. Understanding these fundamentals will make your next negotiation much more successful.
1. Identify Your Goals
Understanding what you want to achieve is an essential aspect of negotiation. It's called "negotiating your goals." For instance identifying "must-haves", "nice-to haves", and "nice-tos" in a work offer. This will help you stay focused in negotiations and increases the chances that you'll reach a win-win situation.
2. Know when to walk away
It is important to be flexible in negotiating and consider the interests of the other party. If you're requesting a raise in salary and the other side doesn't think it's in their best interests to accept your terms, then they may leave the table. Knowing when to walk away will give you the time to think of other options and prepare for the next negotiation.
3. Avoid Using Threats
Negotiating can be a difficult process that requires a number of steps. However, there are certain tactics that should never be used. Threats can be a powerful deterrent and they can make the other party feel as if they're being pushed into doing something against their will. For instance, threats to end a meeting before the scheduled time can be seen as an ultimatum, and could disrupt the flow of the conversation. Threats could also backfire, causing the other party to become defensive and less likely to listen.