Learning the Basics of Negotiation

If you’re a natural negotiator or not, knowing the basics is crucial to improve your performance. Understanding key concepts like ZOPA and BATNA will assist you in preparing to make and prove value in negotiations, manage fairness concerns and reach an agreement that benefits everyone involved.

Negotiators often fail to achieve success because they are focused on their own needs. This can lead to the wrong deal for you, but a good one for the other side. Concentrate on the interests of both parties to avoid being naive. By identifying the different interests of each side and gaining a better understanding of their concerns and build an understanding of the situation.

Begin by examining your own interests and the issues at stake in the process. Then, consider the other parties’ interests by examining the reasons they arrived at the table and what their main concerns might be and any history they may have with your company. Understanding the other party’s interests can increase trust and build the foundation for a productive and successful relationship.

Find any concessions you might be willing make. Bringing these options to the table will help you close deals faster. However, you must be careful not to weaken your stance or give the appearance that you’re trying to play hardball. It is always best to come up with a win-win situation that makes both parties satisfied with the result.