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5 Simple Tips for Successful Negotiations

We all use our negotiation skills on a daily basis, from simple encounters we have like negotiating a fee for office supplies to more important relationships with our staff. Getting the conditions right for a positive and progressive engagement is really important in achieving a successful outcome for both parties.

Here are 5 simple steps that should make a difference:

  1. Prepare strategically for negotiations
  2. Generate top down support
  3. Influence and manage change
  4. Create and claim value at the negotiations meeting
  5. Engage as partners and not as opponents

 Prepare strategically for negotiations:

  • Set your strategy for reward – and agree this with the Senior Management Team (SMT)
  • Set ambitious targets
  • Clarify your priorities – again get input from the SMT group
  • Identify your BATNA – Best Alternative To Negotiated Agreement , what can be achieved elsewhere if not at this meeting
  • Set your Walk Away Limits
  • Develop multiple bargaining packages
  • Assess the other party

 Generate top down support:

  • Identify the key stakeholders and involve them in the process
  • Establish context for the terms to be agreed and set a shared goal so that there is buy in
  • Communicate the negotiation plan and seek feedback before you get sign off
  • Maintain regular contact and communications with all of the stakeholders though out the process

Influence and manage change:

  • Link the strategy of what you need to achieve to a wider context so that there is a broader understanding of what needs to change
  • Continue to provide ongoing communications with employees through out the process and afterwards to ensure the commitment to the agreement is still there
  • Establish a shared understanding before you start the negotiations, long before you have you meeting

Create and claim value at the negotiations meeting:

  • Get all the issues on the table
  • Uncover interests and priorities
  • Be creative and identify new options and ideas
  • Link the issues and make simultaneous proposals of equitable value
  • Value the creation of trade off’s
  • Get a share of that value
  • Get the tone and atmosphere right – engage as partners

Engage as partners and not as opponents

  • Establish trust and repair any damaged relationships
  • Establish a process and timelines and make sure these are communicated to the stakeholders so that you can set expectations
  • Manage emotions and people’s problems as you progress through the process

Business professionals must know how to negotiate well to successfully close deals, avoid conflicts, and make the organisation a better place to work. Learning the right way to negotiate will lead to a successful outcome. Contact Voltedge Management to find out more about our courses on successful negotiation skills – email info@voltedge.ie or phone the office 01-5252914.

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