Understanding the Basics of Negotiation

Negotiation is a critical ability that will help you improve your career and personal life. Many people do not understand the fundamentals of negotiations. Understanding these fundamentals can make your next negotiation more successful.

1. Determine Your Goals

Understanding what you are trying to achieve is a key part of negotiation. It’s known as “negotiating your goals.” For instance, identifying “must-haves”, “nice-to haves” and “nice-tos” in a job offer. This helps you remain focused in negotiations and makes it more likely that you’ll reach a win-win situation.

2. Know When to Walk Away

It’s essential to be flexible in negotiating and take into consideration the interests of the other party. For example, if you’re asking for a salary increase and the other party doesn’t feel that it’s in their best interest to agree with your terms, they might leave the table. Knowing when to quit will give you the time to think about alternative alternatives and prepare for your next negotiation.

3. Avoid Using Threats

Negotiating is often a tangled process that involves a variety of steps. Certain tactics should not be employed. Threats can be a powerful deterrent and they can make the person feel as if they’re being pushed into doing something against their will. For example, threatening to leave a meeting early can be seen as a threat to the other party and could disrupt the flow of the conversation. Additionally, threats could backfire and cause the other party to understanding the basics of negotiation become more defensive & less likely to listen.