8 Secrets of a Successful Negotiation
Negotiation plays a vital role in laying the foundation of a strong business. Effective negotiation skill is a prerequisite for every successful businessperson. A business negotiation is termed as successful only when the outcome is mutually beneficial. Skillful negotiation translates into greater profits, stronger corporate relations and a plethora of opportunities. Listed here are some secrets of a successful negotiation.
1. Know what you want
The first step is to set your priorities. Write them down in the order of significance. Define your company’s short term and long term goals. Once you are clear on these, you can begin the process of negotiation.
2. Always have a backup plan
As a smart businessperson, always keep your options open. A negotiation may not always end in your favor. This is primarily why you need to think about your alternatives. So, if one plan fails, you are ready with yet another profitable strategy.
3. Do your research
Forewarned is forearmed. You should be well informed about whom you are dealing with. Study the other party’s financial status, the market trends and similar deals in the past. Citing specific statistics will enable you to be more convincing. This in turn will help you clinch the deal on your terms.
4. Bid higher
Always set a high target before you start your negotiations. Though the target may seem far-fetched, remember you are the only one to know it! The biggest advantage is that, you will be more than satisfied with the end results, they being higher than your expectations.