Some latest conventions in business negotiations
Thanks to Paul Trevino and TheGapPartnership.com for this guest blog post!
When it comes to negotiating, it is important to establish an equal standing among both individuals. 21st century negotiating has become tailored towards identifying both parties as business partners, as opposed to the old-fashioned supplier vs client approach.
The trend towards a more open and sincere direction in negotiation has become gradually accepted among Western society. The previous method, which generally consisted of self-satisfied or boastful exercises, has since been stripped in favor of approaches that benefit both parties, not just an eternal struggle to satisfy one’s ego.
By establishing an even playing field, it allows both people to be heard equally and voice their opinions in a fair manner.
Contemporary negotiating methods and techniques suggest that sharing more information (than what was previously expected of) is valuable in establishing trust among both parties. By sharing more information with your business partner, it displays confidence and admiration in their skills and abilities.
Being open and honest is about convincing someone why you’re suitable for a job or task, through evidence of previous experience or examples of past achievements. By sharing this information with your colleague (and listening to theirs), it displays mutual confidence and admiration for one another. By establishing trust early on, it can lead to further promising experiences to come.
Accepting or declining a deal/offer on a tight deadline is a potential recipe for disaster. Negotiation consulting precise details can often be time consuming, and for good reason, if the deal or offer is an important career change or opportunity.
Establishing a generous time frame to discuss details is crucial to remember if you wish to secure a deal that benefit both parties equally. A rushed decision can lead to accepting less-desirable terms, which could result in conflict between individuals later on.
Be Willing to Say No
If both parties are to form a mutually bonding alliance or partnership, then the deal needs to be equally fair between them. The ability to say ‘no’ is an important step in maintaining assertiveness, a trait that even your business partner may find admirable. As willing as you may be to please the other member, consider the terms that affect you and decide whether you understand the results of your decision.
The inability to refuse an offer could lead to accepting a poor deal. Saying ‘yes’ to a less-desirable offer may display weakness to the other party, and disturb the even playing field previously established. Saying ‘no’ is the ability to consider options other than your desired goal, straying too far towards the demands of others can be demoralizing and costly in the future. Consider your choices and whether the offer being made equally satisfies both of you.
Understand the Other Side’s Situations
Social standards often mistakenly lead us to focus on our own problems or pressures, without perhaps considering others. When negotiating, it is important to be sympathetic to your partner’s situation and consider what they may want out of a deal.
Understanding another person’s motives helps you see the bigger picture. It can justify an offer you perhaps don’t particularly agree with, or it may allow you to see why the other party may reject your requests.
Being able to identify another person’s pressures can allow you to persuade a better deal, or perhaps even change it completely to better suit their needs (without being at the expense of yourself). Providing potential solutions to someone’s problem can result in similar treatment for you. Consider the possibilities and decide based on the circumstances.