Fundamental Principles of Negotiation

Negotiation involves mutual discussions for the purpose of arriving at the terms of a transaction or agreement.

  • Look for creative ways to satisfy you and your counterpart’s interests
  • Establish a friendly climate of mutual interest and trust
  • Negotiation is the beginning of a process, not the end – look for a long term mutually beneficial relationship.
  • Don’t be afraid to give up something to get something
  • Be open to creative ways to satisfy critical needs – look beyond the current situation

WHY EFFECTIVE COMMUNICATION IS IMPORTANT IN NEGOTIATIONS

We deal with people all the time especially in negotiations. It is imperative that we work well with people, listen effectively and be able to communicate with them to accomplish your goals. The receiver should receive the message, hear it, read it and feel it.

PREPARATION

Review this presentation and your notes to refresh yourself on the fundamentals of effective negotiations.

Deliberate with your negotiation teammates to develop a strategy.

Develop a plan incorporating your negotiation knowledge and the need of your customer.

Practice, refine, practice, refine.

Be unique. Let something announce you.

ESTABLISH A WIN – WIN CLIMATE

Seek to establish a climate of mutual trust and shared goals. Get to know your counterpart as a person, but don’t be intrusive. Some clients like to small talk (schmooze) before beginning negotiations. If you are a sensor kind of counterpart, be patient. It’s okay to get coffee for your counterpart. Don’t miss an opportunity to personalise the relationship.(congratulatory note on your counterpart’s new baby, promotion, favourite team victory, etc). Consider sharing with your customer how you arrived at your fee proposal. Establish a positive climate with counterpart.

GODSON OGUMKA (SPARK HUB)

 

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