Tips For Successful Negotiations

The ability to successful negotiate in todays fast paced business world can make or break you as a professional. Here are my tips for successful negotiation:

You should start your arguments first

According to a study published by Harvard Business School, you should always consider going first during a negotiation. What are the benefits of making the first offer? You are able to set the anchor number. The study says that by “making the first offer, you will anchor the negotiation in your favor.” Making the first offer will also show the other party that you are a confident individual.

Don’t be afraid to ask for what you want

Being assertive means asking for what you want and refusing to take NO for an answer. Practice expressing your feelings without anxiety or anger. Let people know what you want in a non-threatening way. Practice ‘I’ statements. For example, instead of saying, “You shouldn’t do that,” try substituting, “I don’t feel comfortable when you do that.”

Focus on the first 5 minutes

In a study published in the Journal Of Applied Sciences, the first 5 minutes of a negotiation can predict the negotiated outcome. During these minutes, the other party is trying to figure out if you actually mean what you say or if you’re merely trying to get more than what you know you’re worth. Start out likeable so that the other person doesn’t shut down on you.

Do your homework.

Gather as much pertinent information prior to your negotiation. What are their needs? What pressures do they feel? What options do they have? Doing your homework is vital to successful negotiation. You can’t make accurate decisions without understanding the other side’s situation. The more information you have about the people with whom you are negotiating, the stronger you will be.

Show that you’re passionate

If you’re satisfied, show that you’re happy by smiling. If you don’t like what you’re hearing, make sure the other party knows this by showing your emotions! When making deals, people want to believe that what they see is what they get, so be transparent with your emotions!

Start higher than what you’d feel satisfied with

In an article in Current Directions in Psychological Science, researchers say you should always start high in negotiations. These starting prices will eventually “form an anchor,” which will come to affect every other number that follows it. Even if you know the number is ridiculously more than what you would be satisfied with, you are the only person who knows this!