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  • Realizing Desired Outcomes in Negotiations

    February 25, 2022

    Negotiation is an intrinsic part of life. While it's more pronounced and obvious in business settings, it's also highly present in day-to-day life. Even the simplest and most mundane things need to be negotiated first. For example, which restaurant do you and your partner choose for your next date? Whose parents do you spend the upcoming holidays with?

    All decisions involving more than one party require some degree of negotiation. That's what makes understanding the practice of negotiation so paramount to success in life. So, how do you reach your desired outcomes in business and everyday negotiations?

    Research Your Counterparts

    If you know who you're negotiating with, study them thoroughly beforehand. What makes them tick?  Getting into the mind of the other party is perhaps one of the most important factors to negotiating successfully. A particular set of rules or single negotiation strategy that works well on one person may have the opposite effect on another. 

    Try to gather as much information as you can about the person you're negotiating with. If you know others who have negotiated with them in the past, ask for some friendly advice. 

    Prepare Diligently 

    Regardless of what you're negotiating about, you need to do your homework if you want to bring out your desired outcomes. By knowing every detail there is to know, you can navigate through the discussion with ease. Demonstrating your thorough knowledge also makes you appear educated on the matter and trustworthy to work with. 

    Have a Strong BATNA

    A BATNA is "the best alternative to a negotiated agreement". Essentially, this is your best "other option" in case the negotiation doesn't work out. If you're negotiating for a new job, your BATNA is another job.

    Having a strong BATNA organized beforehand gives you leverage when negotiating. If you have no other options, and your counterpart is aware of that, you're likely to get a raw deal. However, if they know you've got other options waiting, they're likely to try harder to accommodate your needs.

    Know the Cost of Production

    When negotiating prices of products or services, it's important that you know what your wiggle room looks like. To get an idea of how much the other party is able to give, you need to estimate the cost of production for the product or service they're selling. What do their profit margins look like? How much further can you push that price? 

    Estimating their costs as well as their expenses helps you to get a feel for your leverage. If you're lucky, they may just come right out and tell you, but don't count on it. 

    The Importance of Good Presentation

    When delivering a contract proposal, don't neglect the fine details. The contract needs to be neat, professional, and absolutely typo-free. Make sure you reduce PDF file size in order to have a document that is easier to share and read. 

    Bring Out Your Desired Outcomes

    Negotiating is a fundamental part of multiparty decision-making. Understanding these basic principles can help you with bringing out your desired outcomes.

    If topics like these are of interest to you, consider joining your local chamber of commerce for more engaging discussions.

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