When we realize that virtually every aspect of our business and personal lives requires negotiation, the benefit of being a better and more efficient negotiator is clear.
Negotiation skills are not usually part of our formal education, although we use these skills all day, every day. These skills are at the very core of our professional and personal lives. It doesn’t matter if we run General Motors or the corner snowball stand or our homes, we all need to communicate and convince effectively.
What is negotiation, anyway? Negotiation can be explained simply as “working side by side with others to achieve some beneficial result.” Fortunately, it is a practical skill that can be learned. It is not a genetic trait that we are born with, like blue eyes or black hair. So no matter what our age or position in life is, if we develop a certain attitude about trading, pay attention to hone our skills, then our life will be smoother.
Some things to remember when developing a trading strategy:
o Act collaboratively, not competitively. It’s not “me against you.” When we see the other person as a negotiating partner, we are aware that everyone should benefit. It is a big mistake to think that someone is going to give you something for nothing. So try to figure out what the other person might want in exchange for what you want. And then make your case to show them that if they help him get what he needs, he’ll help them get what they need. Make “mutual benefit” your mantra.
o Personalize the situation; treat as individuals, not as institutions or corporations. You are not talking to “the Tchula bank” but to Charlie Smith, the person sitting across from you, who represents the bank. Flesh and bone Charlie Smith. Realize that you negotiate on your behalf, on behalf of the company. When you see the other person in this light, you can look into their eyes. this eye contact
o Raise your expectations. You usually get what you expect to get. If you don’t think you’ll get the promotion, you probably won’t. If you don’t think you’ll get the contract, you probably won’t. There’s no way you’re going to do your best if you think, in the back of your mind, that you won’t succeed anyway. So you might as well act like you expect to get what you want. You will be pleasantly surprised when you do! You see, when you really expect to get what you’re looking for, others see this in you.
o Know what you want. Sounds simple, right? But surprisingly, there are many times when we walk into a trading session and say, “Let’s see what they offer us.” Why let the other person decide what you will get? Nobody knows your business or your life like you. Being able to make concrete proposals gives you strength.
o Stay focused on the real issues. Decide what you absolutely want to achieve; what additional things would be nice to have; and what you can do without if you need to give them up to make a deal. Why do you need to determine these things in advance? Because in the “heat of battle” you won’t be able to focus on these issues as easily, and you might be very surprised at what you didn’t get or what you gave away.
or Prepare. Do your homework; Thoroughly research the person or company you will be dealing with. Is the company innovative or serious? Is the person you are negotiating with being creative or more traditional? With all the information available on the Internet today, there is practically nothing that we cannot find out beforehand. Whether we are investigating a corporation or a person. Simply googling someone is likely to bring up something we didn’t know. And of course there is the old fashioned way: just ask. Ask industry colleagues (not competitors) or acquaintances. It shouldn’t surprise you how much people like to talk about what, who and how much they know!
o Make time your ally. Try to find out his counterpart’s deadline without revealing yours. Why? Because if I know your deadline to solve a problem or reach an agreement, I can delay any decision to the point where I know that you have to make a decision. Most concessional behavior and liquidation actions occur close to someone’s deadline; don’t let it be yours
These are just some of the many points needed to know more about the negotiation process. Will practicing negotiation skills take time and effort? Of course. But becoming a more efficient and intelligent negotiator will bring you many rewards in both your professional and personal life.
