Introduction
Negotiation is one of the most important skills you can have. You need to negotiate for everything in life, from buying a car to selling your house. But it’s not just about money and goods—did you know that negotiating with your spouse or partner about household chores can be one of the most important things you do to maintain a healthy relationship? Negotiating well is also essential for saving time and money on everyday purchases or getting higher salaries at work! So how do we go about it? Here are the five basic stages of negotiation. After reading this article, be sure to check out our article titled:
The 5 Negotiation Styles.
Preparation
Before entering negotiations, you should do your research on the other party and their goals. This may sound obvious but it is important to understand that not all parties have the same interests or priorities. Also, take an honest look at what your alternatives are if a deal doesn’t go through. Once you know these things, you can then think about how they will affect your negotiation strategy as well as what information they give us about our opponent’s position and interests.
The first step in preparation is to review all of the facts associated with this particular negotiation — previous agreements, legal contracts or other documents that might be relevant — so that we have them at hand when necessary during negotiations (such as if someone claims something isn’t possible). It’s also helpful to consider any factors outside our control; for example: local weather conditions may affect whether it’s safe enough for someone else’s employees to work outdoors today; global economic conditions could influence whether an overseas company wants access rights granted today; etcetera ad infinitum! These influences help inform decisions made by both sides during negotiations because each party has different needs which must be met before reaching agreement on anything else .
Opening and Exchanging information
Opening and exchanging information:
- Introductions – This first stage of negotiation is crucial. It’s important to make a good first impression, because it can set the tone for everything that follows. The person you’re meeting with will be making assumptions about what kind of professional you are based on how well he or she thinks they know you, so it’s important to be mindful of your body language and communication style while introducing yourself. Also, try not to be too aggressive in your initial approach; start off with an open question like “How are things going?” or “What do you think about…?”
- What is their motivation? – Now that you’ve introduced yourself, take a moment to consider why this person agreed to meet with you in the first place—were they asked by someone else or did they initiate the meeting? If someone else brought them along (a lot of times when working internally), then their main goal will probably be helping out their colleague/supervisor/manager/etc., not actually negotiating anything themselves—which means there may not have been any pre-negotiated terms beforehand! So don’t assume that anything has been decided; instead, ask questions such as: “Why did [their organization] decide this issue was worth discussing?” * What is their position? – Once again: don’t assume anything! One way I like explaining this concept is by using examples from my own life where I’ve made assumptions which turned out later not true at all (such as thinking one friend was interested in another friend only because he hadn’t said otherwise). Or maybe even worse yet when we don’t say anything because we’re afraid that admitting something might hurt feelings…but then later realizing our silence caused even more damage than just telling him straight up would’ve done early on (yes). So always keep asking questions before making any conclusions about what someone believes or thinks–because chances are there’s definitely more than meets eye here too.* What are issues & goals?
Bargaining
Bargaining is the process of negotiating over the terms of an agreement. It’s important to remember that bargaining isn’t just about price, though that may be a large issue in your negotiations. You can bargain on different aspects, such as delivery times and payment terms.
In this stage, you will make offers and counteroffers with the goal of reaching an agreement that both parties are happy with. It’s important not to take any proposed offer or counteroffer personally; both sides are trying to get what they want out of this deal so they can move forward together in harmony!
Closing and Implementation
Once you’ve reached an agreement, it’s time to make sure all parties understand the terms and conditions of the contract.
- Make sure that all parties are satisfied with the outcome.
- Ensure that everyone understands what they need to do next in order to implement this agreement (e.g., sign the contract). If someone is not comfortable with something in particular, this is a good time to address it before signing on the dotted line; otherwise, they may be surprised when they try to invoke their rights under this document later on down the road and discover that they don’t have them anymore!
Keep an open mind, be prepared, negotiate well, and close the deal.
Keep an open mind, be prepared, negotiate well, and close the deal.
That’s how negotiation works.
If you’re unprepared for a meeting or negotiation, you can’t expect to do well in it. You must know your positions before entering into any conversation about a business deal or partnership agreement with your counterparties.
Preparing yourself includes knowing what you want from the negotiating process and how much it will cost to get there.
Make sure that all members of your team are well-prepared for every stage of negotiation as well as for closing discussions about final terms if necessary. Another excellent reference for this topic is an
article by Bill Harris a former Purchasing Agent for the University of Kentucky.
Conclusion
In conclusion, I would like to say that negotiation is a very important skill that everyone needs to learn if they want to be successful. It has been said that the person who can negotiate well will get more out of life and make more money than those who cannot.
