NEGOTIATION

Negotiation

Negotiation

Introduction

Negotiation is the process of joint decision making in social interactions dealing with conflict resolution, or handling collaborative future interaction. It is a communication among individuals and groups trying to forge mutually beneficial agreements. Scholars consider that, in the context of mediation, arbitration, and litigation, negotiation is the most common form of dispute resolution. Negotiation allows the involved parties to resolve their differences without third-party intervention, to manage the decision-making process, and to control the outcome.

Discussion

Preparation for Negotiation

The most commonly overlooked aspect of negotiation is preparation. We say things like, "We're just in the negotiation stage of the deal…." There is no more profitable expenditure of time than the time spent preparing to negotiate. Here's my checklist:

1. Know what we want and don't want most of us have a general idea of what we want or want to avoid in a deal. Unfortunately, general objectives tend to render general results leading to second guessing and dissatisfaction. Instead, I write a paragraph describing in detail what I want and don't want from the transaction, then, edit this description furiously until it is laser focused and precise. When we are crystal clear on our objective(s) and rationale(s) for their acquisition, we are most likely to achieve desired results.

2. Know what my counterpart wants and doesn't want ... Now I have to do the same for my counterpart. I have to Write the description of what my opposite is looking for and seeking to avoid. This exercise tends to be a real stumper ... and eventually a real eye-opener. Knowing our counterpart's goals, objectives, and sought after results help us to see commonalities that lead to creative solutions.

3. Know what concessions I am willing to give. What must we absolutely achieve to consummate a successful bargain? What terms, conditions, and extras could we live without? Every great negotiator knows there must be give and take on both sides for agreements that make sense.

4. I always know my alternatives. I remember when I bought my first car? Mine was a 1956 T-Bird. The, guy I bought mine from told me, "I like you and want to sell you the car ... but there's another person coming over in 30 minutes who also wants the car." Wow, did the dynamics of the negotiation shift on the spot. Having an alternative vendor or supplier really helps your level of confidence.

5. Know your counterpart and your subject matter ... A lot of information is available to us on personality styles, body language, and neuro linguistic programming. Remember transactions take place between people and people view the same facts and appeals differently. Subject matter is simple to Know it cold there is no excuse for being ill informed and lost credibility is rarely recovered.

Initializing

Regardless of the type of negotiation, experts recommend entering into it with a cooperative rather than a competitive attitude. They stress that the point of negotiating is to reach agreement rather than to achieve ...