According to leading negotiation training specialists The Gap Partnership, up to 42% of the total potential value of a transaction is lost during deals. With these top 5 skills outlined below you can become a better and more successful negotiator.
A skilled negotiator will know that the key to securing a deal is to spend 70% of time listening, and 30% of time talking. It’s often the case that people will negotiate without listening. Understanding and listening to the opposing party goes beyond solely on what they are saying. It is extremely important to take notice of body language and picking up on any nerves, anxiety or weaknesses in confidence. By recognising this and using it to an advantage may just give you the upper hand needed. The aim of a successful negotiation isn’t to silence the opposing side, but to discuss a way that an agreement can be reached that suits all involved.
Don’t rush a deal
Rushing a deal is more than likely going to lead to mistakes and weaken chances of being successful in negotiation. Before making any decisions or reaching an agreement, take your time to consider a full range of possible outcomes from the deal. Enter a negotiation with a clear head and open mind, and take time in planning what is being proposed. Think through possible counter offers in advance and don’t hurry into meeting and securing a deal without a clearly planned strategy.
Though it is important in negotiation as well as anything in life to always remain respectful, it is also key to be assertive and clearly outline what you want from the deal in order to be successful. This takes a strong mind and tact, but also takes knowing how to use the correct tone of voice and language in order to do this. Learn how to spot a gap in a business deal that has room for negotiation and go for it. Being passive will lose you significant value in every deal you make. It is important that when doing this you do not come across as aggressive, but conduct yourself in a way that shows you know what you want.
You can always walk away
Not every negotiation will end in securing a deal, but that can actually be a positive. Some of the terms the opposing party will want to be agreed won’t always be to your benefit and can later turn out to be regret rather than a successful deal made. To avoid this from happening always have a bigger picture in mind and know when the time is right to stop negotiating. Walking away doesn’t show weakness, but demonstrates that you are strong enough not to be forced into a bad deal or into terms that are not 100% satisfying or beneficial. For more guidance on how to complete and deal and be successful in negotiation, experts in the field offer negotiation training and courses.