5 Strategies For Becoming A Winning Negotiator In Business Dealings

Based on my own experience in large companies as well as small, you will spend at least half your time negotiating , yet many business professionals and leaders I know admit to a weakness in these relevant skills , with no overt action plan to improve. In today’s competitive and complex business arena, this is not the time to constrain your learning to mistakes and experimentation .

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I have always struggled with this challenge myself, so I was pleased to see some practical guidance in a new book, “Negotiation Made Simple ,” by John Lowry. He brings decades of experience on the subject from his many roles as business consultant, negotiation coach, lawyer, and university administrator at Pepperdine and Vanderbilt University.

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I am happy to paraphrase here his five key recommendations, as well as my own insights, for managing those tough business and people challenges, and finding the best path forward:

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1.???? First you have to know how to manage yourself.? You don’t have any control over how other parties act or what they want in the negotiation process. But you do have to keep control of yourself. Set yourself up for success by moving forward with purpose, mitigating your reactions, checking your assumptions, and making strategic decisions.

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Many business professionals believe that managing yourself is synonymous with managing your time . In my experience, managing yourself is more about controlling your ego and emotions, and focusing on strategic priorities as well as things you can control.

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2.???? Know when to cooperate and when to compete.? People tend to approach negotiation with one of two intents – cooperation or competition. You need to figure out quickly when it makes sense to be cooperative and when to be a fighter. You must recognize every signal and bit of substance to turn competition into cooperation and close the deal.

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Competing is important in business, but cooperation and positive relationships are even more critical to success. Even with no competition, you can’t run your business alone – you need cooperative team members, suppliers, partners, and of course, customers.

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3.???? The first move is the most important.? Great negotiators are able to make that critically important first move and manage expectations at the outset of discussions. I recommend that you start cooperatively, evaluate the signals from feedback, respond competitively or cooperatively, be clear on your expectations, and be willing to overlook provocations.

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Your opening move is the anchor on which all negotiation is based. For credibility, be sure to use as much uncontestable data as possible in your initial proposal, and avoid the use of weasel words and puffing which may push the opening into non-credible territory.

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4.???? Use empathy and creativity to solve problems.? These skills are key to understanding the needs of all parties and generating possible solutions. Through empathy, you can drive negotiations toward a win-win result. Use creativity to find common ground, increase likability, and build a foundation for constructing a mutually agreeable deal.

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Be aware that showing empathy takes time and effort. I recommend that you start now to pay more attention to every interaction you share with another person to see things from a different perspective, to share their feelings, and to help. Empathy is also a mindset.

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5.???? Focus on delivering satisfaction to all parties.? Only through mutual satisfaction will you be able to build lasting relationships, loyal customers, and a positive reputation both personally and professionally. Satisfaction is optimized by fair, inclusive, creative, and efficient processes, your treatment of people, and the quality of products or solutions.

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Research shows that expressing gratitude is another powerful way to deliver satisfaction. It is easier and more impactful than many business professionals might expect, if applied during every negotiation. I recommend you use the same strategy with team members.

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As you hone your skills to become a master business negotiator, I’m confident that you will see the returns in your private life as well. We all need the positives to navigate our way through marital decisions, raising a family, and balancing the demands of work against personal interests. Negotiation is a part of every activity we engage in – both personal as well as professional.

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When was the last time you did a self-assessment of your own negotiating style, or really worked on improving it? It could be the best thing you can do to keep your business ahead of the pack, and get your sense of well-being back on the track you always dreamed of.

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*** First published on Inc.com on 11/17/2023 ***