The Art of Negotiation: Strategies for Business People

In business, as in life, the art of negotiation is one of the best skills you can learn. When you think about it, many aspects of our lives are negotiable. If you’re in a personal relationship, you may negotiate who’s going to pick up the kids or clean up the house. If you're jumping jobs, you're arranging a new salary. If you work on a team developing a new project, you might negotiate with the boss who’s going to be on that team.

One of the fundamental things to remember about any negotiation is that it's not a zero-sum game. In movies, business leaders looking for success are often depicted as hard-charging and inflexible. In other words, things will happen on their terms or not at all. While that might make for a good script, it's not how things usually happen. So, what are the essential elements of the art of negotiation? Let's take a look at what I’ve found to be necessary.

1.????Preparation is key.

The first rule is that you have to walk into any negotiation prepared. So, that means you have to take your time and consider all angles before you have the negotiation. If you look at the world’s best business leaders, they don’t rush into decisions—even at a time of immense disruption. They take their time. They think through their arguments and reasons for wanting their desired results so they can make a compelling case . Also, before they walk into a negotiating room, they know what they will and won't accept (more on this last point later).

2.????Establish trust and rapport.

Any leader or business professional with developed social and emotional intelligence knows that success comes from trust and rapport. As someone in business development and sales, since I was a high school student selling shoes in a shoe store, I've long since realized the importance of trust and rapport. What it means is engaging in conversations and, most important, listening. Unfortunately, many people talk too much. You earn someone's trust when you spend more time listening and showing a genuine interest in the other person.

3.?Active listening and effective communication.

This brings me to my next point in the art of negotiation: active listening and communication. When you know how to listen and communicate, you can actively participate in a conversation. You're not thinking ahead to what you want to say next. You're listening, and your non-verbal cues show that you're paying attention to the other person. You're also reinforcing what you hear by repeating what you hear with phrases like, "So, what you're saying is…"

4.????Seek win-win solutions.

When you master the art of negotiations, you know you're always looking for ways to have both people win. Considering win-win solutions should be what you think about before any negotiation. What are you willing to call a win, and how can you ensure that the other person also feels that they're getting something rewarding out of the negotiation? Once you're negotiating, be flexible and open to brainstorming solutions and ideas to satisfy your interests and the person on the other side.

5.????Patience and emotional intelligence.

One of the biggest lessons you need to master in business is patience. As a professional, everyone will push you to make decisions quickly, but depending on the situation, that's not always the wisest thing to do. When you're negotiating, remain centered and calm—even in the moments when you're getting pushback. Also, clue into the emotions of the person you're speaking to and get a sense of their feelings. Your self-control and discipline will pay dividends. Do you want to be a Jedi master? Develop emotional intelligence .

6.????Use objective criteria and data.

When you're preparing for a negotiation, and once you enter it, you want facts on your side. Gather as much data and objective criteria as possible. For instance, to expand your divisions budget, gather the market trends and any metrics that backs up your case. Remember, even if you're dealing with your boss, you're interacting with people. Facts and data support your case and can't be disputed. Remember to keep your conversations rational and logical to make it easier to achieve your negotiation goals.

7.????Be willing to walk away.

Finally, in any negotiation, you should be willing to walk away if it doesn’t meet the minimums that are your non-negotiables. That means walking away from a new project or even a job you'd like at a company. Do a cost-benefit analysis to understand what would make you walk away. It doesn't matter what negotiation it is. When you're willing to walk away, you will be confident in yourself. That's essential in any negotiation, so you don't feel that you got the short end of the stick. Moreover, being willing to walk away shows you know your value.

Art in negotiations

In conclusion, the art of negotiation is a skill anyone can learn . One of the great aspects of negotiation is that it's an iterative process, and the more you do it, the more you learn and refine your skills. When you're negotiating, again, remember it's not a zero-sum game. It's about finding a win-win solution. It's also about further deepening the relationship to do more together, and the more you do it, the better you'll be at mastering one of the best skills to possess.

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? 2023 Wayne Elsey . All Rights Reserved.