Scribd
Upload
144 views4 pages

Negotiation Skills: Asking For A Raise Selling Property

The document discusses six essential skills for mastering negotiation: communication, emotional intelligence, planning, value creation, strategy, and reflection. It emphasizes that developing these skills through practice, structured learning, and reviewing past negotiations can help one achieve better outcomes and become a stronger negotiator. Negotiation is a skill that comes up frequently in both professional and personal contexts.

Uploaded by

manish
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
144 views4 pages

Negotiation Skills: Asking For A Raise Selling Property

The document discusses six essential skills for mastering negotiation: communication, emotional intelligence, planning, value creation, strategy, and reflection. It emphasizes that developing these skills through practice, structured learning, and reviewing past negotiations can help one achieve better outcomes and become a stronger negotiator. Negotiation is a skill that comes up frequently in both professional and personal contexts.

Uploaded by

manish
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
You are on page 1/ 4

As a business professional, it’s almost guaranteed you’ll be required to

participate in negotiations from time to time, regardless of your job title or


industry. In fact, chances are that you already participate in negotiations more
often than you realize.

Negotiating a job offer, asking for a raise, making the case for a budget
increase, buying and selling property or equipment, and closing a sale with a
customer are just a few examples of the many deals you might be involved in.
Outside of professional settings, you’re likely to flex your negotiation skills in
your personal life, too.

If you’re not confident in your ability to strike an effective deal or want to


improve the outcome of future negotiations, there are a handful of skills you
need in your arsenal. Investing time and energy into developing them can
prepare you to maximize the value you and your counterparts leave the
bargaining table with.

“Enhancing your negotiation skills has an enormous payoff,” says Harvard


Business School Professor Michael Wheeler in the online course Negotiation
Mastery. “It allows you to reach agreements that might otherwise slip through
your fingers. It allows you to expand the pie, create value, so you get more
benefits from the agreements that you do reach. It also, in some cases, allows
you to resolve small differences before they escalate into big conflicts.”

Here’s a list of six essential skills for mastering the art of negotiation, along
with ways you can develop your knowledge and confidence.

NEGOTIATION SKILLS
1. Communication
To achieve your ideal outcome at the bargaining table, it’s essential to clearly
communicate what you’re hoping to walk away with and where your
boundaries lie.
Effective communication skills allow you to engage in a civil discussion with
other negotiators and work toward an agreeable solution. Deal-making
naturally requires give and take, so it’s important to articulate your thoughts
and actively listen to others’ ideas and needs. Without this skill, key
components of the discussion can be overlooked, making it impossible for
everyone to leave the negotiation satisfied.

2. Emotional Intelligence
Emotions play a role in negotiation, for better or worse. While it’s important not
to let them get in the way of reaching a mutually beneficial deal, you can use
them to your advantage. For example, positive emotions have been shown to
increase feelings of trust at the bargaining table, while feelings of anxiety or
nervousness can be channeled into excitement.

A high degree of emotional intelligence is needed to read other parties’


emotions. This can enable you to more easily pick up on what they’re implying
rather than explicitly stating. In addition to understanding what you and others
are experiencing throughout a negotiation, emotional intelligence can help you
advantageously manage and use emotions.

Related: The Impact of Emotions in Negotiation

3. Planning
Planning ahead with a clear idea of what you hope to achieve and where your
boundaries lie is an essential step in any negotiation. Without adequate
preparation, it’s possible to overlook important terms of your deal.

First, consider the zone of possible agreement (ZOPA) between you and the


other negotiating parties. ZOPA, sometimes called the bargaining zone, refers
to the range in a negotiation in which two or more parties can find common
ground. A positive bargaining zone exists when the terms that both parties are
willing to agree to overlap. On the other hand, a negative bargaining zone
exists when neither party’s terms overlap.

Next, it’s beneficial to understand your best alternative to a negotiated


agreement (BATNA). If your discussion lands in a negative bargaining zone,
your BATNA is the course of action you plan to take if the negotiation is
unsuccessful. Knowing your BATNA ahead of time can help ensure you have
a backup plan in case an agreement can’t be reached and avoid leaving the
table empty-handed.

4. Value Creation
Creating value in a negotiation is one of the most powerful skills you can add
to your toolkit.

To illustrate its importance, consider this analogy: When participating in a


negotiation, each party is typically concerned with obtaining the biggest “slice
of the pie” possible. With each party vying to maximize their slice, this
inherently means some will be forced to leave with a much smaller piece.

To break free of this traditional idea of negotiation, experts suggest shifting


your goals from growing your slice to growing the whole pie. The benefits are
twofold: First, each party can realize greater value; second, a sense of rapport
and trust is established, which can benefit future discussions.

5. Strategy
In addition to thorough preparation and the ability to create value, you need a
clear understanding of effective negotiation tactics. Knowing what works and
what doesn’t can allow you to create a tailored strategy for every negotiation
you participate in.

To develop a strong negotiation strategy, consider the following steps:

 Define your role


 Understand your value
 Understand your counterpart’s vantage point
 Check in with yourself
Following this process ahead of each negotiation can enable you to formulate
a clear plan of action for the bargaining table. By understanding the roles of
those involved, the value each party offers, and your counterpart’s
advantages, you can better prepare to work toward a common goal. Checking
in with yourself throughout the discussion can also help ensure you stay on
the path to success.

6. Reflection
Finally, to round out your negotiation skills and develop your proficiency, you
need to reflect on past negotiations and identify areas for improvement. After
each negotiation—successful or not—reflect on what went well and what
could have gone better. Doing so can allow you to evaluate the tactics that
worked in your favor and those that fell short.

After evaluating your strengths and weaknesses, identify areas you want to
work on and create a plan of action. For example, if you had trouble aligning
your goals with your counterpart’s, consider reviewing concepts like ZOPA
and BATNA. Or, if your negotiations often leave you feeling dissatisfied, you
could benefit from learning new ways to create value.

BECOMING A MASTER OF NEGOTIATION


No matter your strengths and weaknesses, practice is a surefire way to
develop your skills. The more negotiations you take part in, the more prepared
you’ll be for future dealings.

Structured learning opportunities can also prove to be highly beneficial.


Negotiation books and articles are a great starting point for learning the basics
of striking a deal. Resources that explore real-life examples of successful
negotiations can give you perspective on how others navigated difficult
discussions and prepare you to face similar scenarios.

Another effective option is to take an online course, such as Negotiation


Mastery. In addition to hearing from real experts—including public officials,
executives, and military officers—learners benefit from interactive negotiation
simulations that allow them to apply their knowledge and further develop their
skills. Participants are also exposed to content on the more emotional aspects
of negotiation and learn how to conduct an “after-action review” to gain
insights for future dealings.

You might also like