No matter if you consider yourself a natural negotiator, learning the basics of negotiation is essential to improving your efficiency. Understanding the fundamental concepts such as ZOPA and BATNA will assist you in preparing to make and assert value in negotiations, manage concerns about fairness and reach an agreement that benefits everyone involved.
Sometimes, negotiators are not able to achieve their goals of success by narrowly focusing on their own personal interests. This can result in poor results for you, but a good one for the other side. To avoid this short sightedness and avoid a conflict, you must consider the primary interests of both parties. Recognizing the various interests in a situation helps you understand what’s important to both sides and provides a more empathetic approach to the situation.
Begin by looking at your own interests, and what is at stake. Then, you should consider the interests of both parties by thinking about why they arrived at the table, what their underlying concerns might be and any prior history they may have with your business. Knowing about the other party will improve trust and create the foundation for a productive relationship.
Find any concessions you might be willing to make. Bringing these options to the table will aid in closing deals faster. However, you should be cautious not to weaken your position or create the impression that you’re playing hardball. In the end, it’s best to seek a win-win situation that leaves both parties feeling happy about the outcome of their discussions.