Building Trust In A Negotiation

One of the characteristics of a successful negotiation is trust.  Trust amongst the negotiators can result in upping the chances of a successful outcome.

Read the article below for Six Ways to Build Trust in Negotiations.

Six Ways to Build Trust in Negotiations

Author:	Deepak Malhotra

	[from Harvard Business School Working School]

5 Phrases To Avoid When Negotiating

Smart negotiators focus on the words and phrases they use when they negotiate.  Here is an article about some phrases you should avoid when negotiating.  Click on the title to read the article.

Deal Killers: 5 Phrases to Avoid When Negotiating
by Kentin Waitson 21 May 2012

Photo: StuartRichards

[from www.wisebread.com]

Negotiation Preparation Tips

Preparing for a negotiation can increase the odds for a successful outcome.

Here are some tips:

Planning

Carefully plan your negotiation.  This includes the ideal outcome you are looking for, as well as, which compromises you are willing to make.  It is also advisable to plan compromises for the other side that they should be willing to accept. 

Research

You should know as much as possible about who you are dealing with.  You don't necessarily need to dig up dirt on the other side, but the more informed you are of them, the better you can strategize.  Know why they want or don't want something.  Having done research you can match their needs and at the same time fulfil yours.

Objectives

As mentioned in the planning section, you should have a clear idea of what you want to be satisfied from the negotiation.  Always plan for a win-win situation.  Both sides may make compromises and not get everything they want, but a successful negotiation ends with both sides feeling like they have come out ahead.

Limits

While every point should be open for negotiation, keep in mind which points you would rather fight hard for and which you can sacrifice.  Make sure to know your limits, as well as, theirs.

Strategy

There are many types of negotiation tactics you can employ.  But make sure you play fair and use the tactics smartly.  You don't want to end up ruining the chances of a successful negotiation because of dirty play.

Flexibilty When Negotiation

Smart negotiators know that flexiblity is the key to a successful negotiation.  Negotiating with someone that is not willing to be flexible is like trying to light wet wood on fire - not worth the hassle.

So do not try to "lock in" to a position.  Having to compromise on this later can cause the other side to sense weakness.  Don't start by saying, "We can talk about all the issues, except Issue #1."  Instead, you should rephrase the statement by mentioned that Issue #1 is important and vital to you, but everything is up for compromise.  Try, "As I mentioned, we really need Issue #1 to work, that can pave the way for all other issues."

So don't put yourself into a position where you have limited options. 

Characteristics of a Good Negotiator

To be a good negotiator, one must possess certain characteristics.  As we have seen in the movies, a hostage negotiator acts in a certain way to free the hostages and resolve the situation.  You must too, act in a certain way to increase your odds for a successful negotiation.

Good Characteristics of a Negotiator

Good Listener:  Negotiators need to be able to listen to others, more than they need to listen to themselves talk.

Show Respect:  Nothing can be more offensive than someone that doesn't show respect to others.  Even when dealing in high-stakes negotiation always remember to show respect - and keep your cool.

Establish a Good Relationship:  While you don't have to be friends with the other party, you need to be able to keep in good standing with them.  Having mutual "good feelings" towards each other can increase the success rate for the negotiation.

Resolve Conflict:  If and when problems arise, a good negotiatior can help resolve any issues.  Overcoming these conflicts can pave the way for smoother sailing throughout the negotiation.

Ready to Compromise:  Most negotiations end in each side making some sort of concession.  These compromises are essential from preventing a negotiation from ending without resolution. 

Have Clear Objectives:   As a good negotiator, you should have a goal in mind.  And you should also be prepared in case you do not meet your goal.  Do you have a back-up plan?  Do you have BANTA?

Generally, a good negotiator needs to be fair in attempting to obtain the best possible outcome from the negotiations.

10 Must Know Rules of Negotiation

A slide presentation about 10 rules you must know to improve your negotiation skills.

Negotiation Skills - 10 Must Know Rules

View more PowerPoint from Hassan Rizwan

Establishing the Framework for a Successful Negotiation

When entering into negotiations, it is a good idea to have a working framework, or agenda.  This agenda can lay out the process how the negotiation will run. 

Look at the checklist below to organize the framework:

1. Establishing Procedures
2. Check Agreement
3. State Objectives
4. Agree on Agenda of Items to be Discussed
5. Clarify Participants Roles
6. Agree on Time Related Matters
7. Resolve Questions and Other Issues
8. Make Opening Statements

If you handle these issues at the beginning of the negotiation and have a working agreement, it can help establish the framework for a smooth negotiation.  Both sides of a negotiation should follow this framework and if any disputes arise, they can refer to the agreement.