Effective Negotiation Strategies to Help You Seal the Deal
Whether it’s about a job offer or a potential business partnership, every professional will find themselves negotiating at some point in their career. The secret to achieving a positive outcome for both parties doesn’t have to be a mystery, however, and the key is often in thorough preparation and knowing some effective negotiation strategies.
To help professionals who are looking to hone their negotiation skills, the members of Young Entrepreneur Council shared important steps to negotiating well.
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In business, what’s the most important step in any effective negotiation strategy, and why?
- Understand each party’s most important goal
It is critical to have a solid understanding of what is most important to each party involved. At FE International, we help sellers of online businesses find the right buyer, and a key component of our process is helping the seller determine their goals for the sale, making sure these goals are realistic. Negotiations are easier to navigate when you know the value of what you have to offer. —Thomas Smale, FE International
- Consider your counterparty’s perspective
Understanding your counterparty is the most important single step in negotiation. If you understand their perspective, you can effectively control and direct the interaction more effectively. Identify their hot buttons, clearly define your own, understand if a deal is possible, and then close confidently and quickly. —Nic DeAngelo, Saint Investment Group
- An effective negotiation strategy is to do your research
One of the most important steps happens before the negotiation even begins: doing your research. When you walk into the negotiation, you should already know as much as possible about the other party. What are their values? Where are they from? This information not only helps create a relationship with the other party, but it will also tell you a lot about how they may respond to your negotiating. —Codie Sanchez, Contrarian Thinking