Negotiation is a method by which people settle differences. it is one or more meetings at which attempts are made to reach an agreement through discussion and compromise.
Tips in Negotiation
Do your homework/research:
Doing your homework/Research is vital to successful negotiation. You can’t make accurate decisions without understanding the other side’s situation. The more information you have about the people with whom you are negotiating, the stronger you will be. People who consistently leave money on the table probably fail to do their homework.
Don’t be in a hurry:
Being patient is very difficult. We want to get it over with, Whoever is more flexible about time has the advantage. Your patience can be devastating to the other negotiator if they are in a hurry because they start to believe that you are not under pressure to conclude the deal. So what do they do? They offer concessions as a means of providing you with an incentive to say YES.
Start higher than what you’d feel satisfied with:
This means that you need to start high because it will lead the individuals involved to “selectively focus on information consistent with, and make valuations similar to, the starting value. Thus, starting high will often lead to ending high in negotiations.”
Even if you know the number is ridiculously more than what you would be satisfied with, you are the only person who knows this. The other party doesn’t know; they can only assume it.
Don’t be upset by your counterpart’s beliefs:
When you feel angry, frustrated, embarrassed, defensive, or just plain upset because of the effects your counterpart’s beliefs, attitudes or behaviors are having on you in a negotiation, it’s extremely difficult to respond intelligently and calmly. If you react emotionally, the consequences tend not to be in your best interests and usually make a bad situation worse – not better. Successful/effective negotiators have learned to detach themselves emotionally by accepting the fact that the beliefs, attitudes, and behaviors of their counterparts do not belong to them. And as a result, they don’t take responsibility for them either.