Negotiation and Compromise
Closing a deal is the thriving force in any business; and the key in closing a deal is to have exceptional negotiation skills. Negotiation is the process of obtaining a mutual understanding between two parties in order to attain a common goal. It’s basically trying to find a common ground for a given situation.
Negotiation is a give and take deal in which the objective is to arrive on a clear and specific solution that both parties will find favorable and eventually end up agreeing on. In order to come up with a “common solution,” the negotiators should be able to highlight key points that will prove to be very beneficial for both parties. The negotiators must be able to find a way of satisfying the desire of the other party, which in effect, is not prejudicial to the other side. This simply means that the other party must be able to agree on what the other party asks for, and totally understands the pros and cons of the given situation. The test of a successful negotiation and compromise is, “If the settlement is actually based on a proposal, would a reasonable and prudent man find it acceptable?” A positive answer to this question would ensure that you have a successful negotiation in your hands, meaning the settlement is fair and acceptable for both parties.
The process that negotiators have to go through in order to achieve a successful negotiation is definitely not easy. A knack for being able to come up with a good compromise cannot be learned in a snap. It is only through rigorous experience, as well as critical thinking, wherein this skill can be acquired.
Various styles of negotiation vary on a case-to-case basis; therefore, there is no single way of dealing with negotiations. It is a flexible process - different situations cannot be negotiated similarly. There is a specific strategy to be applied depending on the given circumstances.
Negotiation is more inclined on logical thinking. It is not just a step-by-step procedure that can be applied anytime and with just any situation. The level of disagreement determines the degree of preparation one must perform to achieve a favorable outcome. The best approach to apply is one that makes sure both parties are put in a favorable situation – a compromise that they’ll surely find hard to resist
Negotiation is basically just being able to come up with a favorable compromise for the parties involved in the negotiation process, wherein all the pros and cons should be weighed in order to make sure that no one gets duped or tricked into something less.
Of course, you should never try to rush things when it comes to trying to come up with a compromise. Let the other party make up his own mind and decide for himself about the situation. It is necessary that both parties really understand where each one is coming from.
Through effective communication, the negotiators can achieve a settlement for both parties. Each must be open to communicate and to accept any alternative solutions proposed by the other. One must be sensitive to the needs of the other party, meaning both parties must be able to understand and empathize with each other in order to weigh their options fairly.