Business Negotiations

Negotiations can be called as a way of resolving disputes. It is considered as being synonymous to settlement, agreement, collaboration and bargaining. It takes place almost in all spheres of life -be it is business, personal circumstances (married life, parenting, etc.), legal procedures, government matters, etc. Negotiation can be defined as a channel of communication intended to reconcile differences between parties and to settle conflict jointly. The parties aim at achieving a win-win position.

Business Negotiations requires a lot of homework, such as asking what is the need of negotiation, who all are involved, what are their view points, what are your aims, what is expected from negotiation, etc. Negotiation involves minimum of two parties. The aim of negotiation is understood by both parties. The parties are willing to arrive at a mutually agreeable outcome. The outcome is acceptable to both parties.
There are certain do’s and don’ts in case of negotiations:

• Do not discuss too many issues, emphasize on the prior issues.
• Be honest and straightforward. Don’t get carried away by rumours.
• Never give deadlines, it might lead to delays in deals.
• Keep away personal differences. Just focus your arguments on facts.
• Keep on giving recaps during the negotiation process.
• Avoid being rigid. Listen to the other parties view point if valid.
• Give testimonials for your argument. Support your argument with facts.
• Don’t make demands which can’t be accepted at all.
• Don’t let emotions overwhelm you.
• Be optimistic. Don’t fear losing. There are opportunities in other transactions also.