There are those who would say the art of business is really the art of negotiation, and when you think of the number of scenarios where a business owner might be negotiating each day, it is close to the truth. Be it trying to get a lower price from a supplier, discussing a contentious legal matter with your commercial lawyer, and or resolving an employee dispute, negotiations are happening all the time with lawyers from www.lawyerslist.com.au.
Following that logic and considering the literally hundreds of situations where negotiating a good outcome can enhance the success of your business, it is obvious that being a competent and skillful negotiator is essential. Obviously, in larger businesses there will be a number of employees who might have to negotiate as part of their role, so ensuring they are skilled and trained accordingly is also necessary.
Negotiations can take place for all kinds of reasons, with some being positive such as negotiating a large order contract with a new client, or the expansion of the company to new locations. Others are not so much fun, such as legal disputes and employee grievances. Some will take more time than others, and for more serious ones that may ultimately end up in court, the costs can be massive.
With that latter example where a court hearing might potentially be where the dispute is resolved, it is obviously in the interests of the business that it can be settled before it reaches that stage. This is where your negotiating skills and possibly those of your commercial lawyer may need to come to the fore in order to prevent a costly court case.
Whether it is something as serious as a legal matter or simply determining the colour of the new company uniform, being skilled at negotiation is a huge advantage. We could not possibly train you in this short article, however, here are five simple tips on negotiation:
Tip #1: Set Your Goals Beforehand
It is critical that you know what you are ultimately aiming to achieve from the negotiations. If you do, you will be able to keep your focus on this which means you are less likely to retreat from it without getting something in return from the other side.
Tip #2: Listen Intently To What The Other Side Say
The best negotiators are not always the greatest speakers, but they most certainly are the best listeners. Listening carefully can ensure you know exactly what the other side is requesting. Listening for pauses also allows you to interject in order to introduce your points to the conversation
Tip #3: Always Remain Calm
It can be frustrating if the other party constantly bats back your proposals, but the key is not to become frustrated, and most certainly not to show it. Calmness allows you to think clearly, and also try to ensure that your body language reflects a calm demeanour too.
Tip #4: Be Alert For Stalling Tactics
It may the case that the other side knows what they are proposing is unreasonable and try to stall progress, or there may be a level of distrust that they have. Do not let these deflect you and stay focussed on trying to move the negotiation forward.
Tip #5: Reserve The Right To Walk Away
This is not the same as giving in but simply sticking to your principles and declining if what is being proposed to you would compromise them. Remember that no result is often better than a bad result.