In the corporate world, negotiation is inevitable. You negotiate with the employer to get a job, negotiate with your manager to get an appraisal, negotiate with business partners to reinforce the development of your firm, and the list goes on. But, not every negotiation ends on a good note. Sometimes the events take an ugly turn, locking all the doors on your face, leaving you with no chance for renegotiation.
To make sure you get the desired deal in the first try, you need to avoid the most common mistakes that even expert negotiators tend to make. Here are the 5 things that slam your chances of getting a deal and hence, must be taken care of.
Not preparing enough
To create a win-win situation, you must prepare thoroughly. You may have several opinions to put forth, but this is only going to help you partially. To get your way, you must scrutinize every argument put forth by the opposite party and bring up strong facts and reasoning to support your arguments during the discussion.
While preparing, you must not focus all your attention on yourself; gather information about the opposite party as well. Find out their strengths and weaknesses and use the information in your favor.
Furthermore, make sure you have an after-plan if the deal doesn’t work out in your favor, i.e., determine your Best Alternative to Negotiated Agreement.
Expecting that thing will go as planned
After completing the necessary preparations, you may feel that things will fall in your favor, but the real world doesn’t work like that. You must always be prepared to face adversities.
You may land in a tight spot where you must react decisively and effectively without getting a chance to think. You must be prepared to face anything and everything at the negotiation table without weakening your position.
Not considering the benefits of the opposite party
One of the biggest mistakes that people commit while negotiating a deal is that they turn a blind eye to the other party and only focus on their benefits.
You must not forget the essence of negotiation. It is a discussion that you carry out to arrive at a mutual agreement that benefits both ends of the spectrum. Rather than thinking of the opposite party as competition; think of them as collaborators. Negotiating on fair terms improves the chances of coming to a win-win conclusion.
Letting your emotions take over
Letting emotions take over the discussion always keeps the parties from sealing a good deal. This often happens during conflict resolution where provocation becomes a tool to test emotional thresholds.
If you are in a situation like this, you ought to keep your emotions under control and let facts and reasoning do the talking. Displaying anger, getting personal, and slamming the opposite party with unreasonable accusations will do no good; it’ll only ruin your chances of coming to a mutual agreement.
Using unethical shortcuts
Well, it is no surprise that most people take the unethical route while negotiating. They hide facts, spill out wrong details, and try to dodge the real issue, just to win.
But, this certainly is the wrong path to take. Don’t lose your moral value just to get a deal. Instead, use ethical means and prepare yourself for fair negotiation.
Using unethical means to negotiate will snatch the deal from your hands and tarnish your reputation as well.
Not walking away on the right time
You must determine your bottom line beforehand, and walk away when the opposite party refuses to budge.
If you must compromise, make sure it is mutual. If you are agreeing to their terms, make them compensate as well. If they don’t, walk away with your dignity intact.
Conclusion
Negotiation and renegotiation is a hard nut to crack. Coming to an agreement that satiates the needs of both parties doesn’t happen easily. A single mistake on your part can ruin all your efforts. So, make sure you don’t make the above-listed mistakes during a negotiation.