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Negotiation Skills

How to Negotiate

While preparing for the important negotiation, be sure to invest a time which it takes to answer the following questions:

  • What are other team's "hot buttons? What kind of the facts, tactics, or the evidence would they do perceive to be convincing, meaningful, or "powerful?"

  • What will they hope to achieve from a negotiation at company level, group level, and also the personal level?

  • What could you learn from the other team's previous negotiations?

  • What are other teamís needs and how you can gather the information on their needs?

  • Who are all interested parties for the negotiation?

  • Are there any of the penalties associated with a negotiation, such as the penalty for the bluffing?

  • What are time limits associated with a negotiation both as disclosed and undisclosed?

  • Who wants the change and who wants to keep the things in the way as they are?

  • What are best means of communication between two teams?

  • What is the cost of stalemate for their team and your team too?

  • What options you have if you do fail to reach the negotiated agreement?

  • How well you have thought through the options?

Negotiation is not the art form - more you practice, better will you become at it. Do the homework and feel confident. Know all your worth. Doing it right requires the preparation, studying the comparative situations, role playing and getting the other perspective.

How to Negotiate

Before reaching a negotiation stage of selling the business, lot of hard work must have been carried out on both the sides. A vendor should ensure his company is totally ready for a sale and any of the potential purchaser must have carried out a due diligence.

The Negotiations could be complex and the time-consuming, and more often than not break down, sometimes at the very late stage; this could be very stressful for both the parties. Saying all this if a right approach is been taken by both the parties from a outset there is better chance of deal being struck which both the parties are happy with.

Prior to research and the due diligence is been invaluable always during any of the negotiation process. It will show vendor that you do have the true picture of their company; this could be used to strengthen the bargaining position. The good purchaser will attempt to discover any of the weaknesses in the company so this could be exploited, on other side the good vendor will do attempt to highlight a companyís strengths.

The use of the basic psychology in a negotiation process is often been used: The common tactic is for a purchaser to try and understand an aspirations of a vendor. Most of the people become emotionally attached to business and could have the personal friends within staff. Understanding this is very important tool for the successful negotiator. The good tactic used by a vendor could be to highlight how well the particular sector is growing year by year and how well an economy is doing and how well a purchaser will fair in future.

Next  >>  Negotiating Your Value

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