Negotiations are often thought of outside of standard financial education. However, Roger Fisher and William Ury in their book Getting to Yes, stress that isn’t necessarily true. Their bestselling novel, Getting To Yes, explained over thirty years ago several ways to better achieve your goals and still remains relevant. When further along into the financial world negotiations and conversations tend to flow together so it’s extremely helpful to have a little experience. Proper communication in a business deal can make difference between a successful deal and an economic blunder.
What’s the main point? Actually, try four main points.
There are many ways to try to get what you need with family, friends, and business deals. Overall, it’s easier to obtain a positive outcome when all parties are able to get what they want (win-win). If the negotiation game isn’t working then try to switch the game! It’s easy to get stuck in a rut when people end up in a cycle where progress towards yes for either or all parties involved has stalled for too long.
1. Know the difference between the person and the problem
Understand that negotiators are people too and avoid personal digs. It’s important to understand where the other person is coming from and avoid using your personal fears to explain their motivation. Negotiation is mental so spend time thinking before you act.
2. Avoid positional bargaining and try focusing on interests instead
Look at interests, not positions. Interests are what motivate people to take a position.
3. Basically, teamwork makes the dream work
Try to create options where you both win! People often fail to realize that there are more than just two options if you take initiative to broaden the options and include interests instead of positions into the conversation.
4. Be objective
Base the deal around facts like price and market value instead of personal opinion. Use scientific merit to your advantage as well as fairness and efficiency.
Bonus: Be aware that not everyone has great intentions. Some people may try to use dirty tactics to pressure you into accepting a deal. Don’t let the pressure of the moment keep you away from getting what you want in the long run.
Written by Camille Cabrera
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