Getting to win-win in negotiation

Everyone negotiates for something every day and most of the time, without realizing it. Negotiation is particularly evident in the workplace because employees usually work independently from each other.

Negotiation is also a key skill in resolving conflicts—as both parties seek a solution or agreement that benefits both parties.

We asked Jeff Chua, an entrepreneur, trainer and management consultant, for some basic tips on effective negotiation.

Prepare yourself: Define parameters and your bottom line

The key to most endeavours is preparation, and this is certainly true if you’d like to succeed in negotiation. Be ready to define what major areas are important to your business unit/company and the other parties. For example, it could be price, product features, service warranties and so on, for a sales professional offering business products.

Obtain information on other parties

Sometimes we just have to ask—maybe the other side of the negotiating table would share their own parameters and let us know what’s important or crucial to them, and the items or issues on which they are flexible. If this is not readily available, try to use back channels to find out as much as you can.

Establish a harmonious climate

We’ve seen a study that has shown that inside retail stores, when a sales staff comes up and asks, “Can I help you find something?” their sales go up by up to 30 percent. Just by establishing contact, and friendly interest in finding out what the customer (or other party) wants, you are already laying down the foundation in establishing a cooperative climate.

Discover the win-win solution

The goal of most negotiations is to get a good deal—for both parties. By discovering each other’s needs, key areas, and bottom lines, the hope is that mutual tradeoffs can lead to value for both. After all, what is important to one party may be something that is easily negotiable to another.

Learn more of this as Jeff Chua facilitate the workshop titled “Effective Negotiation Skills: Applying the different styles of negotiation for everyday application at work Different Styles of Negotiating” on June 22, 2018 at the Inquirer Academy.

The Inquirer Academy is at 4168 Don Chino Roces Ave. corner Ponte St., Makati City. For more information about the workshops or if you would like to add your input to the article, you may email [email protected], call (632) 834-1557 or 771-2715 and look for Jerald Miguel or Judy Bondoc, or visit the website at www.inquireracademy.com.