How to handle

a negotiation

effectively

  • Yeoh Kok Xuan
  • James Ong Rui Ming
  • Pang Po Lin
  • Woon Jing Kai

Understand

Understand what the other party needs, goals and desired.

Listen

It is easy to make the mistake of saying too much and listening too little

Clarify

Clarify the goals, purpose and the expected outcome of your party

These three main skills are required in order to achieve a win-win outcome for both parties

Stages in negotiation process

Preparation

Before any negotiation takes place, a decision needs to be taken as to when and where a meeting will take place to discuss the problem and who will attend.

Discussion

During this stage, individuals or members of each side put forward the case as they see it, i.e. their understanding of the situation.

Clarifying Goal

From the discussion, the goals, interests and viewpoints of both sides of the disagreement need to be clarified.

Target a win-win outcome

This stage focuses on what is termed a 'win-win' outcome where both sides feel they have gained something positive through the process of negotiation

Agreement

Agreement can be achieved once understanding of both sides’ viewpoints and interests have been considered.

Implementing course of action

From the agreement, a course of action has to be implemented to carry through the decision.

Negotiation Strategies

Find the other side’s pressure point

Finding the peer’s pressure point is essential, by putting yourself in their shoe, you can understand what are their pressure, what are their needs, In this way you can forge a better deal for yourself and for them.

Rather than selling yourself short and simply taking whatever deal you can get, try to add value to the deal.

Knowing how to close the deal while adding value

Asking “what are you willing to trade off for?” questions

Find out how both parties can win by asking open questions. By simply asking What-If and Would-You-Consider, from there you can build stronger agreements. it’s possible they can offer you a better deal than you had in mind.

Do's
Dont's
Keep the negotiation professionally
Don't make assumption
Listen to others
Don't take things personally
Consider all your options
Don't over-negotiate
Aim for the expected outcome
Don't accept a bad deal
Prepare and gather information beforehand
Don't keep muddling
Willing to make the first offer
Don't use confrontational language