Go Negotiate!!!!

For the last Thursday and Friday, we have another session with Mr. Hisham which is ‘Negotiation Skills’ session. By definition, business negotiation is the process by which typically two or more parties come together to try to create a mutually agreeable contractual decision. Each party will have competing interests and, thus, negotiations can be quite intricate and lengthy. Negotiations end when all parties have come to a final decision and have agreed to contractual guidelines. However, negotiation not only required when it comes to business but also in daily life. For example, when we want to buy fish at the market and ask for permission to go out from our parent, we also negotiate.

However, do you feel that someone is continually taking advantage of you? Do you seem to have to fight your corner aggressively, or ally with others, to win the resources you need? Or do you struggle to get what you want from people whose help you need, but over whom you have little direct authority? If so, you may need to brush up your win-win negotiation skills. Obviously, we don’t negotiate to lose.

Therefore, in order to master the technique of negotiation to obtain the win-win situation, some preparation should be done. So we might have do some research before out for a negotiation.

Goals: what do you want to get out of the negotiation? What do you think the other person wants?

Trades: What do you and the other person have that you can trade? What do you each have that the other wants? What are you each comfortable giving away?

Alternatives: if you don't reach agreement with the other person, what alternatives do you have? Are these good or bad? How much does it matter if you do not reach agreement? Does failure to reach an agreement cut you out of future opportunities? And what alternatives might the other person have?

Relationships: what is the history of the relationship? Could or should this history impact the negotiation? Will there be any hidden issues that may influence the negotiation? How will you handle these?

Expected outcomes: what outcome will people be expecting from this negotiation? What has the outcome been in the past, and what precedents have been set?

The consequences: what are the consequences for you of winning or losing this negotiation? What are the consequences for the other person?

Power: who has what power in the relationship? Who controls resources? Who stands to lose the most if agreement isn't reached? What power does the other person have to deliver what you hope for?

Possible solutions: based on all of the considerations, what possible compromises might there be?

        Effective negotiation helps you to resolve situations where what you want conflicts with what someone else wants. The aim of win-win negotiation is to find a solution that is acceptable to both parties, and leaves both parties feeling that they've won, in some way, after the event.