in this video I want to introduce you to the fundamentals of negotiating at [Music] work negotiation is the process of searching for an agreement that satisfies all the parties so negotiation is a process which means that we can learn it we can practice it and we can get better at it and it is one that aims to produce a fair result for both parties which means that it isn't about manipulation or underhound tactics it is something that you can do with full Integrity negotiation crops up in many forms in the workplace like resource allocation or
who is going to be doing what tasks salary career progression and job descriptions and of course throughout the management of projects there is negotiation over things like timelines and budgets so negotiation is a skill that can enhance your career increase your job satisfaction and boost your confidence at work the negotiation process has four principal steps preparation opening bargaining and closing after these there will of course be some followup but that followup assumes a successful negotiation preparation is key and it starts with knowing your goals understanding precisely what it is you want to achieve what's the
reason which you're going into the negotiation in the first place second you need to research the other party what do you know about them what do you know about their goals their aspirations their desires and what they might be prepared to concede from this look for common interests shared ground overlaps between your goals and their goals if there is no overlap then there can be no successful negotiation so a big part of high stakes negotiation is creating an overlap of interests however along the way there will be objections so part of your preparation must be
to anticipate as many objections as you can and to prepare different ways that you can respond to them depending on the context in which they arise more options gives you more flexibility more flexibility means you are more likely to achieve a successful outcome from your negotiation next you need to think about developing a strategy what's your approach and what offer will you open with what demands will you make and what concessions will you be prepared to offer and crucially what is your bottom line your bottom line is the point Beyond which you're not prepared to
go and its correct name is your batner your best alternative to a negotiated agreement you need to research what your best option would be if the negotiation failed and what the value of that option is to you because if the negotiation reaches a point where the value of the outcome of the negotiation is less than the value of your partner then all you will be negotiating about is how much you are prepared to lose compared to the best alternative the next stage of the process is opening this is where you set the stage for the
negotiation you meet your counterparty and you set up the conditions for a productive and conducive negotiation there are seven things that I like to cover in the opening stage of a negotiation and whilst there are no absolute rules about the sequence I think the one I'm going to present is as as good as any and better than many start by making a good first impression if you are meeting someone for the first time to negotiate with them then make a strong first impression present yourself as professional and prepared someone who knows what you're there to
do and has all the information at your fingertips simple cues like body language the tone of voice you use and the way you present yourself in terms of your grooming and your dress and the accessories you use can have a powerful impact next you need to build a rapport with the people with whom you're negotiating whatever the cultural conventions within which you're working are use those to express courtesy and respect for the other person start by making a small amount of small talk so that you can relate to one another as human beings rather than
just representatives of big machines that we call organizations next check the level of authority that the other person or the other people have to make an agreement and to stick to it because if they do not have the authority to commit to an agreement then you need to know that before you are prepared to commit to your side of the agreement from that you can agree the basis of the meeting is it a meeting that is there to make progress on the negotiation to make a recommendation about outcome or to make a decision and a
final agreement next talk about the admin and the timings for the meeting the ground rules you're going to follow when things are going to happen how long you're going to get together when you'll take breaks and how you're going to record progress if there's an agenda that's when you agree it if there isn't that's when you form it finally the last two steps are about stating the desire outcomes in most cases your preferred stance will be to seek their statement of their objectives their outcomes first before stating yours however if your position going into the
negotiation is one that they will consider extraordinary then you're probably best advised to State your position first let's not forget that this can become a dance and at some point somebody has to give so think in advance about how you will state your outcome in a way that gives you the opportunity if you need to to shift your position with grace and elegance once you have opened the negotiation it's time for bargaining this is the bit that most people think of as the negotiation but as I hope you've understood it is just a stage in
a bigger process and without the preparation and the opening and critically the closing at the end the bargaining is just a game and it's a game that will have no consequences if you don't close and it's a game that you will lose if you don't prepare during the bargaining stage stay confident but be flexible know what it is you want and present it with confidence but be prepared to listen to what the other Pary says and then adjust your expectations and your strategy accordingly remember it's the outcome that you're focused on not the details or
the way that you get to it those conf Flex the next thing I'd say is to take a problem solving approach focus on ways that you can achieve Mutual gain within that overlap of objectives rather than an adversarial approach which is just about beating the other party look for common ground things on which you can agree so that the area over which you disagree shrinks and you can focus your negotiation on a smaller and smaller patch of negotiating territory think about your negotiation in terms of creating value look for ways to create winwin solutions that
have mutual benefit this means being creative it's really about making the P larger rather than arguing as much about who gets which parts of it as much as possible possible base your discussion on objective criteria external standards and fair use of data the more objective the negotiation is the less emotional it is and the more likely it is to be successful or if it's not at least amicable be open to Alternative Solutions and to compromises what matters is the full solution not one specific detail so where you can and be prepared to negotiate around the
little details so that the big picture is right this means you need to practice good quality active listening focus on what you're hearing rather than on how you're going to respond because if you're focusing on your response then you may miss something important and don't forget that it doesn't matter if when the other party stops speaking you take time to think about your response before saying anything and if they need to fill that silence and chances are they will say something that will possibly weaken their position they will never fill a science with something that
strengthens theirs one way to give yourself a chance to do even more listening is to ask more questions be interested in what the other party has to say what are their needs what are their concerns what are their priorities what do they feel about the situation the more you can get them to talking the more they will like you and the more you will learn that enables you to be flexible and find those Creative Solutions in terms of concessions and offers that will build a negotiated agreement and this means being willing to make compromises and
make concessions if you have prepared well you have a long list of concessions that you would be prepared to make just don't let the other side see that list critically manage your emotions as soon as emotions rise then the negotiation can go off the rails quickly so if you do sense emotions Rising if you do sense anger frustration bitterness disappointment then call for a timeout that time out will give you a chance to reflect on what you've learned and to think through a strategy whereby you can go back into the negotiation with an objective frame
of mind and possibly a new offer or a new concession the last but one thing I want to say is always remember your batner your bottom line always be conscious of how close you are getting to a potential agreement that is equal to or worse than your best alternative to a negotiated agreement because you do need to be prepared to say at this point we need to stop negotiating because now I do not believe this is beneficial to us and I'm afraid I need to walk away my final thought is don't rush take your time
rushed negotiations lead to remorse remorse for the deal that you did and remorse is a deal that you could have had but you didn't get in your haste before I tell you about closing the deal I want to point out that I have a whole course on this platform about negotiation it's about 20 videos that take all the little details and lots of things I haven't been able to mention in this simple 101 overview and look at them in detail so do have a look at that negotiating course it may be that you want whole
course and that will give you a really good introduction or it may be that you just need one or two videos to boost your knowledge in one area or another and I'll put links in the description at some point it will become clear that both parties have reached the point where they can go no further and this is where you need to close the deal and it can be very frightening to make a close because you feel that by asking for a deal you will break that Rapport but if no one asks for the deal
then the whole negotiation can fall apart so at some point you need to say something like this it feels like we are on the point of reaching an agreement I don't believe there's anything more that I'm prepared to offer and I don't believe there's anything more that you need so shall we shake hands and do the administration needed to close this deal if the other party says yes then you close the deal if on the other hand they say ah no but there's one more thing at least you now know what you need to address
before you can sign off the agreement once you have closed the deal shaken hands or whatever is appropriate in your context then shut up do not say anything else other than pure courtesies and administrative details around what comes next do not open up any commentary on any elements of the agreement because the best case you can get is it makes no difference the worst case is it opens up doubts in the other party's minds and that would be disaster negotiation is a skill and it's a skill that improves with practice if in doubt trust the
process listen hard and be respectful that way you will get the best deal available please do give this video a like if you've enjoyed it or learned from it I'll be making loads more great management courses videos for you so please do subscribe to the channel and hit the Bell so you don't miss any of them I look forward to seeing you in the next one and in the meantime keep learning
