When individuals find it difficult to adjust with each other, the best way is to sit together and discuss among themselves and adopt the middle path. Instead of fighting with each other, it is better to discuss things and come to an alternative benefiting all. Negotiation takes into account the personal interests of all and helps individual to come to a common conclusion.
When the targets of a team are set, all the team members are invited to discuss with their superiors. If the boss assigns a target of 20 sales a month and the team members find it unachievable, they should negotiate with their boss to slightly lower their targets, rather than saying a yes to it.
When you want to go for a party, you probably negotiate with your parents that if they allow you to go for the same, you will study the whole weekend. The process of negotiation is designed to benefit all but sometimes it is little difficult to reach to a conclusion and satisfy all.
There are few challenges to negotiation and one must try his level best to overcome them. Let us study them in detail:
- The biggest challenge to negotiation is when individuals are not ready to understand the second party at all. There are individuals who only think about their interests and tend to ignore the interest and needs of the other.
Jim wanted to buy a shirt for himself. He was only concerned with his pocket and never bothered about the store owner. He quoted an unusually low price and the store owner refused to sell the shirt. The outcome was a big zero. Nobody could get what they wanted. Jim failed to understand the fact that the store owner is not sitting for charity. He also has a family to look after and thus even his profits are important. Why would he sell something at a less rate which would not earn him his profits?
Try to find out the expectations of the other party as well. For business negotiation, you will definitely be appreciated if you save your organization’s money but remember the other party is also doing business. Quote something which will save your company’s money as well as earn some profits for the other party as well.
- Lack of time is also a major challenge to effective negotiation. One should never be in a hurry. You need time to convince others. Never be in a rush to purchase things or close a deal. Analyze things carefully and then only come to conclusions.
- Going unprepared for a negotiation is unacceptable. Don’t underestimate the second party. One should do his home work carefully. Check out even the smallest details before going for a negotiation. Don’t think that the other person is not as smart as you, he can ask you anything and remember even he will try his level best to convince you. You need to have valid answers for his questions.
- Lack of patience also leads to a bad negotiation. Every individual has the right to express his views and one should not interfere in his speech. You might not agree to him but at least listen to him first. Sit with the second party and make him realize how the deal would benefit you as well as him. If possible take a note pad and a pen with you to explain things in a better way. Carry all the necessary documents which you might require at the time of negotiation.
- Criticism, sarcasm, derogatory remarks are the biggest threats to an effective negotiation. Never ever say anything which might hurt others. Remember everyone is here to do business and make profits, so be logical and justified. Don’t get too involved and over emotional. One should be a little diplomatic and intelligent for an effective negotiation.
- Avoid last minute changes as it result in confusions and misunderstandings. The two parties must be very clear on what they expect from each other, and must stick to it. Don’t change statements every now and then. Once a conclusion is reached or a deal is cracked, it’s always better to sign an agreement in presence of both the parties.
- Being too rigid is one of the biggest challenges to an effective negotiation. Be a little flexible. Compromise to your best extent possible and don’t crib always. One should adopt a positive attitude and try his level best to adjust with each other and find out a solution which will satisfy all. Only price is not important, other factors like quality, brand name, durability must also be taken into consideration. One CD player might cost you $5 but another might cost you $4, a little cheaper than the first one, but it is quite possible that the first one is far superior in quality than the second one. Be a little sensible and understand things. If you have purchased something for $6, would you sell it to someone for $3. Obviously no, the same goes with others as well.
Stay alert while you are negotiating. Don’t accept any terms and conditions without carefully studying them. You might create problems for yourself later. Keep your ears and eyes open while negotiating.
- Lack of confidence is again one of the major threats to negotiation. Don’t forget to make an eye contact with the person sitting on the other side of the table. It’s important to be serious but that does not mean you will not even greet the other person. Be straightforward and crisp in your communication. Take care of your dressing and appearance as well.