There are plenty of strategies and tools to use when negotiating, but perhaps none are as effective as time. Time is a unique tool that can be used to move a stalled negotiation forward in order to help you achieve your desired outcome. Do keep in mind, however, that time is a tool that works for both sides so you should never forget it’s power. When used correctly, time pressure can lead to remarkable outcomes for negotiators, so here are a few ways you can use timing to your advantage. 

1. Figure Out the Right Time to Make a Deal

Unless you are forced to make a decision right away due to an urgent business need, you can wait for the right time to step in and negotiate a deal. It’s a proven fact that there are certain times when better deals can be made. Think about buying a car for example. Oftentimes you can get a better deal at the end of the month because the salesmen need to hit their quota and the dealerships need to sell a certain number of cars. The same is true for real estate. Buyers are more likely to negotiate during the winter months when housing sales are slower than in the peak of spring. When you are negotiating a business deal, some companies might be more willing to negotiate closer to the end of the quarter or the fiscal year when they are more motivated to close the deal. Therefore, consider your timing and choose a time that is most advantageous for you. 

2. Never Let the Negotiations Drag On

Negotiations are most effective when they happen over a short period of time. The longer the other party has to think about the deal, the more time they have to “shop around” for something better. The key is to leverage the amount of time the customer has to make a decision. For example, let them know that you are willing to offer a special price but you can only honor it for today. Otherwise, you will have to sell it to someone else. This time pressure strategy is an effective technique for getting the other party to close the deal.

3. Choose the Right Time to Offer Concessions

Ideally, the initial stages of the negotiation should be spent learning about the other’s needs and trying to uncover what is motivating them. This gives you an idea of what to use as a bargaining tool. For example, if you know the other party is highly motivated by price, you know you have to be prepared to offer your best deal. The key, however, is knowing when to do it. Offering the lowest price right off the bat will make it look like you are willing to concede easily and they might push for other concessions as well. Therefore, wait until you are just about to close the deal and come in with that last ‘punch’ right at the end offering your best price. Even though you knew all along you could offer that price, that last minute price change makes your customer feel as though they are getting a deal. 

4. Strategically Plan the Time of the Negotiation

Imagine you are working on a large sale and you have to meet with the head of the factory. You schedule your meeting at 9:00 a.m. and the boss spends several hours haggling with you and refuses to back down. Now, imagine you had this same negatition scheduled at 4:00 in the afternoon. There’s a good chance that the boss will move things much faster because he is anxious to wrap up and head home for the day. When you enter into the negotiation, let your counterpart know that you have a limited amount of time with them before your next meeting. This can help speed things along and puts a little pressure on them to move forward. 

Timing can greatly impact the outcome of a negotiation. When you negotiate can have a significant effect on the proceedings of the negotiation and can affect how alert people are, how interested they are, and how much pressure they feel to make a decision. You also need to choose the right time to make an offer or counteroffer as well as agree to concessions. There might even be instances where you need to call a time-out in order to decrease tensions or shift the momentum. In order to negotiate effectively, timing and preparation are key. Here are a few things negotiators should consider when it comes to timing. 

Is it the right time to make a deal?

Unless you are in a position when you have to make a deal due to an urgent personal or business need, you might consider different options for when to negotiate. For example, negotiating the price of a car may be more advantageous toward the end of the month when the salesman is eager to meet their quota. Likewise, companies might be more inclined to make a sizable deal at the end of the quarter. You should also consider how your product or service might be affected by the time of year. For instance, you could probably negotiate a better deal on a boat in October as opposed to May. Before entering into a negotiation, stop and think about whether or not this is the right time to negotiate the best deal. 

The time of day and day of the week matters. 

Consider the day and time when you schedule a negotiation. Late morning is an ideal time for negotiation because most people are fully awake and their day is in full swing. The closer you get to noon, the more likely people will be hungry and thinking about food as opposed to your offer. Likewise, late afternoon can be difficult because people are tired from the day and ready to go home. Much like the time of day, people can also be affected by the day of the week. Mondays can be tricky because people are trying to get back in the swing of things and they are figuring out the week ahead. Tuesdays are one of the best days because the week is well underway but people aren’t yet distracted by the weekend. Friday afternoons are perhaps the worst time to negotiate because people are working hard to wrap up the week and begin their weekend. Obviously, negotiations can also be affected during holidays or special events.

Who has the power as time passes?

Before entering into a negotiation it is important to consider how time will impact your power and ability to leverage a deal. As time passes, is your power increasing or decreasing? For example, someone who puts their house on the market is likely to be more demanding at the beginning and more flexible as time goes on. If you are in a situation where your power is expected to decrease over time, it can be to your advantage to negotiate a long-term agreement while you should negotiate a short-term agreement if your power is expected to increase as time passes. 

If your company is like most other companies today, your role as manager involves looking for ways to improve the company’s bottom line. The negotiation skills of your employees has a direct effect on sales, revenue, and profitability. Therefore, if you want to improve your team’s financial performance, it would be wise to teach your employees good negotiation skills. 

Employees negotiate regularly with customers and suppliers to buy and sell goods and services. In fact, just about every relationship within a business involves negotiation at some point. The problem, however, is that most employees have never been formally trained in negotiation skills. Your employees’ ability to negotiate effectively with your customers and suppliers can directly affect your bottom line and can have a sizable impact on your company’s performance. That said, the ability to negotiate can extend even further beyond meetings and contracts. Good negotiation skills can be invaluable when discussing the responsibilities among team members and ensuring that employees are working together toward a common goal. Here are a few reasons why it is beneficial to teach your employees negotiation skills. 

The Ability to Close the Deal

Whether they are striking a deal with a vendor that is supplying food for the next team event or working to finalize a contract with a new customer, employees are constantly negotiating on behalf of the company. When they understand the art of negotiation, they are able to close better deals that will benefit the company. They are also more likely to close more deals than those employees who aren’t formally trained in negotiation. They will have the ability to see an opportunity when it arises and the skills to capitalize on it. 

Build Long-Term Relationships

Not only will skilled negotiators improve the company’s sales, but they will also impact the long-term success of the company by building lasting relationships with clients and vendors. When an employee is a successful negotiator, they will increase customer satisfaction which in turn will strengthen these professional relationships. All of this results in long-term and fruitful success of the company and will help the company gain a competitive edge in the market. 

Save Money

While it’s true that skilled negotiators can make businesses money, they also have the power to save them money as well. For example, sales department employees can negotiate deals that increase the profit margins while the human resources department can negotiate cost saving materials needed to run the business. When employees in every department are skilled in negotiations, it can help cut costs all across the company. 

Improve Internal Relationships

Not only is it important for employees to be able to negotiate with those outside the office, but it can be extremely useful inside the office as well. Employees with good negotiation skills will have the ability to divide up tasks and assignments with other team members in order to achieve the best results. Skilled negotiators will also have better communication skills as well as the ability to work collaboratively as a team in order to reach a desired outcome.

Closing a successful deal is no easy task, but it can be even more challenging under pressure. Unfortunately, we are working in an era where people have shorter attention spans and higher expectations which can cause deals to happen faster than ever before. Businesses desire immediate results which can sometimes lead to extreme pressure and high-stakes negotiations. This current economic climate is creating pressure for many negotiators who fear that one slip-up could cost them their jobs. The ability to manage high-stress situations is never easy, but it is one of the primary characteristics that distinguishes great negotiators from the rest. Here are a few tips to help you keep from cracking under the pressure. 

Advanced Training

If you are working in a job that requires you to negotiate often, it is advantageous to invest a great deal of time in negotiation training courses. These courses will help you master the skills needed to handle high pressure situations through the use of role-play exercises. The only way to truly find out how you will react under stress is to put yourself in that scenario. The more you can practice and engage in advanced training, the better equipped you will be when the time comes to negotiate a high stakes deal. 

Identify the Pressures on the Other Side

It is important to remember that in any negotiation, there are pressures and problems on BOTH sides. As humans we tend to focus mainly on our own problems and pressures and forget about the other side. However, recognizing the pressures on the other side will increase your power and strengthen your negotiating position. You already know your needs, but your counterpart has needs as well. Understanding their needs will help you to find opportunities to create a win-win solution that can alleviate the pressures from both parties. 

Use Time Pressure to Your Advantage

If you know the needs of your counterpart, you might have the opportunity to strengthen your position through the use of time pressure. Leveraging time is an effective strategy to gain the upper hand in high-pressure situations. Start by asking a few questions such as, “Is there a date in which you need this deal agreed?” “What will happen if we don’t agree by this date?” In some cases, you can work a better deal by applying time pressure. 

Work Toward Collaboration

Just because you are in a high-pressure situation doesn’t mean the other side doesn’t have as much to lose as you do. If you enter into the negotiation looking to collaborate and come up with a mutually beneficial solution, it could result in a more successful negotiation. You can start by offering a few favors for the other side. This demonstrates that you are looking out for their interests and it will naturally result in reciprocation. A united front will offer more opportunities for a successful negotiation.

 It doesn’t matter how great your communication skills are, how eloquent you speak, or how much you have to offer; none of that will matter in a negotiation if you don’t understand the other side. For this reason, great negotiators understand the importance of doing research before they begin any negotiation. It is the first and most important step in negotiating. You need to learn as much as you can about the other party’s needs as well as the current landscape in order to reach an agreement that works for both parties. Research is crucial in order to negotiate effectively and here’s why. 

Become Knowledgeable About the Landscape

Walking into a negotiation blindly can ruin your chances of negotiating successfully. You need to be aware of the current landscape that surrounds the negotiation. For example, if you are negotiating a higher salary, you need to know what people in similar positions and with similar experience are making at other companies. If you are working a sales deal, you need to know what similar products or solutions are selling for and what makes your product different. The more research you do in advance, the better equipped you will be to handle the negotiation. Ant statistics or knowledge you bring to the table will put you in a better position and make you more credible. 

Understand the Other Side

Every negotiation has two sides and the other side has priorities as well. It might be hard to know exactly what they are, but the more research you can do on them, the more likely you will be able to find out. Perhaps they aren’t as worried about price as much as not signing a lengthy contract. Or maybe your boss is more concerned with the salary but they are willing to offer more flexibility. The more you can learn about what motivates the other party, the more likely you can negotiate what you want. 

Learn Their Point of View

Many novice negotiators make the mistake of focusing solely on what they can bring to the table rather than focusing on the needs of their counterpart. However, it is far more strategic to learn about the other party’s point of view. Find out what’s important to them by talking with stakeholders, researching the company online, and talking with people in similar industries. Try to understand their pain points and be prepared to explain why your product or service will provide a solution. 

Find Common Connections

People like to talk with people who share their interests. It’s likely that there is someone that both you and your counterpart know. Perhaps they have done work with you previously or there is a college connection. You can use this connection as a way to stimulate conversation. You can also read your counterpart’s bio to learn more about their family and hobbies. Look for common ground and use this to build a rapport with them. This can be an advantageous way to seal the deal.

Negotiation exists in every facet of a business. You don’t have to be in sales to utilize negotiation skills. Rather, negotiation skills are essential across the entire business spectrum. For this reason, it is important for professionals to invest in these skills in order to become more productive in the workplace. Though you might already feel confident in your ability to negotiate, there are always skills and tactics that can be learned to make you more successful. Here is a list of nine college courses that can help you build and improve your negotiation skills. 

1. Negotiation Mastery- Harvard Business School Online

This course prepares you for every type of negotiation scenario and teaches you how to close deals that might otherwise be dead-locked. It also teaches you how to carefully prepare for your negotiation and resolve conflicts before they begin to escalate. You will also develop a better understanding of different techniques that can be used in response to various bargaining styles and tactics.

2. Strategic Negotiation- Michigan State University Online

This course will teach you tools for persuading customers and tips for finding mutual resolutions along with moral and ethical reasoning. It will also help you gain knowledge of legal factors to analyze fraud. 

3. Negotiation: A Strategic Playbook for Becoming a Principled and Persuasive Negotiator (Coursera)

Learn how to create a framework for structuring your negotiable points and become familiar with how to identify the conflicts and interests of your opponents in order to bend your arguments accordingly. You will learn the skills needed to predict and evaluate the behavior of your competitors. 

4. Chris Voss Teaches the Art of Negotiation (MasterClass)

Former FBI international kidnapping negotiator instructs this course by walking you through various tricks and tactics used by the FBI. You will learn how to communicate effectively and how to empathize to get the results you want. 

5. Successful Negotiation: Essential Strategies and Skills (Coursera)

This course breaks down the process of negotiation so you can plan an effective strategy. 

6. Successful Negotiation: Master Your Negotiation Skills (Udemy)

Learn the fundamental techniques for negotiating such as how to plan and prepare, communicate effectively, and create mutually beneficial solutions. 

7. Negotiation Skills: eCornell

Taught through Cornell University, this course helps you learn to identify key factors that can help you be more persuasive. Learn negotiation tactics and how to capitalize on opportunities. 

8. Negotiation and Influence: MIT Management Executive Education

Become a better negotiator by learning how to communicate and deal with clients, customers, investors, and colleagues. Learn to assess their behavior in order to maintain the upper hand in negotiations. 

9. Negotiation, Meditation and Conflict Resolution Specialization: Coursera

Learn how to effectively use negotiation skills to manage your team more efficiently. Learn how to conduct yourself in a professional setting and how to resolve conflicts quickly and professionally.

Many of our daily interactions with others are essentially a series of negotiations. We negotiate with our spouse about chores around the house. We negotiate with friends and family about where to go out to eat. We negotiate with colleagues about who will complete assignments and we negotiate with salespeople on the price of a car. We negotiate many times every day even though most of us don’t ever think about it. For this reason, it can be beneficial to understand the art of negotiation so you can build the skills necessary to capitalize on opportunities. 

Be Prepared

Preparation is critical to negotiation success. Being well prepared leads to better outcomes and less conflict during discussions. Whether you are negotiating about dinner plans, chores, or even a major purchase, do your homework beforehand and explore all the possibilities so you can be prepared for whatever comes your way. Make sure you have valid information to back up your point of view and look at the situation from another perspective so you can prepare for questions or concerns that might come up. Preparation also means that you have a goal in mind and you have prepared a strategy to help you reach that goal. 

Avoid Assumptions

Many people fall into the trap of assumptions and this can derail an otherwise successful negotiation. Never assume that you know what the other party is thinking. You don’t know unless you ask. An assumption is nothing more than an educated guess and it can lead to frustration and conflict. Rather, ask the right questions and take a genuine interest in the other party’s needs. 

Remember to Listen

Listening is one of the most important aspects of negotiation. Ask questions and take time to listen to the answers. This helps you to build trust with your counterpart, maintain your composure, and keep the negotiation moving forward. 

Pay Attention to Nonverbal Cues

Communication is more than just the words that are spoken. Nonverbal communication has just as much influence as things that are said. Pay attention to the other person’s body language, as this can tell you if they are interested, defensive, or unengaged. Use this awareness to your advantages and adjust your tone to help things proceed. 

Be Prepared to Make Concessions

Negotiation is about give and take so you have to come prepared to give a little. Prior to the discussion, think about what is most important to you and what you would be willing to concede. For example, if you really want to watch that football game this afternoon you might concede and offer to do a few chores for your wife beforehand. If you are purchasing a car, you might be willing to pay a higher price but you want them to throw in a longer warranty. Negotiations are all about each party making concessions in order to achieve a mutually beneficial solution.

Many people manipulate others in order to achieve their goals but they somehow convince themselves and others that they are simply negotiating. The truth is, manipulation and negotiation are two very different things. In order to avoid being manipulated by your counterpart, it is important to understand the difference between these two very different behaviors.

What is negotiation?
Negotiation is a method by which people settle their differences. It is a process where both parties compromise until an agreement is reached while avoiding argument and dispute. Each party aims to achieve the best possible outcome for their position while maintaining the principles of fairness, seeking mutual benefits, and maintaining a positive relationship with their counterpart. In a true negotiation, neither party feels ridiculed or coerced. They have the freedom to express their needs freely to build understanding and they feel respected by the other party.

What is manipulation?
Manipulation is the practice of using indirect tactics to control someone else’s behavior and emotions. Manipulation is a way to control the other person by using fear to make them feel guilty in order to convince them of something. Manipulators achieve their desired outcome by ignoring or harming the needs and desires of others. They use sneaky tactics in order to trick the other person into giving them what they want.

How these two behaviors differ
While both behaviors seek to achieve a desired outcome, manipulation is clearly an inappropriate method of doing so. A successful negotiation involves all parties sitting down together with the intention of establishing an agreement and seeking a mutually beneficial solution. Negotiation involves listening, communication, empathy, and a willingness to give and take. Manipulation, on the other hand, is deceptive and results in a winner and a loser. Manipulators have no regard for the other person’s feelings, but rather use trickery to get what they want. Negotiation is the only fair and ethical way to settle differences with another party. Be mindful of your behavior and that of others to ensure you aren’t being manipulated and you aren’t manipulating others.

In the business world there are some negotiators who always seem to get what they want while others always seem to come up short. What makes some people better negotiators than others? Have you ever wondered if your negotiating style is too tough or too accommodating? Are you too cooperative or too selfish? The fact is people have different communication styles and they bring specific skills, experiences, and tools to the table that affect the way they interact with others. Chances are, your innate and learned tendencies will have a significant impact on the way you negotiate. In order to become a successful negotiator, you should seek to identify your negotiating style and learn how to use it to your advantage. 

Negotiation Style: Competitive

Competitors have a strong desire to “win” and seek to get a better deal than their “opponent.” This “I win, you lose” mentality often comes at the expense of their counterpart. They are results-oriented and focused on reaching short-term goals quickly and they are willing to do whatever it takes to achieve these results. This is a beneficial style when you need to reach a short-term agreement quickly and these negotiators work best in a highly competitive industry like sales. 

Negotiation Style: Collaborative

Unlike the competitive style, the collaborative approach follows the “I win, you win” model. Collaborative negotiators focus on making sure the needs of all parties are met. They value strengthening, establishing, and building long-term relationships for the betterment of the company. These negotiators are willing to invest time in finding innovative solutions  and building trusting relationships with other organizations. 

Negotiation Style: Compromising

Although it has some similarities to the collaborative style, the compromising style follows the “I win/lose some, you win/lose some” model. In order to reach an agreement, compromisers are often willing to concede some terms in favor of gaining others. This is a bargaining tactic in which you give me something and I’ll give you something in return. It’s very easy for competitors to take advantage of compromisers, so this strategy works best with a trustworthy counterpart. 

Negotiation Style: Avoid

An avoiding negotiation style follows an “I lose, you lose” model. Avoiders dislike conflict and they tend to be vague about the issues at hand. If they are unhappy with an agreement, they might get angry and seek revenge rather than discuss their unhappiness. This can cause rifts in business relationships. This type of negotiation style works best when the issues at hand are deemed trivial by both parties. 

Negotiation Style: Accommodate

An accommodating style follows the “I lose, you win” model and this is not in the best interest of the negotiator. This is the exact opposite of the competitive negotiator, as these negotiators are willing to sacrifice some of their company’s interests in order to maintain a friendly rapport with their counterpart. These negotiators are skilled peacemakers, but they should never work alone as they will be easy targets by competitors.

Negotiations can be stressful, particularly for those who don’t negotiate often. But despite the awkwardness, we are all faced with negotiations at some point in our lives. Many people think the best negotiators are successful because they are naturally quick-witted, but the truth is that the best negotiators are the ones who are prepared. Preparation means having all the necessary information and a detailed plan for the negotiation before it even starts. By preparing in advance, even the most inexperienced negotiators can reach a successful outcome. Here is everything you need to know before you negotiate.

Background Information

Entering into a negotiation blindly can ruin your chances for success. Whatever you are negotiating, you need to learn as much as you can about the current landscape. If you are negotiating salary, what are people in similar positions making? If it’s a sales deal, what are similar solutions going for? If it’s in regards to a particular product or service, what makes that product or service valuable? The more research you can do in advance, the better. Any knowledge or statistics you can bring up during the negotiation will make you appear more competent and will put you in a better position.

Have a Goal in Mind

What are you trying to achieve as a result of your negotiation? You need to have a purpose for the meeting and a goal will give you a foundational direction to the course of the negotiation.

Determine Your BATNA

This negotiation acronym stands for Best Alternative to a Negotiated Agreement. In short, it’s the best option you have if you aren’t able to get exactly what you want. It is critical that you know your BATNA or you might end up getting even less out of the deal. When deciding your BATNA, determining the worst deal you would take and know what you walk-away point is. This will prevent you from caving under pressure.

Prioritize Your Must-Haves and Your Concessions

Before you negotiate, you should always make a list of what is most important to you and what you are willing to concede. For example, you might be willing to take a lower salary but you want the flexibility to work from home. Knowing this list of priorities will help you know what to concede if needed. However, whenever you concede be sure to get something in return.

Determine Your Counterpart’s Needs

You must always remember that a negotiation is two-sided, meaning your counterpart has needs as well. You may not be able to determine exactly what they are,but research can help you find out. For example, perhaps they aren’t as worried about price but they don’t want to feel trapped with a 2-year contract. Knowing this kind of information can help you prepare a better strategy.