Common Mistakes in Negotiations and How to Avoid Them
Having good negotiation skills is key for every professional in the business world, but despite its importance, negotiations can often be challenging. The ability to negotiate well requires a great deal of practice and that’s why it is important to learn the right strategies. Novice negotiators often make mistakes that can hinder the outcome of the negotiation. Therefore, we are going to take a look at some of the most common mistakes in negotiations and how you can avoid them.
Failure to Prepare
One of the most common mistakes in negotiation is failure to prepare adequately. It is essential to thoroughly research and understand the issues at hand as well as the goals and motivations of each party. Without this knowledge, you might become nervous on the spot and make poor decisions. Furthermore, it is important to rehearse your arguments carefully so you feel confident delivering them.
Being Too Rigid
Another common mistake is being too rigid in your approach. Negotiations do not have to end with a “winner” and a “loser.” You don’t want to approach negotiations with the idea that you have to get everything your way. In fact, a successful negotiation is quite the opposite. Negotiations require flexibility and adaptability so you need to be able to find alternative solutions that are mutually beneficial. If you are too focused on your own agenda, you will not only hinder the negotiation, but you will also miss out on the opportunity to build a relationship with the other party.
Not Listening
Oftentimes novice negotiators will spend a great deal of time preparing for what they plan to say. In doing so, however, they lose sight of how important it is to listen as well. Listening is so important because it gives you insight into what the other person wants and allows you to find shared interest. When you know what is motivating the other party, you can tailor your negotiation to meet both their needs and yours.
Allowing Your Emotions to Take Over
Another common mistake is allowing your emotions to get in the way of your judgment. Negotiations can be stressful and can sometimes cause tensions to rise. This can lead to impulsive decisions and irrational behavior. It is important to remain calm, composed, and focused on the issues at hand rather than allowing things to get personal.
Not Having a BATNA
The term “BATNA” refers to “Best Alternative to a Negotiated Agreement.” This simply means that if you aren’t able to get what you want, what is the next best alternative. Having a BATNA lets you know when it’s time to cut your losses and walk away. Having a clear BATNA also allows you to push harder and potentially get a better deal.
Negotiating can be complex and challenging but avoiding these common mistakes will increase the likelihood of a successful outcome. Negotiating is a skill that can be improved with practice, so it’s important to keep learning from your mistakes to become a better negotiator. Sharpen your negotiation skills by enrolling in one of our training courses today. Contact us or request a free quote and find let us help you learn to negotiate with confidence.