What are some common negotiation mistakes to avoid?
Negotiation
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Negotiation is a complex process. So, it is not surprising that negotiators often make mistakes that can undermine their outcomes or damage their reputation. Here are some common negotiation mistakes to avoid and how to overcome them.
Not preparing enough
Negotiation is not a spontaneous or intuitive activity that can be done without prior research and planning. Neglecting to prepare enough can lead to poor decisions, missed opportunities and wasted time.
To avoid this mistake, invest time and effort to analyze the situation and identify your own and the other party's interests, goals and constraints. You should also prepare emotionally and mentally by managing your expectations and emotions, and avoiding overconfidence or defensiveness.
Not listening enough
Negotiation is not a monologue that can be done without paying attention, understanding and engaging with the other party. Ignoring the opposing side can lead to misunderstandings, conflicts and resentment.
To avoid this mistake, practice active listening and ask open-ended questions. Reflect, summarize and clarify what the other party says and make sure to acknowledge their perspective. You should also listen for signals, cues and hidden messages that can reveal the other party's motivations and concerns.
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Not creating enough value
Negotiation is not a zero-sum or win-lose activity that can be done without mutual benefit. Focusing only on claiming value or distributing resources can lead to suboptimal outcomes, missed opportunities and damaged relationships.
Expand the pie by finding ways to enhance the overall satisfaction and utility for both parties and identifying common or compatible goals. Balance creating and claiming value by knowing when to shift from cooperating to competing and from giving to asking.
Not closing enough
Procrastinating or avoiding closure can lead to uncertainty and dissatisfaction. Always seek to close the deal or reach an agreement by summarizing the key points and addressing any remaining issues or concerns. Make sure to follow up on the agreement and maintain the relationship by providing feedback and support.
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This article was edited by LinkedIn News Editor Anamaria Silic and was curated leveraging the help of AI technology.
Beyond what is stated in the article since we all human and we never will have all the needed information to manage the negotiation. In this situation we making assumptions to complete the missing data and those assumptions is based on our knowledge, experience and bios but may not be relevant to needs and interest of our counterpart. So don’t make assumption that we know what the others side is want or need and discover this with soft skills like asking the right questions and real listening to the answers.
There is more Art than Science involved here using Soft Skills vs. hard facts. Establishing a good rapport and being clear on goals, expectations helps keep interactions on track. One of the Highly Effective Habits applies here - Win-Win or No Deal. Timing, budget and resource impact also influence the discussions.
Solving Hard Problems
2yRushing through talks is the most typical error made by negotiators, even those with much experience. Most errors are committed in haste and by unprepared people. Let the other side know you need more time if you are not ready to start negotiations. No matter what you are negotiating for—a raise in pay or a multimillion-dollar contract—if you show up unprepared, you will not be in the most significant position to get what you want. You must be adamant in your desire for extra time to prepare, even if the opposite side believes the negotiations must take place before you are ready. You might want to reconsider engaging in negotiations with that particular person or business altogether if the opponent rejects you this time. Do not feel threatened if the other party says they will start talks with someone else. Inform the other party that while you are disappointed in their stance, you are compelled to withdraw your participation until you are ready. Most likely, your adversary will appreciate your choice; nevertheless, if they don't, it is preferable to let them go and look for another opportunity.
No doubt that listening is important. Negotiation should not be an adversarial exercise but an effort for common ground. With that in mind, you also need to be able to express where you are, what is important to you, and be able to voice it in a reasonable way. You should be able to recognize your emotional feelings and express them without fear and allow the other side to do the same. If these conditions are not present, then negotiation should be another time. People reach a willingness to negotiate at different times and one must be aware of the timeliness.
President & Designated Broker at IBA
2yProviding guidance or making decisions without a good base of knowledge and relevant experience. Preparation & education are fundamental to facilitating a successful negotiation between parties.