Factors of a Negotiation
Every negotiation starts with opening the negotiation, setting up expectations and closing the deal. The negotiators need to be prepared on the following important steps to consider while participating in a negotiation −
Step 1: Opening the Negotiation
- Know your commitments.
- Discuss the depth of your concern.
- Ensure that your position appears realistic
- Keep your opening position flexible.
- Make larger hand movements; it builds trust.
Step 2: Bargaining
- Question the others for information.
- Make other sides justify their positions.
- Question and challenge their commitment.
- Highlight your most relevant concerns.
- Summarize various arguments and seek possible mobility.
Step 3: End of Negotiation
- Start on low priority items and look for high priority Items.
- Never settle for just your WATNA.
- Make concessions wisely.
- Expect something and get something in return.
- Make smaller movements while closing.
- Focus on the benefits to all the parties.
- Making a final offer carefully.
- Ensure that all agreements have been documented and attested.