One of the most challenging obstacles in business is negotiating – that is if you want to be successful in the process. To effectively negotiate, one must acquire strong traits such as determination, perseverance, and dedication to be effective.
Another quality a handful of negotiators forget is honesty. In fact, Cher Wang, CoFounder of HTC and VIA, says “It takes humility to realize that we don’t know everything… we must keep learning and observing.” What we can derive from this, is that a negotiator can build trust by agreeing and conceding points with the professional we conduct business with.
To name more shortcuts to advance your negotiation skills, ForSaleByOwner rounded up advice and lessons from some of the most influential business people in the negotiation game.
Learning from the pros about their experiences is insightful to how one may succeed in their own negotiation. These experts have acquired many skills during their professions from being in various negotiation situations.
Continue reading for tips to conducting a successful negotiation or skip below to the infographic for an overview of the pointers below, 5 traits and tips from business magnates to negotiating.
Setting your expectations high pushes you towards challenging yourself in ways you did not know you were capable of. Elon Musk, CEO of SpaceX and Tesla, endorses staying ambitious while also knowing your limits, “The first step is to establish that something is possible; then probability will occur.” By this, it means establishing the mentality that what you want to accomplish is possible is what will get you to your desired destination.
Building trust is important when negotiating or else the opposing party will most likely not feel comfortable with your offer. Recognize your faults and the other party’s concerns to build trust in your negotiation.
Reduce discord between two parties in the negotiation by not rushing anything. Rushing stimulates stress which causes a party to lose faith in the deal. Janice Bryant Howard, CEO of The ActOne Group, mentions, “Communication is not merely talking… it’s listening, seeing, and being invested too.” By this, we can understand that taking things slow is better for the sake of the negotiation.
Pay attention to the other person’s feelings in a negotiation to know where to lead the conversation. Bill Gates, the founder of Microsoft, says “If you show people the problems and you show people the solutions, they will be moved to act.” Pointing out the other party’s struggles with a solution to them will persuade them to agree to your negotiating point.
Understand when to bargain and when to walk away by being reasonable. Indra Nooyi mentions, “The challenge… is looking around the corner… and making the change before it’s too late.” By this, we can learn to not invest too much into a negotiation if we feel that it is hitting a dead end. This saves the relationship you started with the other negotiating party and your time.
Negotiate like a Pro and learn from the experts to lead your next negotiation successfully!