Have you ever met an individual who has a natural gift for building trust to bargain with others? If not, then you might be that person. This prominent skill is common among entrepreneurs, legal professionals, and leaders of all kinds. As you may have known, confidence is a key factor to this expertise, yet ironically, overconfidence is one of the leading factors for failed negotiations. Even when you may consider yourself an expert in this field, learning the fundamentals of your deal-making framework will set you apart from the rest as you learn to analyze it within your own conversations. To accomplish this, you must run the following self-diagnosis:
Do I Know My Negotiation Structure?
There are countless of articles written about different strategies and tactics you can adopt on this matter. For example, this blog inside the Harvard program on negotiation, lists out the following 5 points they considered as essential tactics for successful negotiations:
obtain that outcome. This is a great mindset to have, but just as important is the ability to thoroughly acknowledge all the hidden issues at hand. Almost always, it’s too easy to adopt a different perception of what the real problem is. Beware of under or over-estimating the situation by taking the time needed to see the problem in every angle, not just yours. Doing this will make it easier to satisfy both sides to obtain a win/win result.
Where do I stand in my confidence level?
Both lack of confidence and overconfidence can upset a potentially advantageous negotiation. Therefore, it’s crucial to carefully identify our levels of assertiveness in every setting. Overcome potential fears by having the determination and discipline to encounter risk and uncertainty. This determination should be fueled by your desire to thrive, as opposed to being fueled by arrogance. In other words, be persistent for what you know you can achieve in negotiations, while still respecting the other side.
Taking the time to analyze yourself with these questions will help you grow your negotiation skills in a much deeper sense. Give them a try next time you’re striking a deal and let us know how well it worked for you!