How to Negotiate: The Basics of Negotiation | Video

Intro tWhether it’s with suppliers, stakeholders, or colleagues on your team, negotiation is a skill that project managers use nearly every day. But, as the stakes get higher, it becomes more important to know how to negotiate.

So, in this video, I show you all of the basics of negotiation.

This video is safe for viewing in the workplace.

This is learning, so, sit back and enjoy

What is Negotiation?

Negotiation is the process of searching for an agreement that satisfies all parties.

What this means is:

1. Negotiation aims to produce a fair outcome for both sides
2. It is a process, so if you know the process and follow the process, you can get good results.

Negotiation follows a 4 Step Process

Preparation

• Scope of desired agreement
• Goal and objectives
• Bottom line
• Research
• Negotiating strategy

Opening

1. Make a strong first impression
2. Build rapport
3. Check the level of authority they have to make commitments and deliver a final agreement
4. Agree the basis of the meeting – Decision process
5. Agree any admin and ground rules
6. Establish their outcome
7. Set out your outcome

Bargaining

• Positions
• Progress
• Offers
• Counter-offers
• Concessions
• Getting stuck… and unstuck
• Preparing to close

Closing

• Summary
• Check issues covered
• Check concessions agreed
• Ask what more
• Trial close
• Make the offer
• Confirm and record the decision

Then SHUT UP

Following up

• Document agreement in writing
• Share it – as a fact, not a consultation
• Carry out any agreed actions
• Inform people who need to know
• Courtesy thanks to all those involved on your side
• Polite note to counter-party

Learn More about Negotiation

If you want to know more, there is a complete course on Negotiation on our sister channel, Management Courses.

• Checkout the Negotiation Course/Playlist.
• The course is building from June to September 2020.

Or there’s a full article here:

• Guide to Negotiation: Don’t Lose when You Can Win

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