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.