Today, I am here to tell you about “Negotiation Skills” – how critical it is for a leader. In fact, I would even say, this is the most important soft skill needed by every leader to succeed in business. It is essential to negotiate effectively with clients, employees, and other stakeholders.
“When you are entering into a conference room for Negotiation, first 2 minutes is very important for Connecting your Dots.”
Krushna Sahoo, Director, Information Technology – Wealth & RW(IFD), JM Financial Services Ltd.
Whether you are doing a negotiation for 100 Cr Plus Projector, negotiating for increment and promotion with your reporting manager, you need the negotiation skill to crack the deal. Negotiation is a strategy to get what you desire and identify your need and needs of other person/s involved in the negotiation.
Here I am going to tell you 10 secret Mantra to crack any deal which I have learned in my last 20 years career and after attending couple of Harvard Business School (HBS) and Stanford sessions with world’s top leaders. Today I am sharing these secrets with the whole world, at the same time, I am also excited to know your views and prospective about successful negotiations.
Let me further drilldown all the Secret Mantra (SM) which required to crack the deal in a Negotiation Table.
1. Connect
When you are entering into a conference room for Negotiation, first 2 minutes is very important for Connecting your Dots – to see the complete picture and visualize in your mind. Keep in mind that you have to know the real need and there is no actual win-win situation. Everyone has an agenda, and you need to know other person’s agenda without exposing yours own.
One more point which is very important: when multiple parties are involved in a negotiation, it is very essential to know the agenda of every person involved in the negotiation and relationship among them. Also, it is important to maintain proper body language because people around you would be constantly judging and observing you.
2. Communicate
Effective communications with clear thoughts, allow you to engage in a civil discussion with other negotiators and work toward an agreeable solution. Deal-making naturally requires give and take. So it is important to articulate your thoughts and actively listen to others’ ideas and needs. The person who can present very well and communicate the agenda clearly, eventually, s/he will be able to crack the deal.
Once you connect and communicate, the next level will be more interesting – where you need to play different cards.
3. Energy Level
Is it required to maintain energy level high at Negotiation Table?
My Suggestion is to Maintain your energy level high as the person with high energy level will eventually win by tiring out the other person.
4. Emotion
Should I Play an Emotional Card game?
A high degree of emotional intelligence is needed to read other parties’ emotions. This can enable you to easily pick up on what they are implying rather than explicitly stating. In addition to understanding what you and others are experiencing throughout a negotiation, emotional intelligence can help you practically manage and use emotions to crack the deal.
5. Anger
Should I do negotiation when I am Angry?
I always Loose when I am Angry. When you are angry, your reactions are unstable. Remember if you are really angry it is better stop or delay the discussion. Fake anger is sometimes a technique to win the situation. You can show as if you are not happy or aggrieved, which is much better than actual anger.
6. Shy
What happen if you are Shy?
If you are shy, you will definitely loose the opportunity. The person with good preparation is able to break the ice and handle difficult situations in much better manner during negotiation.
7. Dealing with a Cold Person
How difficult is it when you are dealing with a cold person?
If you use cold attitude to deal with a cold person, it will lead to stalemate. In that case, better choose to let it go. A cold person is someone who gives a blank look without any expression, and he talks without any voice modulation. You have to be very careful if any cold person is present on the negotiation table. You may need to continue multiple rounds the way we fight during cold fever.
8. What will you do when you are playing the role of third party?
If you are playing the role of a third party or the mediator – meaning two people are really not able to negotiate. In that case, you should keep your emotion out and avoid doing favor to anyone. It is always better to decide based on the data and facts from both the sides.
9. When you are getting multiple opinions and not finding similar mindset people?
Opinions are free. Opinions should be part of the data gathering. Take only advice, which is very useful. Unbiased approach is best approach for any negotiation.
Many times, we think we should get similar mindset people that will help to crack the deal. Remember: you have a good chance of winning, if you are dealing with different thought level persons because same thought level person are likes same magnets. There is a saying poles of a magnet always repel each other.
10. What will you do when things do not go well as planned?
It is very important point. You should have a backup plan. Planning with a clear idea always helps. More you prepare, you have more chances of success. Always keep in mind: if things do not go well as per the plan, there will be repercussions. One more very important point: sometimes it is good – “let It Go” and never regret, because sometimes they do not care even when you want to close the deal.
Thanks to everyone those read this article and apply in their real lives to win the deals. Pls let me know or talk to me, if I can be of any help to you.
About the Author:
Krushna Sahoo, Director, Information Technology – Wealth & RW(IFD), JM Financial Services Ltd.
Mr. Sahoo is an IT Professional having journey spans 20+ years of experience across large-scale enterprises, mid-sized firms and start-ups, including leadership assignments Technology Solutions. He is currently working as Director Information Technology – Wealth & Retail Distribution with multiple skills to help organizations to build cutting-edge products, improve engagement with their stakeholders, and deliver RoI on business objectives.