The Green Sheet Online Edition
June 6, 2024 • 24:06:02
Negotiation mastery
Negotiation is a pivotal part of daily life, influencing everything from business deals to personal decisions. Regardless of the scale—be it a major contract with a new processing partner or an agreement with your child over household chores—the outcome of negotiations impacts the long-term quality of your business and personal relationships.
Preparation is key
Success in negotiations begins well before the conversation starts. Preparation is crucial. Start by clearly defining your needs and wants. Draft a list delineating your essentials, desirable extras, and expendable items. Consider tabling parts of the agreement or implementing the agreement in phases if it means a better overall deal.
Be cautious when it comes to bluffing. You might be tempted to tell the other party you won't make concessions or that something is non-negotiable when, in fact, you are willing to compromise. This could backfire. So only claim non-negotiables you're truly committed to. This helps ensure you'll foster a long-term agreement that's beneficial for all parties involved.
Setup matters
The setup of an in-person negotiation can subtly influence the outcome. The arrangement of the room and the seating can set the tone for the discussion. For instance, opposing sides of a table might suggest a confrontational approach, suitable when expressing strength is necessary. Conversely, a circular table or side-by-side seating promotes partnership and collaboration. Choose the environment that best aligns with your negotiation goals.
On a platform such as Zoom, your background can make a huge difference. Consider what message you want to convey and choose colors and objects for the setting that serve your purpose. For example, if you want to convey friendliness, choose warm, inviting colors, not gray or stark white.
Reflection brings wisdom
Post-negotiation, review the process. Celebrate the aspects that worked well and analyze areas for improvement. Reflect on whether the deal is mutually beneficial, and consider its potential for future expansion. The ideal conclusion sees both parties satisfied, having secured their needs and a fair share of their wants. Remember, effective negotiations result in lasting relationships and a solid reputation as a fair, adept negotiator—assets you can bank on.
Whether you want to upgrade your POS offerings, find a payment gateway partner, bone up on fintech regs or PCI requirements, find an upcoming trade show, read about faster payments, or discover the latest innovations in merchant acquiring, The Green Sheet is the resource for you. Since 1983, we've helped empower and connect payments professionals, starting with the merchant level salespeople who bring tailored payment acceptance and digital commerce tools, along with a host of other business services to merchants across the globe. The Green Sheet Inc. is also a proud affiliate of Bankcard Life, a premier community that provides industry-leading training and resources for payment professionals.
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