How to Negotiate: The Basics of Negotiation

Whether 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. 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 a. Timings b. Agenda 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 __ If you want to know more, there is a complete course on Negotiation on our sister channel, Management Courses: https://www.youtube.com/c/managementcourses Checkout the Negotiation Course/Playlist: https://www.youtube.com/playlist?list=PL6vWkk9L7LeHKze5em0hAzvagJ1oIQv_P The course is building from June to September 2020. For more great Project Management videos, please subscribe to this channel: https://www.youtube.com/channel/UCMZfp1_wquyegVY9SoER0Nw?sub_confirmation=1 For all our great Project Management articles and resources, please check out the OnlinePMCourses website: https://onlinepmcourses.com/ For basic Management Courses - free training hosted on YouTube, with 2 new management lessons a week, check out our sister channel, Management Courses: http://youtube.com/c/managementcourses For more of our Project Management videos in themed collections, join our Free Academy of Project Management: https://onlinepmcourses.com/free-academy-of-project-management/ #Negotiation #HowToNegotiate #ProjectManagement