How to get more out of work and life with effective business negotiation

Ever wanted a pay raise but felt hesitant to ask for it? Are you a business owner trying to win over employees or customers? Maybe you find yourself in scenarios where you say “yes” to a request, when you really mean “no”?

Hard work, talent and luck are important factors for success. But if you’re not getting the results you want, then you might just be missing one key ingredient – effective negotiation skills.

What is business negotiation?

It’s no secret – life is negotiation.

Most of our interactions are driven by different desires that one party seeks from another. Whether it’s your career, relationships, finances, or even something as minute as asking your child to go to bed early – getting what you want out of life hinges on your ability to get what you want from, and together with other people.

Let’s look at how this plays out in the context of the workplace. Studies show that even small differences in annual salary packages can add up substantially over the long-term. By not asking for and getting a pay raise, you could lose up to over $1 million in earnings across your lifetime! On a day-to-day basis, effective negotiation skills can help you influence behaviour and sell your ideas to others. Securing buy-in puts your plans into motion fast, with less resistance.

Particularly for entrepreneurs[1] , business negotiation skills are at the heart of the job. Solid skills in this area dramatically improve every aspect of the business, from employee management to customer sales to supplier relationships.

Used skillfully, good business negotiation skills create the business and career of your dreams. You’ll gain a motivated team, a strong brand reputation and higher bottom line. Applied creatively, these skills unlock a whole new world of possibilities – as in the case of Dr Patrick Liew, who successfully bought over the assets of a publicly listed company at just $1, with zero liabilities.

Nailing the basics of business negotiation

Effective negotiation is an indispensable skill set that can make the difference between a flourishing life and someone who just gets by. And given the choice – wouldn’t you like to flourish?

Here are a few guidelines to help you get started on your journey towards mastering business negotiation.

Link to “A retiree’s journey to online entrepreneurship”

The very first step to effective negotiation is a mindset shift: get rid of any aversions you may have towards negotiating!

You may not realise it, but you’ve already been negotiating all your life. Negotiation doesn’t mean asserting your will or pressuring others into action through force or deception. It simply means participating in a process where you claim your right to ask for what you think is fair.
Accept that negotiation is part and parcel of business – and there’s nothing wrong about it! Be open-minded. Then, you can learn from experienced negotiators on how to get what you want in an ethical, psychologically aware way.

2. Set the stage for success

Just as it’s dangerous for pilots to fly a plane without understanding weather conditions, failing to prepare for negotiations can damage relationships or cause deals to fall apart. In fact, the biggest mistake in most business negotiations is being poorly prepared.

For that reason, seasoned negotiators always take time to put together a business negotiation plan.

This comprises several components. Start by identifying underlying interests and objectives for the negotiation. You’ll also need to foster rapport with all parties involved and gather relevant information to make decisions.

With the essentials in place, drill down into the details. Map out the negotiation process and troubleshoot potential conflicts. Also don’t forget to identify alternative outcomes that can help resolve challenges that pop up during the negotiation.

The more you know about yourself and your counterparts, the more you’ll be able to steer the negotiation process towards your preferred outcome.

Now that you’ve done your homework, it’s time to elevate theory to practice.

Successful business negotiations are often a team effort. Think of it as a well-orchestrated improv performance. What each team member says, their facial expressions and the way they carry themselves has an enormous impact on how the negotiation turns out.

That’s why working through hypothetical scenarios via role play is highly advisable. This provides teams with a low stakes environment to try out new negotiation techniques, identify weaknesses, as well as practice responding to tricky demands.

You can start learning some of these techniques from online sources, but the best way to fast track your business negotiation skills is learning from trusted experts. GEX Academy’s WSQ Business Negotiation For Results Course is designed by master negotiators with over 40 years of experience, and is designed based on comprehensive research and tried-and-tested methods.

Using evidence-based strategies and self-analysis tools, learn how you can prepare yourself to navigate tough conversations and drive successful negotiation outcomes. Through structured role play exercises, you’ll also gain immediate feedback on how you can sharpen your existing negotiation skills.

Speak to us today to find out more about how you can learn to reclaim control over important conversations in your life and career.

GEX Academy is an Approved Training Provider (TP) accredited by SkillsFuture Singapore under the Singapore Workforce Skills Qualifications (WSQ) Skills Framework and an Approved and Accredited Teaching & Examination Centre for IPMA | UEN Reg. No.: 201529371H