5 Steps to Successful Negotiation

Transcribed article based on the video above.

Jason Nazar, CEO & Co-Founder of Docstoc (‪http://www.docstoc.com/‬) shares his some valuable tips to being a great negotiator.Negotiating is an important skill to have, whether you are a CEO, or an employee discussing your salary. Having an understanding of negotiation is vital to your business success.FOR MORE EXPERT CONTENT VISIT:http://www.docstoc.com/resources/videosDocstoc is the largest online collection of business and legal documents to help you grow and manage your small business and professional life.

Everybody has potential to be a great negotiator and there are five things that I’ve found that really help me in specific.

1. The first is principle of Steven Covey, “Seek first to understand, then to be understood.” When I am negotiating with someone else, I am really trying to figure out, what do they need? What do they want? What are they looking for? In the end, it will help us have a successful negotiation and help me get the things that I want.

2. Don’t be the first to make an offer. This is a well known principle and it’s for a specific reason. If you are the first person to make an offer, you may be offering more than what the other person is going to ask for and you lose your position of leverage. You always have the position of leverage by coming in with a counter offer after they make the first offer.

3. Set expectations. If you know up front there are specific things you are not willing to negotiate on and you will not give in on, get those out of the way right up front. You want to set up the terms of the negotiation and make sure those aren’t going to become deal breakers later on.

4. Don’t bind yourself in a corner that can break the deal. That seems contradictory to the third point but it’s actually a little different. You want to, in a negotiation, focus on all the things you can agree on and come to terms on,, save the things that are more tricky for the end. If there are things you are not willing to bend on, get those out of the way up front but if they are points you may be able to concede on, save the hardest ones for last and don’t box yourself in the corner, where you feel like there is no way to come to a successful resolution.

5. Make sure it is win-win. The person you are negotiating with has to feel that they got a win out of the situation. You can strong arm them or leverage them to get what you want but in negotiation, most often, you will be more successful if the person sitting across the table from you feels like they won and got a situation that was beneficial to them.

If you focus on those five things, you will be ahead of the game at being a successful negotiator.

Jason Nazar is the co-founder and CEO of Docstoc. He’s a frequent author and speaker on small businesses topics. You can read more of his posts here on Docstoc and at his blogJasonnazar.com.