Negotiation process Essay
A good negotiation process enhances interdependence leading to value creation and ultimately proper conflict management. Why selected. It is a daily occurrence that is inevitable especially in the world of limited resources. A healthy Negotiation path leads to a win-win point that eliminates the chances of a possible conflict that could be costly in the long run or solves one that otherwise would have done some damage. Application to a business or personal situation For a business or personal relationship to thrive, more often than not one has to avoid bargains and instead employ good negotiation skills.
Some times back as an investments consultant I had the lee way to charge my clients initial fees between 2% and 4. 5% on the amount invested, one afternoon I met a premium banker who had contacted a former colleague on the percentage of initial fee he would charge him on a particular investments and he quoted a fixed fee of 4. 5% , when I met this banker without knowing that he had met the former colleague earlier, I would have loved to charge him the maximum level of 4. 5 % but I allowed him to set the pace in the negotiation
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The same applies in families, for me to have my way with my kids without being too hard on them, we negotiate the terms and arrive at a common ground, they promise excellent grades and I promise to buy them the play station they saw at the store. Action steps To effectively sharpen my negotiation skills here are some action items that I do. • My first step is to appreciate the fact that we both want to derive some benefit out of the negotiation.
• I listen to the other party’s goals and objectives towards the process and note them down and use them in the process. • Avoid taking a rigid stand in the negotiation, instead adjust accordingly and cautiously, most of the time rigidity can ruin the negotiation process • Maintain a truthful and honest relationship if the other party without compromising the negotiation process • Make sure the communication and the point of agreement, maintain contact where possible. References Gardner J. N, Jewler A. J, & Barefoot B. E, (2008). Your College Experience, Strategies for success. (7th edition). Lyn Uhl.