There are times in business when you might be put into a situation to negotiate alongside a partner. This can be a tricky situation if you and your partner are not on the same page. In order to achieve your desired outcome, it is important to work collaboratively with your partner. There are some important factors to remember when negotiating with a partner that can lead to negotiation success. These helpful tips can help you and your partner dramatically increase your chances for a win-win outcome.
Be Mindful And Not Fearful
Oftentimes we feel threatened by competition. This can be especially true in terms of negotiation. If you perceive your partner to be more powerful than you, you might second guess your own thoughts and lower your demands as a result. Instead of being fearful of your partner’s position, be mindful of it and use their strengths to your advantage. Do not underestimate yourself, but rather pull from each other’s strengths to be encouraging in the negotiation process.
Get On The Same Page
Before walking into a bargaining meeting with your partner, take time to talk about what you are looking to achieve and set clear goals that you both agree on. Decide what you want out of the deal and what your bottom line is. Make sure both parties are on the same page so you can support each other during the negotiation.
Understand Each Other’s Goals
Prior to negotiating, you and your partner should each make a list of what you want from the negotiation and why. This exercise will help you to have a clear understanding of what you both want out of the deal and when you would be willing to walk away. Once you are familiar with your partner’s motivations, you can build a negotiation strategy together.
Prepare, Prepare, Prepare
The most important thing you can do before a negotiation meeting is to be prepared. Both parties should work together and brainstorm creative solutions that will meet their goals. You and your partner should do your research prior to any negotiations and be familiar with reasonable expectations. Preparation will give you the information needed to empower your partner during the negotiation.
Allow For Flexibility.
Instead of devising one specific strategy to meet your goals, brainstorm additional solutions that might be helpful if things do not go as planned. Maintaining flexibility allows you and your partner to get what you want while making the other side feel like they’ve won as well.
Remember that negotiating with a partner is not a competition but rather collaboration. If you are going to achieve your desired outcome, you must be able to work as a team and encourage each other during the negotiation process. Through research, preparation, and good communication, you and your partner can empower each other to be successful negotiators.