How to Wrap Up a Negotiation

No negotiation is designed to go on and on forever.  In fact, timing is essential when trying to close a deal.  The longer your counterpart has to think things over, the more likely they are to make changes to the deal or even back out.  That’s why one of the most important skills for a negotiator is the ability to wrap things up.  Here are a few tips on how to successfully close a negotiation.

Be Open and Straightforward

Negotiating requires the exchange of all sorts of information with a partner.  Therefore, it makes sense to have a good idea of exactly what you are willing to offer and what you want to see in exchange.  Lay it all out clearly so there is less gray area and confusion.  In order for the negotiation to close and be fruitful, both parties need to present their claims honestly and directly.

Listen to the Needs of Your Counterpart

The quickest way to wrap up a negotiation is to make sure the other side gets what they want.  It might sound easy enough, but oftentimes negotiations drag on because the other party can’t tell you exactly what they want or you aren’t willing to budge.  The key is to listen to the other side and let their voice be heard.  Find out what is motivating them and come up with a solution that will meet their needs while also benefitting you as well.  It is up to the negotiator to find out what their counterpart’s needs are and how they can help them meet those goals.

Have a Backup Plan

Many people waste loads of time working on a negotiation that isn’t going anywhere.  That’s why before you begin you need to have a backup plan in case things go awry.  Having a plan in place can help bring about a new strategy that can be beneficial for both parties, or in some cases, it might involve knowing when to walk away and terminate the negotiation altogether.

Take a Good Final Look

Signing the contract is the final phase in the negotiation process.  It is also your last chance to look over the deal and make any last-minute modifications.  Take this time to analyze the terms carefully to make sure everything is properly in order.

In order to be a proficient negotiator, you must understand the importance of communication, active listening, and have the ability to present your goals clearly.  Good strategies, a well thought out plan, and good communication will help you conclude negotiations in the most efficient way possible.