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By Naledi Mokoena

Negotiating is a major part of being a leader in the complex business landscape. It is a crucial skill leaders must have to build business relationships, for mutually beneficial results. Moreover it is imperative to understand the immediate needs of the company, stakeholders, clients and employees.

What you need to know about negotiation 

• 73 percent of employers expect job seekers to negotiate their salaries [VidCruiter]
• Over 80 percent of sales negotiators have no fallback plan [Scotwork]
• A total of 74 percent of companies have no formal negotiation planning tools [Scotwork]
• More than 54 percent of women negotiate their job offers compared to men [HR Brew]

According to Forbes a leader negotiates for various internal stakeholders to reach amicable agreements. In addition they also facilitate external strategic partnerships, agreements with clients and concluding the finer details of an offer. Here’s how leaders can avoid losing out on opportunities:

Preparation is key 

Before a negotiation, it is vital to approach it from a position of knowledge. Conducting thorough research will help you identify and understand the value of your offer. Cement your value in these initial stages, to give your bargaining power a boost. The best way to prepare is to compile a documented planner, to avoid a disorganised approach or buckling under pressure. Identify the level you are not willing to compromise and the most favourable deal. Be conscious of your priorities as a leader and the company you represent. This will help define your terms during the negotiation process and what you can implement.

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Mutually beneficial 

Ideally both parties aim to reach this point referred to as a “win win” situation. An agreement which is mutually beneficial and serves the interest of all, is an attainable goal. Moreover to reach this level of compromise, the negotiation has to be fair as well as ethical. A certain level of integrity has to be applied in this instance. When there are open lines of communication between parties on a regular basis, a win-win outcome is possible.

Listen with intention

One of the key elements of building trust is listening with intention. During negotiation active listening is a vital aspect for effective communication. It entails paying close attention to another party’s perspective and the reasoning behind it. Due to the complex nature of this process, active listening encourages an individual to listen without judgement, interruptions or without criticism. Repeat back what you heard in order to also confirm any misinterpretations.

What not to do during negotiations according to [Business News Daily]

• Negotiators who are not experienced tend to be tempted to try outsmart counterparts with tactics or intimidation
• Accepting a deal too quickly without proper consideration of the pros and cons
• Don’t ‘wing’ it, without conducting proper research on statistics and facts
• Avoid celebrating in the presence of opponents as a way of taunting them
• When the negotiation has an unfavourable outcome, don’t take it personally and let your emotions get the better of you

Read more leadership advice in Top 500

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