5 Steps of Negotiation

To be successful in negotiation you should follow a process. All negotiations follow these 5 basic steps. We are re-sharing info from Align Thoughts.

Read through these steps and think through how you might be prepared at each phase of the negotiation to have a good outcome. We also recommend you think about what outcome you want. BATNA is another tool that can help you.

Here is their summary of each step:

"Negotiation is a process. There are five stages of a negotiation process, and they are:

1. Prepare

The negotiation process requires research as a foundation. You must weigh all sides, assess both sides’ strengths and weaknesses, and develop your negotiation techniques while preparing. Define the type of interaction you want to have with the other party and the link you want to establish with them.

2. Information Exchange

For the negotiating process, the information exchange entails discovering and producing value. It also aids in the development of rapport.

To accomplish the intended results, both parties should clarify their interests and exchange opinions. Even advanced negotiation methods will fail unless there is a clear exchange of information.

3. Bargain

The importance of a bargain in any form of negotiation cannot be overstated. It’s the start of a series of trade-offs. Each party makes a demand and tries to get something in return. It is critical to maintain self-control during the bargaining process. During discussions, don’t lose your calm or grow upset. Train yourself to be calm and polite in order to attain your goals.

4. Conclude

Both sides should thank each other once they reach a solution that is acceptable to both parties. They should certify that all parties’ interests have been protected and that the conclusion has been favorable. A decent wrap-up and friendly close always reward long-term partnerships.

5. Execute

All forms of negotiation result in successful implementation. The actions to put the negotiated agreement into action should be spelled out in detail. A written contract is frequently entered into in the corporate setting to confirm the intent to execute."