Negotiation is an important skill that will help you in your professional and your personal life. Many people don’t understand the fundamental principles of negotiation. Understanding these fundamentals can make your next negotiation much more successful.

1. Find Your Goals

One of the most important aspects of negotiating is to know the goals you’re trying achieve. It’s known as «negotiating your goals.» For instance it is identifying «must-haves», «nice-to haves» and «nice-tos» in a job offer. This will ensure that you remain focus during negotiations, and increase your chances of achieving a win-win situation.

2. Know When to Walk Away

When negotiating it is crucial to be flexible and take into consideration the other party’s interests. For instance, if seeking a raise in your salary and the other party doesn’t think that it is in their best interests to agree to your terms, they might walk away from the table. Knowing when to walk away gives you time to think through other options and prepare yourself for the next negotiation.

3. Avoid Using Threats

Negotiating can be a complicated process with several steps. Certain tactics should not be used. Threats can be a powerful deterrent and could make the other person feel like they’re being forced into doing something against their will. For example, the threat to quit a meeting early may be seen as an ultimatum, and can break the momentum of the conversation. Making threats could also backfire, causing the other party to become defensive and less likely to listen.

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