Do you want to become more skilled at negotiating, creating a win-win situation for both parties as you finalize the deal?

Leaders from small, medium and large companies are constantly engaged in some kind of negotiation, whether it’s with their partners or team members.

It is important that any negotiation is fair and well-balanced, in a way that benefits all parties involved in the deal in the long term. A negotiation is not about one party winning and the other party losing, making it a total zero-sum. Instead, two or more parties come to the table for a conversation. They discuss their interests and create an exchange to create mutual benefits for each other.

Here are the strategies you could employ to create a win-win situation for all parties.

1. Prepare and be knowledgeable. Before you come to the table to negotiate, identify alternatives that exist for both you and your opponents by doing proper research and analysis on social media, talking to other vendors that offer similar services/solutions and gathering facts and data supporting your evidence. This way, you can better determine your prices, aspirations, reservations, timeframes, terms and conditions, etc.

2. Identify and set clear goals and objectives. This should be based on both your and your opponent’s interests. Prioritize your own interests, what you plan to get out of the negotiation and how you plan on creating value for both parties. Your aim should be to achieve more than what you choose to settle with.

3. Be empathetic, positive and optimistic with your opponents. Try to understand their interests and position. Build an attitude towards making the deal fair and reaching a consensus. This will depend on the nature and type of deal. For example, if the other party is a nonprofit, you don’t want to plan to take away all its money, as it could hurt your reputation. Another thing to consider is whether there are current or previous relationships you should take into account. Try to create a positive, impactful and long-lasting experience for both parties. Aim to create the most value for both and maximize both your profits/benefits. Monitor the situation very closely and try to adjust as needed.

4. Ask questions for clarification. Gather information on any uncertainties that exist and validate the assumptions that you had been making against them. Seek explanations with facts and evidence that support the opposing party’s position and why are they taking that position.