In the business world, negotiations take place in a variety of forms such as grabbing a better deal, resolving a dispute, or finding a new and effective solution. The first and foremost step towards successful negotiation is the preparation that can make or break the outcomes of negotiation because systematic preparation of the negotiation helps an individual to achieve the outcome they seek. It helps negotiating parties understand each other’s priorities by taking enough time to prepare systematically for negotiations and reach mutually beneficial agreements. The success of the negotiation depends on the effectiveness of the context, preparation, and planning as it prepares negotiating parties to create and claim value in their important business negotiation tasks.
Pre-planning and pre-preparation of the business negotiation provides confidence to a negotiator which allows them to feel less anxious and more comfortable while discussing their deals or negotiating with the other parties as well as a maximum chance of success on the negotiating table. The most comprehensive example of preparation for negotiation is when the United Kingdom planned its exit from the European Union for which the UK had to prepare beforehand for a range of issues such as trade agreements, regulatory alignment, and immigration policies. On the other hand, the European Union also had to prepare their negotiation strategy for issues such as trade agreements and access to the UK waters. In this regard, both parties, the EU and the UK, had to understand each other’s priorities and prepare accordingly for the negotiations that would benefit both sides.
As the negotiation process involves a group of individuals that might have completely different expectations and goals towards the outcome, preparation helps in understanding each other’s perspectives because a good understanding of all the stakeholders involved in negotiation is essential. Moreover, each business is motivated by certain passions, needs, and interests that are key components of a successful negotiation process which helps in finding out what other negotiating party’s key motivators are and what possible solutions could be implemented in negotiations to resolve problems that match the needs of negotiators. The solutions presented on the negotiation table should be feasible, realistic, and concrete which involve the expectations, needs, and goals of both parties knowing what other options each side can pursue so that undesirable decisions can be prevented (Peleckis, 2014).
A good negotiator prepares all the possible solutions and the objectives of the organization which he has to present at the negotiation table to identify the purpose of the negotiation meeting. Besides, the negotiator should also prepare the identification of the process and methods that he intends to set up with the other parties involved to meet the objectives of the organization along with the time allocation, the environment of the negotiation setting, and roles or responsibilities of the individuals present on the negotiation table that can substantially help to temper the process. Concluding the discussion regarding the importance of preparation in the negotiation process in a nutshell, negotiators’ efforts count greatly on the outcomes of the negotiation that they do and plan before negotiation as it is a dynamic process of communication that may interfere with goal pursuits of both parties involved (Liu & Chai, 2015).
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