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Business and Finance

Companies Negotiation And Resolution Of Disputes

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Regardless of the volume of the firm (small or large company) globally, negotiation must be a part of their prime strategies as it comes down to leverage (Cao, Luo, & Dai, 2015). The aforesaid firms must have enough knowledge about the capabilities of their partners. However, obstacles can be removed only through effective negotiation.

Target The Main Motivator

In any business dealing, it is important to know what motivates and inspires the other party. They need to focus on the needs and demands of the client to expect positive outcomes. Business firms need to resolve issues through negotiation instead of making the deal more complicated (Baarslag, Hindriks, & Jonker, 2014). Therefore, it is necessary to know the main motivator and make the deal through negotiation.

Mutual Gain

Business is all about give and take. The business firms are affiliated with other firms in the market. Some business firms fail to get a competitive advantage in a market due to the lack of mutual gain tactics (Dastjerdi & Buyya, 2015). Business firms should focus on adopting a mutual gain strategy to enhance their productivity.

Ask What They Need

Major business deals have minor issues that can be resolved through effective negotiation. Business firms need to be more specific and clear with their clients by asking about their needs and demands. They can simply negotiate by asking, “What is it going to take to get it done”? This will help them get the deal done more effectively.

Listen And Adapt

Some firms fail to get the deals done because they walk into negotiations with biases and high expectations. Some of the above-mentioned business firms endured frustrating negotiations with vendors and potential partners as they spoke at cross-purposes (Groves, Feyerherm, & Gu, 2015). Therefore, they need to listen to the other party and try to settle things through effective communication. Some other negotiating strategies are:

  • Keep a Poker Face
  • Don’t negotiate with yourself
  • Avoid making the first offer
  • Barter
  • Bundle

Tactics Of Effective Negotiation

Following are some tactics of effective negotiation in making the deal successful:

  • Be prepared
  • Keep the negotiations courteous and professional
  • Understand the dynamics of the deal
  • Listen to the other party and give offers
  • Be ready to walk away and prepared to “play poker”
  • Avoid consistently conceding, as it is a bad negotiation strategy
  • Elegant negotiable must be known
  • Lose or Schmooze
  • Go First
  • Conduct a post-mortem
  • The desired price must be the bookend

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