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Business and Finance

Companies Negotiation and Resolution of Disputes

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Regardless 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 through an effective negotiation only.

  • Target the Main Motivator

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

  • Mutual Gain

Business is all about give and take. The business firms have affiliation with other firms in a market. Some business firms fail to get competitive advantage in a market due to the lack of mutual gain tactic (Dastjerdi, & Buyya, 2015). The business firms should focus on adopting mutual gain strategy for enhancing its productivity.

  • Ask What They Need

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

  • Listen and Adapt

Some firms fail to make 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 speak 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 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 consistent conceding as it is a bad negotiation strategy
  • Elegant negotiable must be known
  • Lose or Schmooze
  • Go first
  • Conduct a port-mortem
  • The desired price must be bookend

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