The interpersonal side of a negotiation refers to the way in which the individuals involved in the negotiation interact with each other. This can include their body language, tone of voice, and how they communicate with each other. It is important for the parties involved in a negotiation to be aware of and consider the interpersonal side of the negotiation, as it can significantly impact on the outcome of the negotiation. For example, if one party is able to establish a good rapport with the other party, they may be more likely to reach a mutually beneficial agreement. On the other hand, if the parties are unable to effectively communicate with each other, it may lead to misunderstandings and a breakdown in the negotiation process.
Here are some best practices in negotiation:
- Clearly define your goals and priorities before the negotiation. This will help you stay focused and avoid making concessions that are not in line with your overall objectives.
- Be prepared and do your homework. This means researching the other party, the market, and any potential obstacles or challenges you may face during the negotiation.
- Be willing to compromise and make concessions. Negotiation is a give-and-take process, so be prepared to make concessions in order to reach an agreement.
- Communicate openly and honestly. Be transparent about your goals and interests, and be open to hearing the other party’s perspective.
- Be flexible and adaptable. The negotiation process can be unpredictable, so be prepared to adjust your approach as needed in order to reach an agreement.
- Focus on building a relationship with the other party. Establishing a good rapport with the other party can make it easier to reach an agreement and can help create a positive outcome for both parties.
- Be respectful and professional. Treat the other party with respect and avoid using aggressive or confrontational tactics.
- Be prepared to walk away. If the other party is not willing to negotiate in good faith, or if the negotiation is not going in a direction that is in line with your goals and priorities, be prepared to walk away from the negotiation.
- Follow up and review the agreement. After the negotiation is complete, be sure to follow up and review the agreement to ensure that it is fair and meets the needs of both parties.
VP of M&A