Stages of Negotiations: Secure the Best Deal for Your Company

1. Stages of Negotiations Secure the Best Deal for Your Company

2. Today’s cooperate world is more competitive than ever before. Securing a deal or a contract that benefits your company requires careful planning and the utmost caution. For any business, the process of negotiation holds significant value. The negotiating process is a toss between two approaches; it can either be manipulative or collaborative depending on which approach benefits your business more.

3. Following are the stages of negotiations If you want them to agree to your conditions, you must take note of the opponent’s interests, and if not, you should at least make it look like the deal will benefit them too. This stage pertains to setting your boundaries and deciding what conditions you can compromise on and what conditions you cannot back out from. The Preparation Environment Conclusion Bargaining Planning The environment, though friendly, should not be unprofessional. After getting to know each other, both parties move on to the next phase and start asking the opposite side some probing questions to get a better insight. Before going into any negotiation process, one must research about the parties involved. What are they expecting from the deal? What are their strengths and weaknesses? Once you are done with the bargaining, you reach a conclusion on whether or not you are signing the contract. If you have reached an agreement, an action plan is outlined and implementation begins.

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