“Negotiation or Negotiating in the business world is defined as is a dialogue intended to produce an agreement upon courses of action, to bargain for individual or collective advantage, or to craft outcomes to satisfy various interests.”

Sounds complicated? Unachievable? Makes you feel like hiring a specialist? Not necessary!

Let's simplify what negotiating truly is… it is a skill we start learning as toddlers and accomplish by the time we become teenagers.

What does that mean?
Negotiating is next level of bargaining… as children we bargain with our parents for later bedtimes, for an extra hour of TV and video games and special outings when we received good grades…. As we grow older, we hone our skills as we bargain for later curfews, for increases in allowances, for car privileges…. As adults, we use them in our personal lives when we bargain for the price of our cars, interest rates and more…. Now, as movers and shakers within the business world, the bargaining skills we learnt as children need to honed into negotiation skills which we can use to achieve our goals.

Why is it important to hone Negotiating Skills?
Many leading businesspersons rate ‘Negotiation Skills' as the number one business skill to have. The reason given is that ‘the ability to negotiate successfully is often the difference between success and failure'. So, by mastering the art of negotiation, you master the art of achieving your goals i.e. getting the best deals for your event.

Now, that we know ‘Why' honing your negotiating skills are important, here are 5 tips on how you can Improve your skills:

1. Have Clarity:
You cannot go into a meeting with a supplier without knowing exactly what you want to achieve and no, it is not good enough to have a vague idea of your objectives. If you want to squeeze the maximum out of your supplier, you need to take the time to understand and define what you hope to gain out of the meeting. Failure to define your goals will have you leaving the negotiation table empty handed.

2. Be Resourceful:
When you go into a meeting with a supplier, you should expect some amount of negotiation to take place. To ensure you accomplish your goals, you should research your supplier thoroughly. Find out details such as how their business is currently doing, how much they value your business etc. These details will give you an idea to what lengths they will go to secure your account and thus, giving you a stronger platform to negotiate from.

Always Remember: Knowledge is Power. So, don't let your lack of knowledge about the supplier be the reason that you leave the table empty handed.

3. Be Smart:
There are numerous negotiation styles and strategies. If you don't want to get played then you need to familiarize yourself with the different negotiation styles and strategies. Also, it is a good idea to read up on how different personality types negotiate. This knowledge will not only help you negotiate better but also help you counter maneuver any negotiation tactic or strategy that the other party may employ.

Strategy Example: Walk Away.

If you have bargained for clothes on the streets, you know that the best way to get the salesperson to drop his price is by being willing to walk away. This strategy is also extremely effective when negotiating with vendors and suppliers. However, this strategy needs to be implemented cautiously. If you are not happy with the supplier's offer, you can choose to walk away and seek out other options. The strategy does not automatically mean that the supplier will concede to all your demands (this is where research plays an important role). He may or he may not. So, if you cannot afford to lose the deal do not utilize this strategy. Leaving the table and then returning without any of your demands meet, effectively hands the advantage to the other side.

Always Remember that negotiation is a two way street and the other party comes armed with a range of negotiation strategies and tricks.

4. Be a Good Listener:
It is extremely important for a negotiator to be a good listener. As a race, we are constantly talking, trying to make ourselves heard. The problem is all of us are talking and none listening. So, cultivate a habit of listening when others speak. They unintentionally give away a lot of information from personality clues to verbal slip-ups. The personality information –likes, dislikes, attitudes will help you judge what strategies will work best and the verbal slip-ups can give you an advantage. So, shut up and listen.

Always remember, the more you talk the more information you are providing the competitor. The more he talks and you listen, the more insights you gain into your competitor.

5. Be Bold:
Do not be afraid to ask for what you want. If you do not ask, you will not know whether the supplier has what you are looking for or whether there is a more effective method. Successful negotiators are assertive and confident. An uncertain or insecure negotiator will concede more than he gains. So, practice making your demands confidently. Do not give into anger. Do not let personal feelings interfere with the deal. Modify your tone to suit the occasion. Do not concede easily. In fact, it is a good idea to make a list of agendas that are not very important and you are willing to concede, to give the feeling that you are willing to see the other party's point of view.

Always remember, there is a difference between being assertive and being aggressive.

Please Note: This article lists only few methods that will help you hone your negotiation skills.