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Negotiation is a vital ability that will benefit you in your work and your personal life. A lot of people aren’t aware the fundamental principles of negotiation. Understanding these fundamentals can ensure that your next negotiation is more successful.

1. Set Your Goals

Understanding what you are trying to achieve is a key part of negotiation. This is known as “negotiating your goals.” For instance, you should identify the “must-haves” and the “nice-to-haves” in a job offer. This will help you stay focus during negotiations, and increase your chances of achieving a win/win.

2. Know When to Walk away

It’s essential to be flexible in negotiations and be mindful of the needs of the other party. If you’re requesting an increase in salary, but the other side doesn’t think it’s in their best interests to accept your terms the other party may decide to leave the table. Knowing when to walk away will give you time to consider other options and prepare yourself for the next negotiation.

3. Avoid Using Threats

Negotiating can be a complicated process that involves a number of steps. However, there are certain tactics that should never be used. Threats can be a powerful deterrent and can make the person feel as if they’re being pushed to do something against their will. A threat to be absent early from a meeting can be interpreted as an ultimatum and can cause disruption to the conversation. Furthermore, threats can backfire and cause the other party to become defensive and less likely to listen.

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