Celebrity and Trump Organization Veep Ivanka Trump knows a thing or two about negotiating. Here are six rules for successful negotiations as prescribed by Ivanka Trump on Time’s blog, Motto and a handy infographic on the rules of negotiating that will help you remember them during crunch time.
What Outcomes Characterize Successful Negotiations
While it might be tempting to believe that a win – win situation is one in which you or your business gets both wins, the truth is that in successful negotiations, all of the parties participating feel that they have won on at least some of the points most important to them. Successful negotiations can be characterized as those which:
- Produce predefined, desired outcomes
- Leave all participants feeling as though they gained something they valued
- The needs and wants of everyone participating are addressed
- Leaves the door open for future transactions
- Appears honest, fair and equitable – no one feels they were misled or cheated
- Maintains or solidifies mutual respect of participants for one another
- Results produced could not be improved further by more discussion
6 Rules of Successful Negotiations Ivanka Trump Says Will Get You Anything You Want
Writing on Motto: Words to live by, Time’s new advice blog, Ivanka Trump speaks from experience about the rules business leaders need to follow in order to produce successful negotiations; including:
1. Setting Goals Before Negotiations Begin
Launching into negotiations without knowing what you want to achieve, what you can afford to give away, where potential areas of compromise lie and which terms are deal-breakers for your business is a sure-fire way to end up on the losing end.
2. Be Prepared to Walk Away
Deal-breakers are those items which are non-negotiable for your business. They are either things that your business must achieve or they are areas where your business cannot compromise for negotiations to have been successful. If you are not prepared to walk away from negotiations, you may end up having to give something away your company could not afford to lose. By default, you put your business in a weaker position if you are unwilling or unable to leave the negotiating table without working out some kind of deal.
3. Be Present – Literally
Negotiate in person whenever possible. Not only does it give you the opportunity to look for non-verbal signals that other parties may be sending, it also ensures that all parties will remember that “real people” will be affected by outcomes.
4. Listen, and then Listen Some More
The more information you can get participants to share, the more you can uncover areas of potential compromise and discover which points are most important to other parties at the table. You may find several areas where your business can easily give something away in order to get what you want, so that your business is not forced to compromise on terms that would impact them in a more negative way.
5. Fulfill the Other Party’s Objectives
When the outcomes of a negotiation are especially important for your business, it’s easy to launch into ensuring that your company’s objectives are fulfilled before ensuring that the other parties present in negotiations have what they need; however, if you can truly understand and fulfill one or more of the objectives of the other party, the principle of reciprocity puts you into a better position to ask for what your organization needs. Likewise, the fear of losing concessions they feel they have won may make your counterpart more willing to compromise on areas most important to you.
6. Look for Non-Verbal Cues
The body language and facial cues demonstrated during negotiations can affect successful outcomes, especially if you understand both how to read the body language of the other party and how to use non-verbal communication to your advantage. Check out Inc.com’s 11 Body Language Essentials for affecting successful negotiations and this Fast Company article with 9 Body Language Tricks that can help you improve your negotiation skills.
You might also like: 15 Ways to Navigate a Tough Negotiation with the negotiation skills infographic we published in 2014 – one of our most-shared images on Pinterest.
Infographic source: BusinessInsider.com article titled: Millionaire Ivanka Trump says following these 6 negotiation rules can get you anything you want
Why Business Leaders Must Master Skills that Produce Successful Negotiations
Business owners and professionals who aspire to leadership will find the skills that produce successful negotiations are skills they will use many times in the course of their careers – and probably more often than expected. When its leaders have strong negotiating skills, businesses can save more money, make more money, create competitive advantages and much, much more.
Negotiating skills could come into play at nearly every point in a business life cycle on a day in and day out basis; such as:
- Working out the details of a business lease
- Getting talented employees on board
- Working out the details of compensation packages
- Overcoming buyer objections
- Setting sales terms and contract details
- Obtaining financing from lenders or investors
- Fine-tuning vendor agreements, including pricing and discounts
- Acquiring or taking over other organizations
- Working with other businesses on projects (such as cooperative marketing or events) — and so on
When you consider how often these activities might occur in the course of a business leaders career the question is not whether strong negotiation skills are needed, it’s how best to acquire them – quickly!