Unfortunately, many business executives underestimate the importance of negotiation. Rather than prepare, plan, and brush up on their negotiation skills, they opt to “wing it” through the negotiation session and rush to the bottom line. Such an approach results in unfavorable outcomes for both parties.
When negotiating, all business people must remember that everything they want is currently in the hands of someone else. Whether you’re buying or selling property, equipment, or professional services, the other person has the money you want for the item or the item itself. Therefore, the key to getting what you want from the other party is mastering the art of making others happy in a way that’s agreeable to all. That’s what negotiation is all about.