Negotiation Tips in Business. 5 Negotiation Insights (2024).

One of the world's most valuable skills in business is negotiation. It is about bringing others together and trying to reconcile differences. Creating a win-win situation is vital to moving towards a vision; negotiation skills will help you, whether you work as a corporate intrapreneur in an international company or as a founder, coach or consultant. Because you work with different stakeholders, backgrounds, and cultures. 

In this post, you will read about five insights in general that are simple and relevant for your next negotiation.

Let's Start with the Why

Firstly, I believe it is a valuable topic, especially for professional women who need access or resources to experiences, mentors, and pieces of training.

Secondly, data. What does data say? Here are three facts I find remarkable:

• The Future: Data shows that negotiation is one of the 15 skills of 2025, according to the WEC (World Economic Forum) Future of Work report.
• The Gap: Guess the number of women who didn't negotiate their salary when hired. It is 64% according to Key reasons why women don't negotiate their salary (yahoo.com). Interestingly, they found that when women negotiated, 71% of them were successful in reaching their goals. 
• The Interest: I have posted almost 30 different types of learning material or insights on this website in a few months, and the most-read one so far in July 2023 is: Salary Negotiation Tips for Women - 2023.

The Bridge

Combining this with my coaching experience with women in particular, I also experience a gap. And this post is a small action to bridge that gap in a way, shape, or form.

Unfortunately, the logistics of negotiation or not having the time to invest keeps people from learning how to negotiate.

I know because I wasted time trying to learn this myself when I was new in the business world ages ago. I became better at it after negotiating in countless situations with colleagues, international teams, or offers with agencies, third-party service providers, and consulting companies during almost two decades. At one point, after I transitioned into executive and career coaching, I wanted to get certified and attended the HBS Online's Negotiation Mastery Programme. These insights are from my LinkedIn post:) after completing it.

The How - My Five Insights

Here are five key and simple insights. I hope it helps for your next relevant meeting:

1. Preparation is powerful. Before negotiating, define the Market Value, Best Alternative to a Negotiated Agreement, Your Walkaway, Bargaining Zone, and Stretch Goal. Preparing for a salary negotiation? This post can help: Salary Negotiation Tips for Women (2023). The 6 Step Formula. 

2. Negotiation is about emotions, too. Emotional intelligence is a part of it. Remember to use empathy.

3. The aim of a negotiation isn't just to get what you want. Brainstorm on win-win, too. Remember to prepare: how can you, your services, program, or talent help the other party reach their goals?

4. Time is also valuable and has a cost. Prepare to present how your service, your company, talent, or product can help save time.

5. Options create opportunities. Before going to a negotiation, ask yourself: "What else is negotiable?". For example, if you are negotiating for a salary increase in your current job, other than your salary, what else can you negotiate? (e.g., Bonus, holiday, stock options, training, etc.)

Thank you for choosing to read this post. I hope it was or will be valuable for your negotiation relevant search.

✅As a thank you for reading, here is a bonus video to help you when you are preparing for a salary negotiation:

✅Are you looking for training to upskill in this area? 

Here are a few recommendations or resources:

- How to Negotiate a Promotion: 7 Steps | HBS Online

- The Best Way to Win a Negotiation, According to a Harvard Business Professor | Inc. - YouTube

- Margaret Neale: Negotiation: Getting What You Want (Stanford Graduate School)

- The art of negotiation: Six must-have strategies | London Business School

- I recommend the Negotiation Mastery training from HBS. (Harvard Business School Online Courses & Learning Platforms.) Because I found the great combination of strategic & tactical content, the experts sharing their real-life experiences, and creative online user experience valuable. Plus, the teaching style of Professor Michael A. Wheeler is authentic and inspiring. (PS: I am not affiliated with HBS other than being their student a few times; these are my personal views.)

✅Explore how Negotiation Mentoring can help you on this topic:

Let`s have a virtual coffee. Book a discovery call now.