Negotiating is a business skill that transcends industries: it’s essential for both deal-making and problem-solving globally.
The ability to negotiate effectively is something that a lot of employers look for and is a desirable characteristic for young professionals seeking career advancement. For those looking to fine-tune their negotiating expertise, here are three realities you need to know:
1. Understand cultural differences
Perspectives are formed through personal backgrounds and individual circumstances. If you’re looking to reach an agreement with someone, you’ll first need to understand where they’re coming from:
- Be sensitive to cultural differences that might affect how people act when negotiating.
- Think about your own cultural background and how that may impact your decision in certain scenarios.
An online degree that brings people together from different parts of the world will undoubtedly help you develop in this area as you would have the chance to work alongside those with different perspectives and points of view. This valuable experience can then be applied to real-life negotiations in a business environment, allowing for better decisions being reached.
2. Prepare with a well-informed strategy
Every negotiator should have a strategy ready before a discussion begins. You can form your own using clearly defined objectives along with a mix of knowledge and business theory. Ask yourself the following questions:
- What do I want to achieve in these negotiations?
- Set goals and make sure they’re realistic.
- Previous research and planning will help you to reach a clear conclusion.
- Is there any data to support my argument?
Adopting theory and data insight for negotiations is a strategy embedded into a university-level education. Perfecting this comes with practice, of which students have ample opportunity through discussion forums, graded essay-based assignments and presentations.
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3. Take accountability and be aware
Negotiation is a fine art to master, and one that requires patience and tact. Knowing when and when not to speak is crucial, and it’s important to listen too.
In a fully online programme where students might hold different perspectives, having an awareness of these differences - and a sense of accountability - when communicating is key:
“Students who have the time to think through what they want to contribute have an understanding that their comments in an online environment are permanent records of their thoughts. This realisation sits with me too – I know that what I am writing is a permanent thought,” explains Dr Roshan Boojihawon, Director, Online MSc International Business.
Above all, use your environment
If you’re eager to drive down supplier prices or you’re on a mission to become a leading figure in your sales team, it’s crucial that you learn how to negotiate effectively.
The Online MSc International Business has been designed to equip students with a range of skills needed to address the challenges faced working in global organisations, giving you the chance to excel in your chosen career.
If you think the Online MSc International Business could offer the right level of insight to develop your negotiation skills, please download a brochure and a member of our admissions team will be in touch.