Any action which is performed without a strategy has far lesser chances of success, than the one which has a set of strategies to follow. According to a lot of people, negotiating is one of the toughest tasks, which has to be undertaken in any business deal. To carry out successful negotiation, you have to have a well devised strategy, and such a strategy stands successful on three pillars, trust, time and tactics.

Trust is one element which is of extreme importance particularly in business dealings because in the absence of trust, you can never be sure of the other parties’ intentions. You might get involved in people who would fake being trustworthy, as a result of which, you would get in hot water. Therefore, for healthy negotiations with a party, you should be able to build and maintain trust. It is an inevitable fact that, regular and long-term interaction will give birth to trust in your relationship. If you are not taking the undue advantage of a little less stable position, or lack of information or any such factors which might make the other parties’ stand a bit shaky, you will seed trust in your business relationship. However, trusting any one blindly, particularly in the corporate world is an insane act. Hence, you should always check the track record of the parties involved and negotiate on terms, which will not expose you to much risk along with high returns.

Time is one of the most crucial factors in business dealings, because a wise decision is the one which is taken at the right time, in the right manner by the right people. You can influence great power if you are not short of time in coming to a final decision, because it is the deadline which can force a party to agree to even such conditions, which they have not agreed to, if they had had more time. Hence, it is of vital importance, that you do not let the other party know about your timeframe. Otherwise, good negotiators will definitely exploit and take an undue advantage of it.

Negotiators always keep various tactics in his mind, which they employ in situations when time is getting out of hand, or they are not sure how to rate the other parties’ trustworthiness. These tactics are nothing but different conditions and steps that will keep your position safe from undue exploitation. Because the ultimate target of a negotiator, is to win the negotiations in his/her favor without allowing the other party take an unjustified advantage of their position.

A comprehensive view point on the roles played by all the three elements, trust, timeliness and tactics, highlights a set of situations. The ideal situation is, when the parties involved enjoy complete trust between/amongst each other, then the negotiator does not have to use time or tactics to influence power on others. A mediocre situation is where the trust element is weak and negotiators have to employ tactics and time pressure to turn the negotiations in their favor. But the worst situation is when along with the absence of trust; you also are short of time. Therefore, the role of negotiators in such situations becomes the most difficult, because all they have to play around with is the tactics building, to come out as a winner.

It can undoubtedly be said that out of all the three elements, trust is the most important and influential in making the negotiations go smooth. However, the other two elements must not be ignored and should have a significant place in your negotiating strategies. Precisely, because there can never be one universal negotiating strategy for all your customers. Hence, be a wise planner and devise strategies keeping all the elements in mind.

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Tags: activities, business, marketing, Negotiating, Strategy

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