Published on Apr 20, 2015
Maria describes the most important skills behind successful negotiation, and she explains how to develop and master such qualities.
Maria Ploumaki works with global businesses, executing strategies and negotiations for them that significantly improve their value chain and competitive advantage. She has achieved extraordinary results in global procurement, supply chain management and market share improvement. Having handled USD 0.5 billion and having worked with more than 50 countries, recent projects have brought millions of dollars in cost reductions and profit increase.
She has been selected for the Swiss Economic Forum (SEF) as one of the Top 50 Women in Business in Switzerland. Besides that, Maria is a Global Shaper at the World Economic Forum (WEF) and has also been chosen by the Republic of Slovenia as one of 24 Young Global Leaders for the Bled Strategic Forum (BSF). She is a chartered Economist, MCIPS, Six Sigma certified and serves as an Ambassador at One Young World and President at the Oxford Business Alumni Association of Switzerland.
This talk was given at a TEDx event using the TED conference format but independently organized by a local community. Learn more at http://ted.com/tedx
- The Art of Negotiation: Mastering the Skills for Success
Negotiation is a fundamental skill in both personal and professional life. Whether you’re discussing a business deal, settling a dispute, or simply trying to reach a compromise, the art of negotiation can significantly impact the outcome. Here are some key principles to help you master the skills of negotiation:
1. Preparation is Key:
- Before entering a negotiation, invest time in thorough preparation. Understand your goals, objectives, and the desired outcome. Research the other party’s perspective, interests, and potential objections. The more prepared you are, the more confident you’ll be during the negotiation.
2. Active Listening:
- Effective negotiation begins with active listening. Pay close attention to what the other party is saying, not just the words, but also their tone, body language, and emotions. Show empathy and understanding, which can build rapport.
3. Communication Skills:
- Clear and concise communication is essential. Articulate your points, needs, and desires in a straightforward manner. Avoid ambiguity or jargon that could lead to misunderstandings.
4. Be Patient and Persistent:
- Negotiations can be time-consuming, especially when dealing with complex or sensitive issues. Maintain patience and persistence in pursuing your objectives. Don’t rush to reach an agreement that doesn’t align with your goals.
5. Collaborate, Don’t Confront:
- Successful negotiations are often collaborative efforts. Approach negotiations with the intention of finding mutually beneficial solutions. Avoid confrontational or aggressive tactics that can create resistance and harm relationships.
6. Offer Value and Trade Wisely:
- Look for opportunities to add value to the other party’s interests while still pursuing your own goals. Use concessions strategically and ensure that each concession is met with a reciprocal concession from the other side.
7. Know When to Walk Away:
- Understand when it’s necessary to walk away from a negotiation that doesn’t meet your minimum acceptable standards. This willingness to walk away gives you leverage and ensures you only agree to terms that benefit you.
8. Adaptability and Flexibility:
- Be prepared to adapt your approach as the negotiation unfolds. Flexibility can help you respond to unexpected challenges and opportunities.
9. Document Agreements:
- As progress is made in the negotiation, document the agreements reached. This helps prevent misunderstandings and serves as a reference point for both parties.
10. Continuous Improvement:
- Negotiation is a skill that can be honed over time. Continuously seek opportunities to improve your negotiation abilities through practice and learning from experiences.
Remember that negotiation is not about winning at any cost but about finding solutions that benefit all parties involved. By mastering the art of negotiation, you can enhance your personal and professional relationships and achieve more favorable outcomes in various situations.
