Negotiation is a strategic discussion meant to resolve an issue or make transactions in a way that is mutually acceptable to two or more parties. In these give-and-take discussions, parties have demands, but also know that they each need to make concessions, which means negotiations typically end in compromise. Negotiations can take place between buyers and sellers, employers and job candidates, governments or policy makers.
In business, regardless of the industry, strong negotiation skills are going to play a role. For example, you may find yourself negotiating for a budget increase for your department or a project that’s increased in scope, or you may have to close a sale with multiple contingencies and complexities. In both situations, how well you can argue and compromise for the resources you need depends on your ability to effectively communicate and reach a place where everyone feels satisfied.
In this article, we’ll discuss the importance of strong negotiation skills and describe 15 of them that you can develop. Along the way, you’ll begin to understand the importance of these skills, especially if you’re planning to pursue management-level positions in business.