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Negotiation is the most important part in making any kind of deal to get the most out of both parties and be satisfied with the results. any negotiation involves three basic steps.
- Initiation
- Problem-solving
- Resolution
Initiation is the first stage where both the parties exchange information and thoughts with each other and learn more about each other. This phase involves both the parties to come up with their homework done and come up with a checklist of any required information which they want from other teams. this phase may not go as perfect as planned since there are many unknown parts which might take more time than anticipated to understand. this phase helps in engaging both the teams on a common agenda and might unlock more subsequent meetings to further continue the negotiation.
subsequent phase to initiation is problem-solving where any questions being asked in the initiation phase which the answering team couldn’t answer will do some work on getting the required information to get the required answers to the other team. this is a very crucial part of any negotiation it is called the heart of the negotiation which will help to take the negotiation to a positive end for both parties as the term itself mentions problem-solving would obviously unlock more opportunities. this stage can also lead to heated arguments or discussion where if one party is not acceptable with the other parties terms it could lead to win-lose than win-win in some situation so negotiation planning should be done in a way nobody gets hurt.
When all the terms fall into place when both parties agree on terms to formalize the process they come into a written agreement or they can back out of the commitment. first thing when things go right is to agree with the terms and a simple handshake at the end to settle the terms will do or they may enter into a formal agreement with all necessary things listed commercially in paper or digitally.
