In competitive negotiating processes, concessions are often seen as losses. For example, you are renting out an apartment or office space, so why would you lower the price? Unless, of course, the goal is to do it quickly. Then the negotiating style becomes more democratic, since a compromise is required. You lower the price, and the tenant agrees to do some minor repairs at his own expense.
Step 4: Making a Decision
The parties have voiced their positions, discussed objections, and concluded the bargaining. Now it’s time to make and record a decision. You can be left with nothing and part ways, take a break and continue thinking, or immediately conclude an agreement. If you are not ready to make a final decision on the spot, write to your opponent a day after the meeting confirming the results of the negotiations in writing. Express gratitude and clarify that both parties have the same understanding of the situation. Set a time frame for when the final decision will be made and indicate the necessary actions for both parties.
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Techniques and methods for conducting tough business negotiations
Tough business negotiations can be conducted in different ways. Let's look at some of them.