Mastering Negotiation: Key Skills for Career Advancement and Successful Deals (Full Transcript)

Speaker 1: Regardless of your role or industry, you've likely engaged in some form of negotiation. Asking for a raise, proposing a budget increase, buying and selling property, and closing a sale are just a few negotiation examples. If you want to gain confidence in your ability to strike deals and advance your career, there are several skills you should develop. Active communication enables you to collaborate with others and reach agreeable solutions. Negotiation requires give-and-take. It's important to articulate your position and actively listen to others' ideas and needs. Unclear communication can cause you to miss key details at the bargaining table, making it difficult to achieve your objectives. Being a skilled negotiator requires a high degree of emotional intelligence. It's what allows you to perceive others' emotions and determine what they're implying, not just explicitly stating. Emotional intelligence equips you to manage and use emotions to your advantage. For example, instead of suppressing feelings of stress or anxiety, you can channel them into excitement. Creating value helps resolve deadlocked conflicts and transform good deals into great ones. If you think of a negotiation as a pie, each party typically tries to obtain the biggest slice possible. This inherently means one will leave with a smaller piece, resulting in a win-lose scenario. Rather than just growing your slice, aim to expand the whole pie and achieve a win-win outcome. By doing so, you and the other party can secure greater value and establish a foundation of trust that benefits future negotiations. To learn more skills that can position you for success at the bargaining table, use the links in the video description to visit our Business Insights blog and explore our online course, Negotiation Mastery.