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The Top Negotiations Mistakes (And How to Avoid Them

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Negotiation skills are vital, whether closing a $2 million-dollar business deal or saving money on your mobile contract. Negotiation is used in many aspects of your personal and professional life, and mistakes can be costly. Making mistakes during the process is common, especially if you haven’t been trained to negotiate well. The process can cause stress, anxiety, and can lead to error.

Negotiation skills training outlines the most common and most costly mistakes to look out for and avoid. Be on the lookout for the top mistakes listed below. Avoiding these mistakes can be beneficial to your bottom line and your wallet.

Simply Failing to Negotiate

One common mistake is simply not deciding to negotiate, whether it be out of fear or thinking that something isn’t negotiable.

However, the opposite holds true. Many things are negotiable, and if you assert the right attitude and use a little negotiation prowess, the possibilities are endless.

For instance, a survey by SurveyMonkey found that 82% of millennials did not negotiate their first job salaries. Their reasons? 38% said they didn’t feel comfortable, and 44% said they didn’t know they could.

When beginning discussions, adopting the right mindset is crucial. If you approach everything in your personal and professional life as negotiable, your rate of growth and success can increase. You may even develop a few more meaningful relationships, too.

Not Listening to the Other Team

Many inexperienced negotiators will sit at the table without their ears wide open. This is a costly mistake.

The art of a successful negotiation requires a back and forth discussion of ideas, issues, and concessions. If you fail to listen, you fail to hear what the other team wants, needs, and what is of value to them.

Three essential skills in active listening in negotiations are defined by Harvard Law School as:

  • Paraphrasing: Paraphrase what your negotiation partner has said.
  • Questioning: Ask questions about the topic and how consensus can be found. 
  • Acknowledging: Acknowledge you are really hearing your negotiation partner by restating or summarizing what they have communicated.

If you enter discussions ready to truly listen, you are better able to easily define the other team’s best alternative to a negotiated agreement (BATNA) and what they value, keeping positive momentum. 

Talking Too Much 

There is a time to speak, and there is a time to employ the power of silence. If you talk too much, you could hinder the process by implying you are only interested in your own words. You may even give up valuable details that could hurt your ability to secure a better deal. 

Silence can also have a profound effect on how well you come across during the meeting. Holding silence requires a certain level of confidence befitting a serious negotiator. So, training yourself to know when to keep quiet can give you the upper hand without needing to try to hold the floor.

“Silence can convey a sense of mystery and power, and it can signal one’s willingness to walk away from talks rather than settle for anything less than the desired outcome,” according to an article by Cadillac

Not Planning Prior to Negotiating

If you are not planning ahead of time, you best hold off on starting your negotiations. Planning is a vital aspect that allows you to train in any skills you need for the meeting, research the other team and their company, prepare potential concessions, rehearse, and build supporting facts.

“Know about the party you’re negotiating with so you can capitalize on your strengths and the party’s weaknesses,” says Michael Sanibel of Entrepreneur. “If the other party is very experienced, that means he also has a history that could contain useful information.”

Aspects to consider are:

  • Your pitch
  • What you want exactly
  • Your BATNA
  • Possible concessions
  • The other party’s potential BATNA
  • The value proposition for both sides
  • What a win-win will look like
  • Objections

Preparation also gives you confidence to negotiate effectively. Showcasing your knowledge of the subject and terms can make the other negotiator take you seriously.

Not Understanding the Importance of Nonverbal Communication

The power of nonverbal communication cannot be ignored. Taught as a key training point in any well-planned negotiations course, nonverbal communication may play a larger role in the process than the words you speak.

Dr. Albert Mehrabian, Professor Emeritus of Psychology at UCLA, found that when there’s incongruency, 93% of communication is nonverbal.

Dr. Mehrabian defined communication with the following values:

  • 7%: Actual words spoken during communication – seldom believed.
  • 38%: Tone of voice – believed.
  • 55%: Body language – believed.

Nonverbal cues include:

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  • Fidgeting. This is a common mistake that pays to get under control immediately. In most cases, you may not even know you are fidgeting, like an auto response to a stressful situation. If you fidget, you appear impatient or anxious, which may allow the other team to take the upper hand.
  • Touching the Face. This nonverbal cue is a signal for lying, according to Psychologia. For instance, Bill Clinton touched his face more than 20 times when asked about his affair with Monica Lewinsky; you know how that turned out. Avoiding this nonverbal cue can keep the relationship-building positive.
  • Eye movement. Eyes are certainly the gateway to the truth. For someone right-handed, looking up and left is often a nonverbal cue for memory recognition. However, looking up and right may be a nonverbal cue of creation or lying.

To help you succeed, remedy and be on the lookout for these top non-verbal mistakes.

Not Knowing What You Want

If you don’t know what you want, what are you negotiating for? Not having a clearly defined outcome in mind is a common mistake among students embarking on negotiation training for the first time. Having a goal in mind allows the discussion to keep moving forward.

“Don’t go into a negotiation with your only goal being to negotiate,” explains Jayson DeMers of Inc. “You need to come up with something to settle on. Having a goal will give some foundational direction to the course of your negotiations.”

To avoid making this mistake, be skilled at determining your target. What is the ideal situation for you upon conclusion of the discussion?

Knowing what the other team wants is also a vital component of a successful negotiation. Knowledge of the other team’s goal allows you to get an idea of what the win-win will look like.

Failing to Build Relationships First

A successful negotiation does not involve a winner and a loser. There are no opponents, only two teams aiming for a win-win, which means building a relationship first is essential.

To keep discussions positive, make a personal connection with your negotiation partner. What are their interests? It is not always about business.

“Relationships are at the heart of successful negotiating,” says George Bradt of Forbes. “If you can’t connect with someone you can’t get to a win-win result.”

For example, your negotiation partner may be highly involved in a charity, a keen golfer, or in training for a marathon. Talking about interests and potentially finding these interests to be shared can be used to build a meaningful relationship for both teams in the future.

Discussing personal interests and opening the discussion with a positive tone helps secure a successful win-win in a shorter amount of time.

Not Having a BATNA

Not having a best Alternative to a negotiated agreement (BATNA) before entering discussions is another big mistake. Your BATNA gives you leverage, allowing you to make sound decisions.

Those sound decisions come from your backup alternatives, if a negotiation simply doesn’t work out.

Harvard Law School explains, “What is BATNA? Negotiation skill or negotiation strategy? It’s a bit of both – identifying a negotiator’s BATNA is a necessary skill for developing the best strategies to use at the bargaining table.”

For example, you may like the quality of work of one company and have begun discussing terms with them; however, you have a few companies lined up with cheaper cost and lesser quality, which makes them your best alternative.

The company you really want doesn’t know your priority is their quality, so you can use the lesser cost companies as leverage to bring the other company’s price point down.

It is essential to know the other team’s BATNA, too. If you know the company you want just lost a big account, they are more likely to lower costs to make up for their recent loss.

Finally

Honing your skills and learning how to avoid the top negotiation mistakes should pay great dividends when it comes to your ongoing success. Undertaking training in negotiations provides a lifetime skillset that can eradicate such mistakes, so it’s often well worth the investment. 

With negotiations so embedded in our day-to-day life, there is certainly no time like the present when it comes to learning the skill set of negotiation. 


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How to Manage Your Time Better With Simple Apps on Your Phone

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Time management is important for anyone, adult or child. It helps one practice organization and discipline in their daily activities. Sticking to a specific way and time of doing things can help increase productivity because both your mind and body adjust themselves to function as needed. Proper time management also allows you to have time to rest, which is important to prevent mind and body collapses. Here is how you can manage your time easily and efficiently with the help of these simple apps on your phone.

Alarm clock

The first part of time management for anyone is waking up at the right time. For the highest energy levels throughout the day, one should wake up early and have enough time to prepare themselves before staring out their day. People who wake up in a rush end up doing things in panic, which then spills over to the rest of the day. This can cause underachievement, a feeling of exhaustion and in extreme cases, headaches. Setting up an alarm at least an hour before you need to leave the house (where applicable), gives you enough time to shower, eat breakfast, and even work out or mediate. All these activities help your mind to transition swiftly from sleep to high energy.

Timer

The timer app is great for people who like to account for every minute. If you want to break down your day to the last second, then using the timer app can help. For example, after waking up, you can set a timer with an alarm for every activity you want to carry out. Whether it is thirty minutes for exercise, ten minutes for showering, twenty for breakfast, and five for getting out of the house. A timer helps you be prompt, disciplined, and helps you create a routine for your mind and body.

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Notepad

Once you are out of the house, you start your day, which can mean carrying out a number of errands. From attending meetings, to going to a doctor’s appointment, and then buying groceries. Most days are full of things to do. The Notepad app on your phone can be of great use for this purpose. Not all phones have the Notepad app itself, but most have a similar one that functions the same. By making lists of things to do in a day, you not only manage your time well, but you also ensure not to forget to do anything.

Calendar and Planner

The Planner app often links to the Calendar app because they are interdependent. These apps are useful for managing future time. They help you mark down important dates and days for plans. For example, if you have monthly doctor’s appointments, you can use the planner app to mark down the dates and even set a reminder. This way, even if it slips your mind, the reminder will make sure you remember in time to honour them. You can also mark birthdays, anniversaries, travel dates, etc., thus ensuring you are always on top of your game.

 


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How to Acquaint Yourself with a New City Using Technology

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You have moved to a new city. You do not have family and friends there to help you get the lay of the land. You probably just know your way from your home, to your office, and back through the grocery store. While it is okay to keep a low profile, it is also important to be aware of your surroundings. It may come in handy in an unexpected way. It also never hurts to explore and discover new places within your new city. Here therefore, are a few ways technology can help you acquaint yourself with your new town.

Googling local sites

The easiest way to learn about anything in this era is by googling it. Whether it is a person or place, the internet should have some information to help you move forward. Since you do not want random information, you can conduct a search about the local tourist sites and attractions. Even though you live there now, you are still a tourist, and visiting these places can help you know more about your new town. You can then proceed to research on the best ways to get to them. As you visit each one, you will gradually realize that you can now easily move around the bus stage or from one end of the city to the next without much problem.

Googling local restaurants

Another easy way of knowing a new city is by finding out its eating spots. You can either start with those at the CBD, or those near you. Whichever the option, you will not only end up knowing how to move around from place to place, you will also discover new hanging out joints for holidays and weekends. Moreover, most restaurants are in or near malls in most towns so you may also end up finding places to do shopping or find needed services such as hair grooming.

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Googling and following local online magazines

Social media has made life very easy when it comes to socialization and information spread. With the digitalization of media outlets, you can now be up to date with events and occurrences around you, no matter where you are. All you have to do is search for local magazines and entertainment platforms. You can google them directly or search them from your social media spaces. The best way to do this is by using the name of your town as the main search word. You can then peruse through the results until you find those that seem appropriate and reliable. Following a local online magazine is useful in knowing your town because it will keep you updated on essential things such as accidents, crime prone areas, upcoming events, etc.

Attending local events

Apart from knowing about local events, you can also choose to attend some in order to experience and be a part of the town’s culture. For example, you can attend an open mic night, a karaoke night, a rugby event, or even a music concert. By doing so, you stand the chance to not only discover new areas of your town, but to also make friends and connections that can be useful during your stay.


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Russian peer-to-peer cyptocurrency Bitzlato launches in Kenya

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Bitzlato exchange, a Hong Kong-based peer-to-peer cryptocurrency trading platform has launched in Kenya to offer an opportunity to trade digital assets with a variety of fiat payment options.

Bitzlato is a P2P exchanger with a web-based version and a Telegram bot for buying and selling six cryptocurrencies giving users a variety of deposit and withdrawal options including bank transfers, payment processors, credit cards and ATMs.

The platform will allow users in Kenya to trade Bitcoin cash, bitcoin core, ethereum, litecoin, dash, dogecoin and stablecoin. ts traders. It’s Kenyan Community Manager, Reginald Alango, told TechMoran.com that Bitzlato maintains a multi-currency online crypto wallet and offers merchants a gateway for accepting payments in both cryptocurrency and fiat money. Users can trade between the main cryptocurrencies and their conversion into stablecoins Monolith and USDT.

Launched in 2013, the firm was first engaged in the development of mining equipment, own data centers in various countries, customer equipment hosting, and cloud mining. Three years later, it ventured into an online exchange and created a Telegram-based P2P bitcoin exchange dubbed @BTC_CHANGE_BOT.

@BTC_CHNAGE_BOT added the support of Ethereum, Litecoin, Dash, Bitcoin Cash, and Dogeсoin exchange. ChangeBot managed to attract almost 1,000,000 users in two years with trade volumes of more than 35 000 BTC.

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In 2018 it rebranded to Bitzlato and launched a full-fledged cryptocurrency platform combining Telegram-based P2P-exchange, merchant service, mining pool, and secure wallets.

Bitzlato’s multicurrency crypto wallet allows users to store and exchange and instantly convert their funds, receive, send or exchange Dogecoin (DOGE), Ethereum (ETH), Bitcoin (BTC), DASH (DASH), Bitcoin Cash (BCH), Litecoin (LTC), USD Coin (USDC) and Tether (USDT). Users can store Bitcoin, Ethereum, Litecoin, Bitcoin Cash, DASH, Dogecoin, Tether USD as well as change them to any currency with other users.

The Bitzlato cryptocurrency platform also allows users to send cryptocurrency to any person, not even registered in the service, in the form of a check without commission. It also stores cryptocurrency on autonomous cold wallets without network access. Bitzlato is set to launch apps for iOS and Android soon.


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