3 things you should know about - negotiation

Mutual benefit

The art of negotiation is one that needs to be mastered by every trainee accountant. Negotiation - working towards an agreement between more than one party, with maximum mutual benefit - is something we all engage in regularly. You don’t just negotiate with your boss for a pay rise - when you ask for more time to complete coursework, set up payment terms with a supplier, or work out individual responsibilities on a project, you are negotiating.

Be prepared

Know your own limits and objectives - but it’s equally important to understand what the other party wants, and how they would benefit from concessions you could make. It works better if both parties know in advance that negotiation is going to take place - springing a surprise rarely works, as the other party may not be in a position to make a decision. However, play your cards close to your chest - the less you give away about what you can concede, the less likely you will be beaten down.

Give and take

Your ability to influence and think quickly is critical. Stay calm - don’t get angry if things aren’t going your way to start with. Go in with big ideas. By asking for more than you think you are realistically going to achieve (be that money, time, or responsibilities), you are more likely to get what you would find acceptable. By using your insight into what the other party seeks, build flexibility into the conversation. After the negotiation, reflect on what went well, what didn’t, and why.