Tie up loose ends, be meticulous with transactions

Book offers tips for successful negotiators

By Jin Yu-young

Whether it be in our personal or professional relationships, communication plays a crucial role in bringing about desired outcomes.

Although negotiating may seem intimidating, Natalie Reynolds makes it more approachable in her step-by-step guide, “We Have a Deal: How to Negotiate with Intelligence, Flexibility & Power,” which was shortlisted for “Best Commuter Read” and was the CMI Management Book of the Year in 2017. This book was recently translated into Korean by Park Sun-ryung.

Reynolds teaches readers how to approach a wide range of situations with confidence. She starts with the premise that “the ability to negotiate is a skill that can be learned by anyone,” and that by “identifying your strengths and weaknesses… you can start to negotiate more effectively in all parts of your life.”

“We Have a Deal: How to Negotiate with Intelligence, Flexibility & Power” by Natalie Reynolds

Throughout the book, she offers tips to those wanting to become successful negotiators. Always tying up loose ends, being meticulous with transactions, and pursuing more than just money are just a few of the many examples.

She also warns readers of the consequences of common mistakes such as rushing deals and jumping to conclusions too quickly: the more desperate we appear, the more likely it is for our partners to doubt our motives. Reynolds challenges readers to re-interpret failure as a beginning rather than an end, as re-approaching problems with a new perspective will lead us to success.

The author validates her advice with a psychological background. For example, when negotiating, we should present our opinions and ideas before the other party. By doing so, we manifest the “anchoring effect,” which refers to when people rely on the first piece of available information to form subsequent judgment. Using this tactic will increase chances of winning negotiations, as an initial proposal sets the starting point and benchmark for the rest of the transaction process.

For those still struggling with effective communication, Reynolds presents D.E.A.L.S. (Discover, Establish, Ask, Lead, and Seal) as a blueprint to negotiation. By first identifying the “Five W's” (who, what, when, where, why, and how) of a situation, we can then proceed to create an action plan, be specific in our requests, take charge, and finally close the deal. This model pertains not only to business partnerships but also to personal relationships.

While being powerful and effective communicators, we also must uphold our compassion and consideration for other people. Reynolds implies that negotiation is not about defeating an opponent, but about fostering a win-win situation for everyone.

By presenting tried and tested methods to an effective communication dynamic, the author helps readers overcome their fear of negotiation.

Jin Yu-young is a Korea Times intern.