Negotiating settlement is a vital part of the business interaction. It is something that is true for the companies of all sizes in every industry. But Negotiations can be a tricky needle to thread for many. Even folks who have previously negotiated settlements can sometimes find the task challenging. Being able to masterfully conduct a settlement negotiation is a priced asset. That is why businesses often opt to hire settlement agreement solicitors Cheshire to handle the task at hand.

But in case you want to handle the settlement negotiation yourself, here are seven steps that can come in handy. Follow them to the letter and become a master negotiator.

1.   Research extensively

The first step in being able to negotiate a better settlement begins with researching the topic at hand. In fact, even before you have started any proverbial negotiations, it is best to understand the perspectives as well as goals of both parties involved in the settlement. You need to extensively research both parties involved in the settlement. Only after you are in possession of all the facts and understand the interest of both parties can you be able to have any leverage over the negotiation.

2.   Define a clear goal

Before starting any negotiation, it is essential that you have a clearly defined goal in mind that you must achieve with the settlement. Now, naturally, you have to be realistic about your aims; otherwise, it would be very unlikely for the other party to play ball with you. Also, make sure you are a bit flexible, as that is what negotiation is all about. By establishing a bargaining range, you will be able to take control of the negotiation and be able to provide the best result to your party in the settlement.

3.   Plan concessions in advance

There is a reason it is known as settlement; both parties have to make trade-offs to reach an amicable agreement. Being unmoving during the negotiation might indicate that you are in a position of strength, but you would have to sooner or later make some concessions. It would be best if you discussed these concessions with the team beforehand and decided the best way to proceed with them. Once you agree upon the parameters on things that you can concede, you will be in a strong position for the settlement. Prepare arguments based on these concessions so that you can reach a more favorable deal.

4.   Take a win-win approach.

Let’s make one thing pretty clear in regard to the upcoming negotiation – there is no winner or loser in a settlement. Both parties need to believe that they are getting a fair share out of the agreement; otherwise, why would they sign the deal. Going with a winner takes all approach is precisely not the kind of thing you need to do. Both parties coming to the negotiating table with A win-win approach will result in them reaching an amicable agreement and pretty soon at that.

5.   Ask relevant questions but also listen intently.

Sure, you need to make your point at the negotiating table, but not at the expense of not listening to the other party. Nothing could be more disrespectful than that, resulting in them playing hardball. You need to ask open-ended questions that would invite the other party to state their perspective. This will demonstrate that you are looking for a fair deal and have your priorities straight.

6.   Stay flexible

Something we have alluded to you earlier – you need to stay flexible with the negotiation if you want to reach an agreement sooner. You need to analyze all the elements that would play a part in the negotiation and possibly might even expect the unexpected. This investigation would also allow you to develop strategies that enable a win-win scenario – which we have mentioned earlier is quite crucial.

7.   Encourage long-term relationship

Keeping the bigger picture in mind while negotiating a settlement is always beneficial. If it is very likely that both parties would be sooner or later mixed into another negotiation, then you need to take that into account as well. A small victory now can have enormous ramifications for the future. By being willing to compromise, you will establish that you value long-term relationships over short-term success – something that could come in handy in the future.

If you want to negotiate a better settlement agreement, then make sure to use the steps mentioned above and you are good to go. Certainly, these steps will help.