In Today’s blog we will look at the many different approaches to negotiations in the world of business, how they are used and their effectiveness.

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Everyone who is involved in the world of business knows their own way whilst trying to negotiate a very important deal or trying to get the best price for their product. The impact of the approach of the negotiation on the deal all depends on the skill level of the person involved and what situation they find themselves in. Often the best negotiators find themselves being able to use different approaches in the same situation. We will have a look at some of these approaches below:

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1. Competitive Approach: The competitive or win - lose approach often depends on the assertiveness and interests of the person involved, by using such approach the aim is to gain a better deal often at the expense of the opposing party.Using a competitive approach, one may gain a favourable outcome in a quick time but can also potentially harm any future relationships that could arise. 
2. Collaborative approach: The collaborative approach or otherwise known as the win – win approach looks for cooperation and for a mutual benefit for both parties involved in the deal. The best outcomes are often those where a common ground and value of the deal has been found by both sides.Such approach allows for the creation of long-term relationships but may require a lot of time and high level of trust between those involved. 
3. Compromising: Often seen as the middle ground in a negotiation, the give and take approach requires finding the best solution for all parties involved with both willing to compromise on certain aspects of the deal to get it completed.This approach is often the most selected as it is efficient in the resolution of conflicts but could potentially result in a less than ideal situation for both as the compromises made may not align with the interests of those completing the deal. 
4. Accommodating: By using this approach, one is putting the others interests ahead of their own, often done to help keep relationships which may be needed for other situations in the future.This may be considered a sign of weakness and could potentially be exploited but on the positive side shows goodwill and helps to create long standing relationships in business.   

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Above we have discussed four different approaches to the ways people in business go about negotiations, many people stick to one type but the best negotiators depending on the situation they find themselves in may use multiple approaches before agreeing a deal. Remember the approach you use could help in building relationships that may last a lifetime.

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