Negotiation is a critical skill that can allow you to advance your career & your personal life. However most people fail to grasp the fundamentals of negotiation. Understanding these fundamentals will make your next negotiation more successful.

1. Set Your Goals

Understanding what you're trying to accomplish is an essential aspect of negotiation. This is called "negotiating your goals." For example, identifying the "must-haves" and the "nice-to-haves" in the job offer. This helps you remain focused during negotiations and increases the chances that you'll reach a win-win scenario.

2. Know When to Walk Away

When you're in a negotiation it is essential to be flexible and look at the interests of the other side. If you're requesting a raise in salary and the other party doesn't think it's in their best interest to agree with your proposal and leave, they could walk away from the table. Knowing when to leave will give you time to think through different options and prepare for the next negotiation.

3. Avoid Using Threats

Negotiating can be a complex process that requires a variety of steps. However, there are certain tactics that should not be employed. Threats can be a powerful deterrent and ma data room they can make the other person feel as if they're being pressured to do something against their will. A threat to withdraw early from a meeting may be perceived as an ultimatum, and can disrupt the conversation. In addition, making threats could backfire and cause the other party to become defensive and less likely to listen.