As a global trading hub, the negotiation skills of most people in Singapore get a good workout on a daily basis. Every day we are called upon to use negotiation skills from a simple shopping trip to the market to purchasing a new apartment.

Even though the same skills are used to negotiate job terms, job promotion or a salary increase, many people feel uncomfortable when they have to do so. The best way to hone your negotiation skills is to have a negotiation strategy that can easily be put into action whether you’re negotiating a much needed pay increase or a new car.

In his book, You can negotiate anything, Herb Cohen, a high profile negotiator in the US, identified three crucial elements in all negotiations. These are information, time and power.

When it comes to information, Cohen said one side (of the negotiation) seems to know more about the other party than the other way around. And one side would always seem to be under pressure and time constraints, which limit its ability to negotiate. More importantly, one side would always seem to have more power and authority over the other.

Therefore, it would be in your best interest to have information, time and power on your side whenever you go into a negotiation.

What is Negotiation?
Negotiation is a process of making arrangements and setting terms through discussion. Two parties work out an agreement on the terms and conditions of their professional relationship.

There are three phases in any negotiation:
1. Knowing what’s on offer
2. Planning your strategy
3. Conducting the negotiation session

Knowing what’s on offer
No negotiation can take place unless and until an offer is made. Once an offer has been accepted, the negotiation ends, and usually no further terms and conditions can be discussed.

If you’re changing jobs and you have received an offer from a potential employer, you'll need time to evaluate the offer, prioritise your needs and plan your negotiation strategy. Do not accept the offer on the spot. Rarely does a potential employer offer a potential hire everything he or she wants. Accept the offer on the spot and you will have closed the door on many of your job-related needs.

Negotiating a salary increase or a job promotion may present a different negotiating environment, but you still need to have a strategy in place.