What is the Importance of Negotiation?
According to a study conducted in the United Kingdom, the UK economy was estimated to lose around £9 million per hour (equivalent to 9.98 million Euros) due to weak trading capabilities. This study also concluded that the UK economy could grow up to 7% profitability if they had better trading capabilities.
Good negotiation contributes significantly to the success of the organization because:
- Helps build better relationships
- It develops durable and quality solutions - rather than short-term solutions that do not meet the needs of either party
- Helps to avoid possible problems and future conflicts