Negotiation is an essential business skill that can make or break deals, partnerships and relationships. A leader's ability to negotiate can significantly affect the future of the organization. IN high stakes negotiationsthe key is not simply to get what you want, but to understand what the other party values ​​and use that knowledge to create mutual benefits.

Here are ten strategies I've learned through 25 years of experience as a business leader and coach to help you prepare for your next high-stakes conversation.

Related: 8 negotiation tactics that every successful entrepreneur has mastered

1. Know the needs of the other party

Research is your best ally. You need to learn how to do deeper and more cost-effective research. Before you begin negotiations, take the time to understand the other party's needs, goals, and limitations.

Knowing them pain points and wishes helps you craft your proposals to address their specific concerns. Visit their website, review their past projects or check their LinkedIn profiles to gather valuable insights.

2. Know your differentiators

Consider what sets you or your company apart. In negotiations, highlight these unique advantages. For example, what can you offer that others cannot? Lean into yours strengths and make sure these differentiators are central to your value proposition.

Related: I faced my first real professional crisis – and it led to an eye-opening revelation

3. Set ambitious goals

Set a clear goal for the negotiation and don't be afraid to ask for more than you expect to get. Research shows that the party that makes the first offer often achieves better results, as it sets the parameters of the discussion.

This helps the other party understand the framework you are in willing to negotiate and protect your ideal scenario by factoring “margins of safety” into that initial offer.

4. Offer multiple solutions

Dr. Victoria Medvec uses the term “Multiple Equivalent Concurrent Offers” to gather information demonstrating flexibility. Present several options that have equal value to you but may appeal differently to the other party. This reveals their preferences and signals your willingness to collaborate on a mutually beneficial solution.

5. Listen actively

Great negotiators know when to listen. After you've made your offer, take the time to genuinely listen to the other party's point of view. Failure to truly understand their position can lead to missed opportunities for a favorable settlement. Active listening builds trust and reveals key insights into their priorities.

6. Develop a solid plan B (BATNA)

A powerful negotiation strategy is to come in with a “Best Alternative to a Negotiated Agreement” (BATNA). This means having a viable alternative if the deal doesn't go through. Knowing you have one exit strategy it provides leverage and gives you the confidence to make bold offers.

Related: How to emerge strategically as a leader

7. Stand tall

While flexibility is essential, don't be afraid to be firm when necessary. A common negotiation tactic is for the other party to back off, waiting for concessions. Remember, they need what you have, so hold your ground when appropriate.

This can often lead to a better outcome for both parties. Be prepared to walk away if the deal isn't valid, doesn't align with your values, or doesn't fit your strategy.

8. Learn the art of letting go

In negotiations, making concessions is not a sign of weakness – it's part of building trust and making sure both sides feel satisfied with the deal. When you do accept, do so strategically and emphasize the value you're still providing. The goal is to make the other party feel positive about the “extras” they've achieved, even if you planned to make those concessions.

Related: The best way to win is to know when to quit

9. Know when to walk away

Not every deal is worth making. Set clear boundaries and know your exit point. Remember the saying: “A good deal is when both parties feel like they won.” If you're not getting what you need and your BATNA is more attractive, walking away is okay.

10. Close the deal with confidence

Finally, when you close the deal, make sure all parties are clear about the next steps. Set deadlines, confirm key points and maintain a positive tone. A well-structured closing can prevent misunderstandings and set the stage for a successful relationship moving forward. Always list the next steps for both parties and follow up accordingly. High-stakes negotiations always focus on long-term relationships.

Negotiation is about much more than dividing the pie; it's about increasing it so that both sides feel they've won. By following these ten strategies and focusing on understanding the other party's needs, you can master the art of negotiation and secure better deals for your business. Also, if you negotiate regularly, I recommend deepening your expertise through a specialized negotiation program.

I once heard, “A good deal is when both parties feel like they won.” Discovering the real needs of both parties sets you up for success.