Negotiation is used everyday in life. People need to negotiate constantly, for example at work in order to conclude contracts, etc. Efficient negotiation skills are the basic instrument used by people to achieve their aims. This is a type of communication that allows us to reach an agreement in situations where people do not have same opinions. Negotiation have an important role in the world of business because it is almost always a part of process when making a decision. Today, negotiation controls almost all elements of the business process, which are becoming main topics between the managers. Without an awareness of one’s own style and an idea of which style contributes to the negotiating advantages and disadvantages of work, this can pave the way for unsuccessful outcomes. Negotiators tend to negotiate from one of five styles: bidding, adjusting, avoiding, compromising, or cooperating. They are adapted to Thomas Kilmann’s conflict styles and tend to correlate well in negotiations. The very definition of negotiation is presented as an introductory part of the theory. The following is a division of negotiating styles, and the types and phases of negotiation in the first part of the paper. The theory then moves on to strategies commonly used in distribution and integrative negotiation. It ends with tactics of negotiation, managers use them to achieve the most efficient strategy. The analytical part of the paper is focused on research of corporate governance, along with managers and business people, who are obliged to negotiate. The analysis highlights the role that executives play in business negotiation. The analysis focuses on efficiency and the importance of tactics and strategies within negotiating styles. The main premise is proving the important role of negotiations in business and analyze the importance of efficient tactics and strategies based on individual styles of business negotiation, to achieve the aims of managers.