Two parties are engaged in a negotiation - one achieves his/her objective(s) and is satisfied, whilst the other walks away disappointed with the outcome. Does this scenario sound familiar?
Do you often feel unhappy with an agreement that you have reached? Have you sometimes entered into an agreement only to feel regret soon after reaching agreement?
SUCCESS VS FAILURE
What distinguishes success vs failure in business negotiations?
Most of us recognise the importance of preparation to deliver success and it is therefore remarkable to note that the majority of commercial negotiators do not spend adequate time preparing for negotiations, often due to poor negotiation training. Professional sports people spend significantly more time preparing for a contest than they spend in competition; should it be any different for commercial negotiators?
THE EVIDENCE
Commercial negotiators only spend roughly 1/3 as much time planning for negotiation as they actually spend in negotiation. If you were a professional sports person, this would mean that you spent only 1/3 as much time training & preparing as you do in competition. The foremost factor to profitable commercial negotiation results is the quality of your planning for the negotiation.
As a matter of negotiation strategy, consider the following main 5 components of preparation and at the same time you will simultaneously develop your negotiation skills:
1. Understand Yourself
Before we even apply best- and leading practice negotiation, it is vital that we first invest in understanding our own strengths & weaknesses and it is key that we make use of personal profiling tools to highlight our areas of preference within the framework of business negotiations, which enables us to have a reference point from which to plot our skills development.
2. Vision
What is the fundamental objective behind the negotiation? Is the negotiation about price or is it about the value that can be added? What are the key motivating factors behind your counterparty's position? What mutual ground, if any, exists between your and your counterparty's vision? It is vital to comprehend the interests or silent motivations behind the positions of all parties to the negotiation and it is only by asking questions that we will expose these motivations.
3. Value
What are the most important deal objectives being targeted in this negotiation? What are the facts and figures supporting the negotiation environment? What options does each party have, if any? Once again we should try to recognise, rank & weigh the goals of all parties to the negotiation and only then are we in a position to highlight those goals that are shared and at the same time deal with those objectives that are likely to produce conflict.
4. Process
Have you spent time thinking about an agenda for your upcoming negotiation? Have you listed all the concessions that you will make & receive? Do you have tools/templates at your disposal to support the effectiveness of the negotiation process.?
5. Relationship
It is easy to forget that we deal with people who have goals & aspirations similar to our own and it is not always just about the money. The research is clear that people are more likely to deal with those whom they trust & like, than with those with whom they little in common. Try to focus on those elements that you share with your negotiation counterparts, and do not forget to focus on the people.
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