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Two people are busy in a negotiation - one reaches his/her objective(s) and is delighted, whilst the other walks away dissatisfied with the result. Does this scenario sound familiar? How often have you felt unhappy with a settlement that you have reached? Have you ever entered into a settlement only to feel remorse soon after reaching a settlement? SUCCESS VS FAILURE What distinguishes success vs failure in commercial negotiations? Most of us understand the significance of preparation to deliver positive results and it is therefore interesting to note that most business negotiators do not spend sufficient time preparing for negotiations, often due to inadequate negotiation training. Professional sports people spend considerably more time preparing for competition than they spend in competition; should it be any different for business negotiators? THE EVIDENCE Business negotiators only spend more or less 1/3 as much time preparing for negotiation as they actually spend in negotiation. If you were a professional sports person, this would mean that you applied only 1/3 as much time training & planning as you do in competition. The main factor to successful business negotiation outcomes is the quality of your preparation for the negotiation. As a matter of negotiation strategy, consider the following top 5 elements of preparation and at the same time you will also improve your negotiation skills: 1. Understand Yourself Before we even employ best- and leading practice negotiation, it is vital that we first understand our own strengths & weaknesses and it is key that we make use of personal profiling tools to highlight our areas of preference within the context of business negotiations, which enables us to have a reference point from which to plot our skills development. 2. Vision What is the ultimate aim behind the negotiation? Is the negotiation about price or is it about the value that can be added? What are the key motivating issues behind your counterparty's position? What mutual ground, if any, exists between your and your counterparty's vision? It is key to understand the drivers or silent motivations behind the positions of all parties to the negotiation and it is only by asking questions that we will uncover these motivations. 3. Value What are the key deal goals being targeted in this negotiation? What are the facts and figures contributing to the negotiation environment? What options does each party have, if any? Once again we should try to identify, prioritise & weigh the objectives of all parties to the negotiation and only then are we in a position to highlight those objectives that are shared and at the same time deal with those objectives that are likely to initiate conflict. 4. Process Have you spent time thinking about an agenda for your forthcoming negotiation? Have you listed all the trades that you will make & receive? Do you have tools/templates at your disposal to support the efficiency of the negotiation cycle.? 5. Relationship It is easy to forget that we deal with individuals who have goals & aspirations not unlike our own and it is not always just about the facts & figures. 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 things that you share with your negotiation counterparts, and do not forget to focus on the people. 1 Easy Negotiation Skills Method That Will Instantaneously Deliver Better Negotiation Results Research has proven that high objectives will constantly outdo low aspirations and if you therefore exaggerate your expectations at the negotiation table, you will continously influence your negotiation outcomes positively Sales Coach To Develop Your Sales Team Whether you are starting your own business or you have a well established firm, increasing clients and sales are the most vital things needed to keep a business growing. To achieve the best business results, you should hire a sales coach. Using Negotiation Skills During The 5 Step Program To Achieving Successful Deals In China In order to achieve success in your business negotiations in China, you will have to understand that as an outsider, doing business is completely different than what most people are familiar with. Better Your Negotiation Skills By Employing This Advice On Dealing With The Vice Tactic In Your Transactions You will inevitably have to negotiate with counterparts who use tactics against your organisation. It is very important to be able to recognise negotiation tactics and have the confidence and negotiation skills to counter them successfully. Mystery Of Powerful Marketing There are three factors that can influence a person. These three things are imagination, language, and perception systems. Combine these three factors and you will win the competition. Applying Valuable Negotiation Skills To Help You Negotiate A Lower Rate If your business is in a position where they either need to pay less or charge more for their products or services, the easiest way to do this is to renegotiate existing client contracts. There are 3 ingredients in getting a better price. Use Your Negotiation Skills In Order To Manage Challenging Discussions Difficult conversations present themselves from time to time. Perhaps you need to tell someone that their services are no longer required or perhaps you have done something for which you need to apologise. |
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