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Your Underdeveloped Business Negotiation Skills Capability Could Cause Critical Negotiation Interventions To Collapse Due To Poor Planning
Two people are involved in a negotiation - one reaches his/her objective(s) and is happy, whilst the other walks away disappointed with the result. Does this situation sound familiar?
Do you often feel unhappy with an agreement that you have reached? Have you ever entered into an agreement only to feel remorse soon after reaching agreement?
SUCCESS VS FAILURE
What differentiates success vs failure in commercial negotiations?
Most of us acknowledge the importance of preparation to deliver success and it is therefore interesting to note that the majority of business negotiators do not spend adequate time planning for negotiations, often due to insufficient negotiation training. Professional sports people spend notably more time preparing for a contest than they spend in competition; should it be any different for commercial negotiators?
THE EVIDENCE
Business negotiators only spend around 1/3 as much time preparing for negotiation as they in reality spend in negotiation. If you were a professional sports person, this would mean that you spent only 1/3 as much time training & planning as you do competing. The foremost factor to profitable business negotiation results is the quality of your preparation for the negotiation.
As a matter of negotiation strategy, consider the following main 5 components of preparation and at the same time you will also enhance 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 emphasise our areas of preference within the context of commercial negotiations, which enables us to have a reference point from which to plot our skills development.
2. Vision
What is the fundamental aim behind the negotiation? Is the negotiation about price or is it about the value that can be added? What are the main motivating factors behind your counterparty's position? What mutual ground, if any, exists between your and your counterparty's vision? It is vital to understand the interests or silent motivations behind the positions of all parties to the negotiation and it is only by asking questions that we will discover these interests.
3. Value
What are the most important deal goals being pursued 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, prioritise & weigh the goals 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 produce conflict.
4. Process
Have you spent time preparing an agenda for your forthcoming negotiation? Have you noted all the concessions that you will make & receive? Do you have tools/templates at your disposal to support the effectiveness of the negotiation cycle.?
5. Relationship
It is easy to forget that we deal with people who have goals & aspirations not unlike our own and it is not always just about the money. The research is clear that people are more likely to agree 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 human elements.
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