Two parties are involved in a negotiation - one reaches his/her objective(s) and is happy, whilst the other walks away unhappy with the result. Does this scenario sound familiar?
How often have you felt dissatisfied with a settlement that you have reached? Have you sometimes entered into an agreement only to feel remorse soon after sealing the deal?
SUCCESS VS FAILURE
What differentiates success vs failure in commercial negotiations?
Most of us understand the significance of preparation to deliver positive results and it is therefore remarkable to note that the majority of business negotiators do not spend enough time planning for negotiations, often due to insufficient 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
Commercial negotiators only spend about 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 devoted only 1/3 as much time training & planning as you do in competition. The number 1 factor to successful commercial negotiation results is the quality of your preparation for the negotiation.
As a matter of negotiation strategy, consider the following key 5 factors 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 imperative that we first understand our own strengths & weaknesses and it is vital 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 main 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 important 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 uncover these interests.
3. Value
What are the main 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, rank & 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 cause conflict.
4. Process
Have you spent time preparing 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 process.?
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 contractual terms. 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 people.
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