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Your Underdeveloped Business Negotiation Skills Capability Could Cause Critical Negotiations To Collapse Due To Inappropriate Preparation
Two parties are involved in a negotiation - one succeeds in achieving his/her objective(s) and is delighted, whilst the other walks away unhappy with the outcome. Does this scenario sound familiar?
How often have you felt displeased with an agreement that you have reached? Have you sometimes entered into an agreement only to feel remorse soon after reaching a settlement?
SUCCESS VS FAILURE
What differentiates success vs failure in business negotiations?
Most of us understand the significance of preparation to achieve success and it is therefore remarkable to note that the majority of business negotiators do not spend sufficient time planning for negotiations, often due to poor negotiation training. Professional sports people spend considerably more time preparing for competition than they spend in competition; should it not be the same for commercial negotiators?
THE EVIDENCE
Commercial negotiators only spend about 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 devoted only 1/3 as much time training & preparing as you do in competition. The number 1 contributor to profitable commercial negotiation results is the quality of your preparation for the negotiation.
As a matter of negotiation strategy, consider the following top 5 factors of preparation and at the same time you will simultaneously improve your negotiation skills:
1. Understand Yourself
Before we even employ best- and leading practice negotiation, it is important 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 business negotiations, which enables us to have a reference point from which to plot our skills development.
2. Vision
What is the main goal 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 common ground, if any, exists between your and your counterparty's vision? It is key 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 motivations.
3. Value
What are the main deal objectives being targeted in this negotiation? What are the facts and figures contributing to the negotiation environment? What alternatives 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 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 preparing an agenda for your upcoming negotiation? Have you listed all the trades that you will give & 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 not unlike our own and it is not always just about the facts & figures. 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 interests that you share with your negotiation counterparts, and do not forget to focus on the people.
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