Your Underdeveloped Business Negotiation Skills Capability Could Cause Critical Negotiations To Fail Due To Poor Preparation
Two parties are engaged in a negotiation - one accomplishes his/her objective(s) and is very pleased, whilst the other walks away disappointed with the outcome. Does this situation sound familiar?
How often have you felt unhappy with an agreement that you have reached? Have you sometimes entered into an agreement only to feel regret soon after sealing the deal?
SUCCESS VS FAILURE
What distinguishes success vs failure in business negotiations?
Most of us acknowledge the significance of preparation to deliver success and it is therefore remarkable to note that the majority of commercial negotiators do not spend enough time preparing for negotiations, often due to poor negotiation training. Professional sports people spend notably more time preparing for competition than they spend in competition; should it be any different for commercial negotiators?
THE EVIDENCE
Commercial negotiators only spend around 1/3 as much time planning 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 & preparing as you do competing. The number 1 factor to profitable commercial negotiation results is the quality of your planning for the negotiation.
As a matter of negotiation strategy, consider the following key 5 components of preparation and at the same time you will simultaneously enhance your negotiation skills:
1. Understand Yourself
Before we even employ 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 framework of commercial negotiations, which enables us to have a reference point from which to plot our skills development.
2. Vision
What is the fundamental goal behind the negotiation? Is the negotiation about price or is it about the value that can be added? What are the main motivating issues 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 interests.
3. Value
What are the most important deal objectives being pursued 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 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 result in conflict.
4. Process
Have you spent time thinking about an agenda for your upcoming negotiation? Have you noted all the trades 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 contractual terms. 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 interests that you share with your negotiation counterparts, and do not forget to focus on the human elements.
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