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Your Underdeveloped Business Negotiation Skills Capability Could Cause Critical Negotiations To Fail Due To Poor Preparation
Two parties are engrossed in a negotiation - one achieves his/her objective(s) and is delighted, whilst the other walks away disappointed with the result. Does this scenario sound familiar?
How often have you felt disappointed with an agreement that you have reached? Have you sometimes entered into a settlement only to feel regret soon after reaching a settlement?
SUCCESS VS FAILURE
What differentiates success vs failure in commercial negotiations?
Most of us understand the significance of preparation to achieve success and it is therefore remarkable to note that most commercial negotiators do not spend sufficient time planning 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 not be the same for commercial negotiators?
THE EVIDENCE
Commercial negotiators only spend approximately 1/3 as much time planning for negotiation as they actually 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 in competition. The main contributor to profitable commercial negotiation outcomes is the quality of your planning for the negotiation.
As a matter of negotiation strategy, consider the following top 5 components 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 key that we first invest in understanding our own strengths & weaknesses and it is vital that we make use of personal profiling tools to underline our areas of preference within the framework of business 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 key motivating issues behind your counterparty's position? What common ground, if any, exists between your and your counterparty's vision? It is vital to comprehend the drivers or silent motivations behind the positions of all parties to the negotiation and it is only by asking questions that we will discover these motivations.
3. Value
What are the most important deal goals 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 objectives 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 initiate conflict.
4. Process
Have you spent time preparing an agenda for your forthcoming 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 individuals who have goals & aspirations similar to 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 things that you share with your negotiation counterparts, and do not forget to focus on the people.
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