How often have you felt displeased with a settlement that you have reached? Have you ever 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 recognise the significance of preparation to achieve positive results and it is therefore interesting 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 significantly more time preparing for competition than they spend in competition; should it not be the same for business negotiators?
THE EVIDENCE
Business 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 competing. The main contributor to successful business 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 develop your negotiation skills:
1. Understand Yourself
Before we even employ best- and leading practice negotiation, it is important that we first understand 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 objective 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 common ground, if any, exists between your and your counterparty's vision? It is important 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 motivations.
3. Value
What are the main deal objectives being pursued 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 identify, 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 trigger conflict.
4. Process
Have you spent time preparing an agenda for your upcoming negotiation? Have you noted all the trades that you will give & receive? Do you have tools/templates at your disposal to support the efficiency 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 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 elements that you share with your negotiation counterparts, and do not forget to focus on the human elements.
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This is a question that many people before have tried to answer, but this is the wrong question and this is why.
