Two parties are busy in a negotiation - one reaches his/her objective(s) and is delighted, whilst the other walks away dissatisfied with the result. Does this scenario sound familiar?
Do you often feel unhappy with a settlement that you have reached? Have you sometimes entered into a settlement only to feel remorse soon after reaching a settlement?
SUCCESS VS FAILURE
What distinguishes success vs failure in commercial negotiations?
Most of us understand the importance of preparation to deliver positive results and it is therefore remarkable to note that most business negotiators do not spend sufficient time preparing for negotiations, often due to inadequate negotiation training. Professional sports people spend considerably more time preparing for a championship than they spend in competition; should it be any different for business negotiators?
THE EVIDENCE
Commercial negotiators only spend roughly 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 applied only 1/3 as much time training & planning as you do in competition. The leading factor to successful commercial negotiation outcomes is the quality of your preparation for the negotiation.
As a matter of negotiation strategy, consider the following top 5 elements of preparation and at the same time you will also improve your negotiation skills:
1. Understand Yourself
Before we even put into operation best- and leading practice negotiation, it is vital that we first understand our own strengths & weaknesses and it is vital that we make use of personal profiling tools to highlight 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 ultimate aim behind the negotiation? Is the negotiation about price or is it about the value that can be added? What are the key motivating factors behind your counterparty's position? What mutual ground, if any, exists between your and your counterparty's vision? It is important 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 key deal goals being targeted in this negotiation? What are the facts and figures strengthening the negotiation environment? What options does each party have, if any? Once again we should try to identify, rank & weigh the objectives 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 thinking about an agenda for your forthcoming negotiation? Have you listed all the concessions 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 individuals 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 deal 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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