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Your Underdeveloped Business Negotiation Skills Ability Could Cause Critical Negotiation Interventions To Fail Due To Inappropriate Preparation
Two parties are engrossed in a negotiation - one accomplishes his/her objective(s) and is very pleased, whilst the other walks away unhappy with the result. Does this situation sound familiar?
Do you often feel displeased with an agreement that you have reached? Have you sometimes entered into a settlement only to feel regret soon after sealing the deal?
SUCCESS VS FAILURE
What differentiates success vs failure in commercial negotiations?
Most of us acknowledge the importance of preparation to achieve success and it is therefore remarkable to note that most commercial negotiators do not spend enough time planning for negotiations, often due to insufficient negotiation training. Professional sports people spend notably more time preparing for a contest 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 in reality spend in negotiation. If you were a professional sports person, this would mean that you devoted only 1/3 as much time training & planning as you do competing. The foremost contributor to profitable commercial negotiation outcomes is the quality of your planning for the negotiation.
As a matter of negotiation strategy, consider the following key 5 factors of preparation and at the same time you will also enhance your negotiation skills:
1. Understand Yourself
Before we even apply best- and leading practice negotiation, it is important 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 commercial negotiations, which enables us to have a reference point from which to plot our skills development.
2. Vision
What is the main aim behind the negotiation? Is the negotiation about price or is it about the value that can be added? What are the main motivating factors behind your counterparty's position? What common ground, if any, exists between your and your counterparty's vision? It is key 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 expose these interests.
3. Value
What are the main deal goals being pursued in this negotiation? What are the facts and figures supporting 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 result in conflict.
4. Process
Have you spent time preparing an agenda for your forthcoming negotiation? Have you noted all the concessions 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 contractual terms. 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 human elements.
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