Your Underdeveloped Commercial Negotiation Skills Ability Could Cause Critical Negotiation Interventions To Fail Due To Inadequate Planning
Two people are engrossed in a negotiation - one succeeds in achieving his/her objective(s) and is very pleased, whilst the other walks away unhappy with the result. Does this scenario sound familiar?
Do you often feel disappointed with an agreement that you have reached? Have you ever entered into a settlement only to feel remorse soon after sealing the deal?
SUCCESS VS FAILURE
What differentiates success vs failure in commercial negotiations?
Most of us understand the importance of preparation to achieve success and it is therefore interesting to note that most business negotiators do not spend enough time planning 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 not be the same for commercial negotiators?
THE EVIDENCE
Business negotiators only spend approximately 1/3 as much time preparing 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 in competition. The leading contributor to profitable business negotiation outcomes is the quality of your preparation 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 improve your negotiation skills:
1. Understand Yourself
Before we even put into operation best- and leading practice negotiation, it is key that we first invest in understanding our own strengths & weaknesses and it is important that we make use of personal profiling tools to underline our areas of preference within the context of commercial 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 key motivating factors behind your counterparty's position? What common ground, if any, exists between your and your counterparty's vision? It is vital to understand the drivers or silent motivations behind the positions of all parties to the negotiation and it is only by asking questions that we will uncover these interests.
3. Value
What are the main deal goals being targeted in this negotiation? What are the facts and figures strengthening the negotiation environment? What alternatives does each party have, if any? Once again we should try to recognise, prioritise & 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 cause conflict.
4. Process
Have you spent time preparing an agenda for your forthcoming negotiation? Have you listed all the concessions that you will give & receive? Do you have tools/templates at your disposal to support the effectiveness of the negotiation cycle.?
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 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 elements that you share with your negotiation counterparts, and do not forget to focus on the people.
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