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Your Underdeveloped Commercial Negotiation Skills Ability Could Cause Critical Negotiations To Fail Due To Poor Planning
Two parties are busy in a negotiation - one accomplishes his/her objective(s) and is delighted, whilst the other walks away unhappy with the result. Does this situation sound familiar?
Do you often feel displeased with a settlement 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 recognise the importance of preparation to achieve positive results and it is therefore remarkable to note that most commercial negotiators do not spend sufficient time planning for negotiations, often due to insufficient negotiation training. Professional sports people spend significantly more time preparing for a championship than they spend in competition; should it not be the same for business negotiators?
THE EVIDENCE
Commercial negotiators only spend more or less 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 devoted only 1/3 as much time training & planning as you do competing. The leading contributor to successful commercial negotiation outcomes is the quality of your planning for the negotiation.
As a matter of negotiation strategy, consider the following top 5 factors of preparation and at the same time you will also develop your negotiation skills:
1. Understand Yourself
Before we even put into operation 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 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 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 motivations.
3. Value
What are the main deal goals being pursued 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 identify, 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 noted all the concessions that you will give & 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 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 human elements.
Sales Training Advice: Obtaining What You Need From Your Sales Meetings Through Efficient Negotiation Skills
Sales training tip explaining how you can readily increase the likeliness of getting what you want from sales and business negotiations.
Is Sales Funnel The Most Efficient Method To Create Results
I have outlined the most effective way, that I have discovered to set up my Sales Funnel for my MLM business. I lay out each step for you to easily follow.
Improve Your Negotiation Skills By Applying And Countering Power In Negotiation
By developing options in your negotiation, you are deploying the single most effective way to developing authority for yourself in negotiations.
Business Meltdown: How To Use Your Negotiation Skills To Safeguard Your Security
In times of market instability, it is advisable to move away from price as the key negotiation factor and concentrate on 'loss framing', creating more alternatives, reciprocation and value in order to reach agreement and realise your objectives in negotiations.
Using Negotiation Skills During The 5 Stage Program To Attaining Lucrative Deals In China
In order to achieve success in your business negotiations in China, you will have to understand that as an outsider, doing business is completely different than what most people are familiar with.
Ensure To Examine These Two Factors When Sourcing A Business Negotiation Initiative, It Will Cost You Dearly Otherwise
Developing a strong negotiation capability is contingent on critical factors: The negotiation strategy, process, the individual's skills and the supporting network. Relying on the negotiation abilities of people is a familiar oversight businesses make.
Sales Coaching To Boost Your Sales Team
Whether you are starting your own business or you have a well established firm, increasing clients and sales are the most vital things needed to keep a business growing. To achieve the best business results, you should hire a sales coach.
Better Your Negotiation Skills By Using These Examples On Overcoming The Vice Tactic In Your Business Negotiations
You will inevitably have to negotiate with counterparts who use tactics against your organisation. It is very important to be able to recognise negotiation tactics and have the confidence and negotiation skills to counter them successfully.
Do you often feel displeased with a settlement 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 recognise the importance of preparation to achieve positive results and it is therefore remarkable to note that most commercial negotiators do not spend sufficient time planning for negotiations, often due to insufficient negotiation training. Professional sports people spend significantly more time preparing for a championship than they spend in competition; should it not be the same for business negotiators?
THE EVIDENCE
Commercial negotiators only spend more or less 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 devoted only 1/3 as much time training & planning as you do competing. The leading contributor to successful commercial negotiation outcomes is the quality of your planning for the negotiation.
As a matter of negotiation strategy, consider the following top 5 factors of preparation and at the same time you will also develop your negotiation skills:
1. Understand Yourself
Before we even put into operation 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 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 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 motivations.
3. Value
What are the main deal goals being pursued 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 identify, 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 noted all the concessions that you will give & 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 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 human elements.
Sales Training Advice: Obtaining What You Need From Your Sales Meetings Through Efficient Negotiation Skills
Sales training tip explaining how you can readily increase the likeliness of getting what you want from sales and business negotiations.
Is Sales Funnel The Most Efficient Method To Create Results
I have outlined the most effective way, that I have discovered to set up my Sales Funnel for my MLM business. I lay out each step for you to easily follow.
Improve Your Negotiation Skills By Applying And Countering Power In Negotiation
By developing options in your negotiation, you are deploying the single most effective way to developing authority for yourself in negotiations.
Business Meltdown: How To Use Your Negotiation Skills To Safeguard Your Security
In times of market instability, it is advisable to move away from price as the key negotiation factor and concentrate on 'loss framing', creating more alternatives, reciprocation and value in order to reach agreement and realise your objectives in negotiations.
Using Negotiation Skills During The 5 Stage Program To Attaining Lucrative Deals In China
In order to achieve success in your business negotiations in China, you will have to understand that as an outsider, doing business is completely different than what most people are familiar with.
Ensure To Examine These Two Factors When Sourcing A Business Negotiation Initiative, It Will Cost You Dearly Otherwise
Developing a strong negotiation capability is contingent on critical factors: The negotiation strategy, process, the individual's skills and the supporting network. Relying on the negotiation abilities of people is a familiar oversight businesses make.
Sales Coaching To Boost Your Sales Team
Whether you are starting your own business or you have a well established firm, increasing clients and sales are the most vital things needed to keep a business growing. To achieve the best business results, you should hire a sales coach.
Better Your Negotiation Skills By Using These Examples On Overcoming The Vice Tactic In Your Business Negotiations
You will inevitably have to negotiate with counterparts who use tactics against your organisation. It is very important to be able to recognise negotiation tactics and have the confidence and negotiation skills to counter them successfully.