Articles
The Art of Negotiation - Lost in Translation
At Standard Edge, we provide the tools and the training to help business owners, senior management and sales personnel to master the skill of negotiation.
There is no doubt that negotiation is stressful and demanding on business owners.
This is especially true when the negotiations involve suppliers, employees or even for an acquisition of a new business.
Studies show that people tend to irrationally fixate on the first number put forth in a negotiation.
This is known as an "anchor".
Because negotiations are an uncertainty, a clearer understanding of how you and others manage the unknown can keep you from making costly mistakes.
Therefore assessing all the facts and better understanding the position of the other party will help reduce any mistaken translation or becoming bogged down on the "first number".
No one goes into a negotiation completely blind.
Almost everyone who walks into a negotiation already holds a fairly strong position of how they expect it to go down.
Having the right tools to manage your expectations is critical in achieving your goals.
In order to have the right tools to do battle, small business owners need to “skill up” in certain areas and practice these newfound techniques.
Rules of Engagement
Each negotiation will be different :- people, sets of facts, expectations and outcomes.
Standard Edge are experts in the area of negotiations and conflict resolutions.
Whilst we can be engaged to participate in negotiations and settlements, our main focus is training and providing support to the client.
It is our view that by providing structured training, the client will receive greater value and lifetime skills.
The areas we cover:
- how to define your specific objectives
- conducting a SWOT analysis of the other party’s current status
- assessing the other party’s core values
- preparing for battle
- how to manage left field responses
- managing setbacks during negotiations
- what are you prepared to give up
- how to close the deal
Critical Moments in Negotiations
The significance of certain moments in negotiation, as in life generally, sometimes can only be better understood in hindsight.
The moments at which negotiations are on the verge of moving or turning for better or worse are often critical.
Negotiators who are alert to critical moments can capitalize and minimise the potential damage.
The ability to recognise such moments in the heat of battle is not a mysterious gift to only a few.