In the world of business sales and transitions we see a lot of negotiations.
What are your top tips for effective negotiations?
We recommend the two ears – two eyes – only one mouth approach. Look and listen twice as hard as you talk.
Other suggestions include:
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Confirm your understanding of the matters you agree on and those you differ on
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Be clear about what you can offer up – it might be of little value to you but mean a lot to the other side
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Use a go-between / intermediary who isn’t emotionally or financially attached to the issue
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Break the issue up into smaller pieces collecting information and agreement as you go
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Make sure all of your team are actually on the same page – don’t assume!
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Map out worst case / best case / likely case – the process itself can be very enlightening
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Accumulate facts and hard evidence
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Recognise different negotiating styles – ‘no’ doesn’t always mean ‘no’
You must have plenty to offer this discussion – what negotiating strategies do you find work well?
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