Two parties are engrossed in a negotiation - one accomplishes his/her objective(s) and is satisfied, whilst the other walks away dissatisfied with the result. Does this scenario sound familiar?

Do you often feel disappointed with an agreement that you have reached? Have you sometimes entered into a settlement only to feel regret soon after reaching a settlement?

SUCCESS VS FAILURE

What distinguishes success vs failure in commercial negotiations?

Most of us understand the importance of preparation to achieve success and it is therefore remarkable to note that most commercial negotiators do not spend sufficient time preparing 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

Commercial negotiators only spend approximately 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 applied only 1/3 as much time training & planning as you do in competition. The principal contributor to profitable commercial negotiation outcomes is the quality of your planning for the negotiation.

As a matter of negotiation strategy, consider the following top 5 elements 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 vital 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 ultimate 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 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 key 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, 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 trigger conflict.

4. Process

Have you spent time thinking about 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 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 deal 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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