The core of any business is the ability to negotiate a good deal. You can have an excellent service, along with a great sales team but the terms negotiated with partners can have long term negative effects. Too often, in the rush to get something going, entrepreneurs and business owners may overlook the long term negative impact for an immediate result.
By having an outside advisor for the negotiations, you are essentially removing the ability to make emotional and rash decisions.
When choosing to work together, we first look to understand the following.
- Your long and short term goals.
- What is the best outcome you are aiming for?
- What is an acceptable outcome?
- What are your limitations?
- Are there any additional benefits you could provide your partner?
Together we will then outline a negotiations process. If and when required we will join you in the negotiations to ensure the best outcome possible.
3 Keys to Negotiation
It is safe to say that all of us go into negotiations playing certain pieces of information close to the chest. It would be unwise of you to assume the other side isn’t doing the same thing. Essentially this explains that not only is there information we don’t know, but there is also information being held back in some fashion.
The baseline purpose for all negotiation, to create buy-in. This is the purpose of all interactions where we have skin in the game. The best way to create buy-in is to use the counterpart as a problem solver. We say, “the key to negotiation is giving the other side the illusion of control.” When we look at fundamental human nature, we know when people feel in control they are highly likely to be confident.
A significant portion of the deals anyone makes hinge on the ability to continue to work together productively moving forward. In human nature, trust and motivation are often linked together. Based on this notion, you know you can make good deals with someone who feels like they can have a good relationship with you. Tactical Empathy is a great communication approach to develop these types of interactions.