Despite the bloody conflicts in the Middle East, people of goodwill from both Arab and Western nations earnestly seek to collaborate in diplomatic and business transactions.
business negotiation skills
Negotiation skills in business negotiations are similar to those in interpersonal or personal negotiations in that they employ the same methodologies and strategies except at a much larger scale.
The following items are tagged business negotiation skills.
Business Negotiators: Find the Right Fit
When approached by a partner whispering sweet nothings about untold riches and power, it can be tempting to rush through the negotiation process. But if you do, you could find out too late that your Prince Charming is nothing but a frog—and that those glass slippers on your feet pinch. That’s how famed shoe designers Kari Sigerson and Miranda Morrison felt not long after inking their seemingly sweetheart deal with Marc Fisher, the scion of the 9 West shoe fortune, as reported by Jessica Lustig in the August 1 New York Times.
Negotiating for Continuous Improvement: Offer Ongoing Negotiation Coaching
How can organizations capitalize on negotiation experience? Through reflective practice: the process of considering the results of each negotiation in light of initial expectations and then discussing what ought to be tried next. While each negotiator must take initiative for reflective practice, to truly learn from experience, most need continual coaching from mentors.
Managing Conflict Outside of the Courts
In May, Alex Scally, one half of the Baltimore musical duo Beach House, was surprised to hear from fans in Britain claiming that a new song by the band was being used in a Volkswagen television ad. Scally hurried to watch the ad online. He and his partner Victoria Legrand had repeatedly rejected lucrative offers from Volkswagen and its ad agency, DDB, for permission to use Beach House’s 2010 song “Take Care” in an ad, reports James C. McKinley, Jr. in the New York Times.
The Perils of Powerful Speech
Death to modifiers! All hail the active verb. Be succinct. These are some of Strunk and White’s commandments for simple and direct writing from The Elements of Style. They may also be effective guidelines for establishing verbal power in negotiation – though not always, it turns out.
“Are We Exclusive?”
Ron McAfee, a carpenter and roofing expert, spent considerable time working with a condominium association on the design of a new roof deck. After gaining agreement on the proposed layout, design, and materials, McAfee submitted a written bid of $12,500. One of the board members subsequently showed McAfee’s plans to another roofer, who offered to do the job for $10,250. The condo association voted unanimously to go with the cheaper roofer, and McAfee was left with nothing to show for his time and effort.
The Installment Plan
Which of these scenarios would make you happier?
Heading Off Deception
In all types of negotiations and across all phases of the process, people can sometimes misrepresent or fail to tell the truth. Individual negotiators lie with the hope of improving their own outcomes. When negotiating his salary with the Cranbury, N.J.–based pharmaceutical marketing firm Carter-Wallace in 1997, Robert Bonczek misrepresented his prior title and salary at DuPont. Once Carter-Wallace detected the deception, it withdrew its offer. Sometimes entire teams of negotiators lie [or was this just a bluff?]. In the union-management negotiations between the United Autoworkers Union (UAW) and Textron that began in 1994, Textron’s management team misrepresented its intention of hiring nonunion workers. As a result, the UAW agreed to a contract that it later regretted accepting.
Check Your Confidence
Many negotiators understand the importance of estimating the other side’s reservation price—the worst deal he would accept from you. However, despite the fact that such estimates often are based on hints, clues, and speculation, negotiators are frequently overconfident that their estimates are accurate.
Is It in Their Interest to Follow You?
Why should the people you’re supposed to lead follow you? If you believe that your charisma, your exalted office, or your vision is reason enough, you’re in trouble.
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