Advice to help you in your next business negotiation. Learn how to create value, manage your negotiating team, and how to develop a long-term relationship with your counterpart.
The following items are tagged business negotiation tips.
A draft agreement may allow you to control the early stages of talks, but be aware that it also can obstruct agreement in the long run.
Putting a draft on the table may lock parties into bargaining positions prematurely, interfering with a search for common interests and creative options.
More broadly, how does the desire to negotiate stack up against other workplace decision-making procedures?
Negotiation seems to be the preferred decision-making mechanism when employees are seeking individually tailored solutions, such as adjustments to travel and work schedules.
On the other hand, they prefer their compensation to be based on performance criteria and want companywide policies to dictate entitlements such as vacation, sick leave, and parental leave.
Computer giant Dell’s potential $23 billion leveraged buyout could mark the beginning of a new era of sky-high-priced acquisitions, writes Matt Wirz in the Wall Street Journal.
How would you characterize your negotiating style: Are you collaborative, competitive, or compromising? If you have trouble answering that question, you’re probably not alone. That’s because skilled negotiators typically take on all these styles during a negotiation: they listen closely and collaborate to create value, they compete for the biggest slice of the pie, and they make compromises when necessary.
Sometimes those on opposite sides of a bitter dispute can achieve great gains – if only they can spot the ways in which they are similar.
In 2001, the Metropolitan Intercollegiate Basketball Association (MIBA), an organization of five New York-area colleges best known for staging college basketball’s National Invitation Tournament, filed a lawsuit against the National Collegiate Athletic Association (NCAA). MIBA allege that certain NCAA rules governing team participation in preseason and postseason tournaments restricted school’s participation in MIBA tournaments, in violation of various antitrust laws. After four years of litigation, the two parties announced not only that they would settle a lawsuit but also that the NCAA would purchase the rights to the MIBA preseason and postseason tournaments.
Before launching a workaround, run through this list of skills-based strategies adopted from Getting Past No: Negotiating Your Way from Confrontation to Cooperation by William Ury (Bantam, 1993).
Imagine that you’re the CEO of a sports clothing manufacturer based in Chicago. You recently traveled to Amsterdam, the Netherlands, to meet with a distributor who has a rich and diverse network in the European sports market.
During the business trip, you both express enthusiasm about the possibility of a joint venture and agree to give the potential alliance more thought.
Back home, you learn that one of your competitors has discussed similar plans with the same distributor.
Successful professionals understand the value of self-promotion – helping others see what you’ve accomplished and what you can achieve for them.
On February 14, 2005, telecommunications giant Verizon announced that it would buy MCI for $6.75 billion in cash and Verizon stock. The announcement followed closely on the heels of two other announcements of big telecom mergers: first Sprint and Nextel, then AT&T and SBC Communications. In light of this rapid industry consolidation, only one player would be stranded without a partner: tiny Qwest Communications, whose market capitalization was less than one-fifth that of any of its soon-to-be-merged competitors.
Attempts to exercise power can backfire. As a negotiator, you must balance these three risks against the potential benefits of developing and exercising power.
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