PON – Program on Negotiation at Harvard Law School - https://www.pon.harvard.edu
Effective business negotiation is a core leadership and management skill. This is the ability to negotiate effectively in a wide range of business contexts, including dealmaking, employment discussions, corporate team building, labor/management talks, contracts, handling disputes, employee compensation, business acquisitions, vendor pricing and sales, real estate leases, and the fulfillment of contract obligations. Business negotiation is critical to be creative in any negotiation in a business setting. Business negotiation strategies include breaking the problem into smaller parts, considering unusual deal terms, and having your side brainstorm new ideas.
Leveraging the contrast effect is also a powerful tool in negotiations. You might ask for more than you realistically expect, accept rejection, and then shade your offer downward. Your counterpart is likely to find a reasonable offer even more appealing after rejecting an offer that’s out of the question. Additionally, offering several equivalent offers that aim higher than your counterpart is likely to accept will elicit reactions that can help you frame a subsequent set that, thanks in part to the contrast effect, are more likely to hit the mark.
Building a team is critical to negotiations in business. To prevent conflicts among diverse, strong-minded team members from overshadowing group goals, negotiation teams should spend at least twice as much time preparing for upcoming talks as they expect to spend at the table. Because the other side will be ready and willing to exploit any chinks in your team’s armor, it’s important to hash out your differences in advance.
Other business negotiation tips include curbing overconfidence, creating value in the negotiation, establishing a powerful BATNA, effective use of emotions at the bargaining table, caucusing, delineating your zone of possible agreement, and other skills geared toward an integrative bargaining outcome rather than a distributive, or haggling, bargaining outcome.
In addition, considering the ethical and legal repercussions of a deal to insure that it is a true win-win is the hallmark of every experienced business negotiator.
Articles include many business negotiation examples, and explore concepts such as creative dealmaking, renegotiating unfavorable deals, seeking advice from a negotiation opponent, identifying a solid BATNA and crafting draft agreements.
Negotiators mimic the behaviors of those they consider peers. What implications does this have for negotiating styles at the bargaining table? To build rapport, social science and negotiation research advise to bargainers to look for common ground. … Learn More About This Program 
Many of us know the feeling of being frustrated by a superior’s involvement in our business negotiation strategies, whether because she hovers too closely over the talks, contradicts our carefully crafted strategy, or doesn’t give us the authority we need to sign off. … Learn More About This Program
In 2016, political dealmaking and corporate mergers took center stage. We look back on some of the most notable of these negotiations, which offer significant lessons to professional negotiators. … Read 10 Notable Negotiations
We’ve all shared a meal with a negotiating counterpart at one point or another, whether a business lunch, a working dinner, or sandwiches in a conference room. What are the advantages and potential pitfalls of combining food and drink with negotiation? Here, we offer business negotiation solutions for those who are trying to decide whether … Learn More About This Program
In corporate negotiation, negotiators often care most about getting the best price possible, assessing the other party’s ability to follow through, and closing the deal. Unfortunately, such business preoccupations can lead dealmakers to overlook potential ethical concerns, as current negotiations in the news often attest. Examining some of Facebook’s recent corporate negotiation mistakes, we describe … Learn More About This Program
In business negotiations, a little power is better than none at all, right? After all, if talks with a prospective client fail, we’d rather have a few unpromising leads to turn to rather than none. … Learn More About This Program
In the fall of 2017, Amazon created a stir when it announced it was taking bids from North American cities and regions interested in hosting its second headquarters, known as HQ2. Driven by the promise of 50,000 jobs and a $5 billion campus that Amazon promised would be the “full equal” of its main campus in … Learn More About This Program
There are many business negotiation examples involving auctions. Suppose you’ve weighed the pros and cons of selling an asset via auction or negotiation and decided an auction is the best choice. What kind of auction should it be? … Learn More About This Program
When Art Buchwald sued Paramount Pictures over the 1988 Eddie Murphy movie Coming to America, the widely reported outcome was seen as a win for the late, beloved humorist. But Buchwald actually lost — and so did Paramount. … Learn More About This Program
After engaging in the complex process of business negotiation, business negotiators are often happy to pass off the technicalities of deal drafting to their attorneys. Unfortunately, this handoff is prone to errors. Vague, contradictory, and missing deal terms are not uncommon, and they can lead to serious problems during the implementation stage, according to Harvard … Read Negotiate Business Contracts that Last
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