What is the Negotiation Table?
How can you uncover additional value, make useful trades, and put together a win-win deal at the negotiation table?
The negotiation table can be literal or figurative, but in either case, it’s where you bring your skills and experience to attempt to work out a deal with another party.
Some of the most integral skills negotiators can acquire include bargaining skills and tactics for building trust at the negotiation table. The most obvious way to make a negotiation feel safe and trusting is to choose new negotiating counterparts wisely, yet we don’t always have that luxury. When this happens, bridge the gap by working to build trust.
The first step to inspiring trust at the negotiation table is to demonstrate trustworthiness. A carefully crafted unilateral concession can work wonders for building trust, for it conveys to the other party that you consider the relationship to be a friendly one, with the potential for mutual gain over time.
You can also build a relationship at the negotiation table by asking questions, then listening carefully. Creating these positive negotiation relationships are important not because they engender warm, fuzzy feelings, but because they engender trust – a vital means of securing desired actions from others.
What should you do when little or no trust exists between negotiators? Consider bringing an intermediary to the negotiation table – someone trusted by both sides, to serve as a go-between focused on creating value. This role could be filled by a professional mediator or by someone with whom both sides have worked in the past, such as a banker who has financed earlier deals.
You can download a complimentary copy of our special report, Dealmaking: Secrets of Successful Dealmaking in Business Negotiations, right now! We will send you a download link to your copy of the report and notify you by email when we post new business negotiation advice and information on how to improve your dealmaking skills to our website.
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