“I could have got more”…. Ever had the feeling you’ve missed out when making a deal? Or wonder why you just couldn’t get the deal done? Or maybe you just hate negotiating!
Without a structured approach, your business risks struggling to secure favourable terms, managing resources efficiently, leaving value on the table, or missing variables to trade altogether. To avoid these pitfalls and maximize your negotiation outcomes, it’s good to adopt a formalised process.
Now and for the future
Effective negotiation isn’t just about closing deals; it’s about achieving outcomes that enhance your business’s profitability and strengthen relationships. By understanding and addressing the needs of both parties, you can secure mutually beneficial agreements that foster long-term trust.
Effective negotiation reduces risks. With thorough planning, you can anticipate challenges and devise strategies to address them, ensuring smoother negotiations and fewer costly disputes.
But why?!
A structured negotiation process is essential for consistency, alignment, and professionalism. It ensures all variables can be planned for and tracked, and that team members are on the same page regarding goals and tactics, minimising the risk of miscommunication.
This approach also encourages thorough preparation, leading to better-informed decisions, stronger negotiation positions, minimising surprises, and not missing things.
A formalised process also means you get better each and every time. By reviewing each negotiation systematically, you can identify lessons learned and apply them to future negotiations, driving continuous improvement.
It’s not “fair”!
The language of negotiation matters. “Fair” is subjective and can imply an even split, which isn’t always the goal. “Appropriate,” however, is more objective and context-specific, focusing on outcomes that suit the circumstances and strategic goals of your business.
Prioritising appropriate solutions leads to practical, sustainable agreements that benefit your business.
In Summary
Don’t let poor negotiation cost your business. Implementing a structured process and focusing on appropriate outcomes will maximize your negotiation success and drive long-term growth.
David has around 30 years’ experience of negotiations in businesses like Heinz, Britvic, Miele and BP, from the shop floor all the way to board level with global multinational corporations. He uses an approach based on the well-established and highly regarded GAP Partnership model to upskill your team and secure optimised outcomes.
Get in touch and David can help you unlock this potential.