Negotiation, Sales, Conflict, Conflict Resolution, Conflict Management, Difficult Conversations, Leadership, Supply Chain, Supply Chain Management, Procurement

Negotiation, Sales

How To Negotiate In Tough Times

How To Negotiate In Tough Times

10/23/2021 10:00:00 PM

How To Negotiate In Tough Times

Tough times, such as the various crises happening around the world today, give rise to tough conversations. Here's how to navigate them.

2. Establish TransparencyTransparency in negotiation refers to the positive aspect of reciprocity where you share information and the other person shares back information. It develops trust between the two parties and consequently assures you that both sides are in good faith in trying to solve the problem together. 

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It discourages the negative aspect of reciprocity (also known as vengeance) because when you withhold fairly necessary information, the other side will also hold back information. In the end, you will both fail to achieve your desired negotiation outcome.

While transparency encourages openness, make sure you discuss and agree first with your team — if anyone’s joining you in the negotiation — the kind of information you will keep confidential in case the negotiation becomes contentious. Be also mindful that the sharing of information is not disproportionate, i.e., what you are sharing far outweighs the amount of information they are sharing. This is far from being a collaborative scenario. Don’t dump all information at once as you begin, hoping they’ll do the same. One information for each information they give is an ideal process.

3. Make Reasonable AdjustmentsAs you determine how far you can go or adjust in your problem-solving brainstorming, reciprocity dictates that you’re not the only one giving concessions. Exhaust all avenues where you can make adjustments, but make sure the other party does as well.

 This is called reciprocal concession, and as Lang emphasizes,“everything you're offering should be tied to getting something in return. That's so important when it comes to maintaining a good position in these negotiations.”But while pre-negotiation planning on the specifics of your adjustments is helpful, everything will still depend on the kind of information the other party will give, and the flexibility they are willing to extend in certain areas. So keep an open mind. 

And lastly, once you get the best possible terms, don’t commit to anything until you have them reviewed by the relevant teams, such as your procurement team and the top management or the board. Clarify that you are not the final decision makers. Remember that your job is to get a fair and reasonable deal that you can justify before the board and/or management, and have them approved.

Think Collaborative! Read more: Forbes »

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