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I just about remember, before the dawn of time, training to be a barrister. One module on the course was ' negotiation '. Maybe I wasn’ t the most attentive of students and I don’ t recall giving the subject much attention. However, since then, I have grown to discover that the ability to negotiate is not just a critical professional skill but is also a vital life skill.
Negotiation has been defined in numerous ways. One of my favoured definitions is that it is an“ interpersonal decision-making process that is necessary whenever we cannot achieve our objectives single-handedly.”
We all negotiate in our personal lives: which TV programme are we going to watch, where are we going on holiday, who does the school run today and so on. At work, we may have to negotiate with potential clients and with those we report to or those who report into us. As lawyers, we are frequently asked to negotiate on behalf of our clients.
There has been a lot written on this subject( easy to find if you are interested) so I won’ t be able to add a great deal to the discussion
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here. However, for me, there are some key points that will assist you in a negotiation, time after time.
• Some negotiators are ' hard ': often characterised by a coercive, aggressive and / or punitive approach with high opening asks and a lack of willingness to co-operate. ' Soft ' negotiators are often characterised as the opposite. The key is to be neither, or rather a mix of both. Identify what power you
“ Identify what power you have in a negotiation and use it to achieve an acceptable agreement”
have in a negotiation and use it to achieve an acceptable agreement that will almost inevitably involve co-operating with the other party and will be as much theirs as yours. Make that co-operation a virtue not a chore. Feel free to be nice about it! If someone likes you they are more likely to give you
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something they may otherwise not have given.
• Listen more than you speak. Make fewer statements about your goals and ask more questions about the other party’ s goals. The more you learn about the people on the other side, the more you can use it to build empathy and tune your strategy. If you want to reject an offer, maybe instead of saying“ no way”, ask“ how can I accept it?”
• Prepare! Yes, I know this is trite but as with so many things, preparation is really important. What is your walk away point? How many concessions should you make, should they be in decreasing increments, when should you make them? Who on the other side is the real decision maker? Is there a deadline that you can use or manufacture to increase momentum? Is there a small item you can hold back to sweeten the close?
You can learn this skill. You need practice and feedback, and a willingness to get it wrong. So, this Christmas, make a wish list and see how far you get!
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e: peterwoodhouse @ stoneking. co. uk t: 01225 326753 w: www. stoneking. co. uk twitter: @ StoneKingLLP |
THE BUSINESS EXCHANGE 2022 21 |