How to Obtain the Best Business Negotiation Results
Written by Executive Leadership Coach, Denise Louise Jeffrey
Whether pushing for promotion, bargaining for extra budget or trying to convince a client to get on board, negotiation is a necessary part of business life. Most of us aren’t born with this skill, but it’s well worth taking the time to conquer for the benefits that it can bring – from forging better business relationships to reaping great rewards… whatever they may look like for you. With insight from Executive and Leadership Coach Denise Louise Jeffrey, here’s how to influence your way to great negotiations and seal the deal:
One of the most important things to do when negotiating, is to put in the groundwork before anything begins. A common combination, and a vain one at that, is to be overconfident but under-prepared. Always take time to put the research in, and make sure you know what you’re getting yourself into. If you know who you’re meeting, carry out some background research, perhaps familiarizing yourself with their role and career trajectory. Also educate yourself on the project at hand, so that you’re well positioned to address any questions that may arise, and provide answers backed up by cold, hard facts.
Being attentive takes on many types of meaning in negotiations. No matter who you’re up against, always take the time to listen and show that you’re taking on board what they say. This is a two-way street, and there needs to be a mutual respect and understanding for what one another wants from the meeting. But being attentive also means being observant of their behavior, and as Denise suggests, you should use this to negotiate “with an outlook of achieving different outcomes that could be acceptable for all, depending on the style of bargaining your counterpart pursues.” Being able to pay attention to and, recognize their tactics, is key. This leads us onto the final step
As Denise tells us, negotiation isn’t a one-solution situation, and what works for one person may not work for the next. Being able to adapt based on your negotiator’s behavior is a key part in increasing your likelihood of success in the transaction. According to Denise, you can do this through noting their negotiation traits, which have been broken down into four archetypal types: The ‘My Way or the Highway’ type, the ‘Sweet Talker’ type, and the ‘Devil’s in the Details’ type and the ‘Let’s Not Rock the Boat’ type. The key is to then meet them on their level, unless – and this is one exception to the rule – they are being inappropriate or aggressive, in which case, call them out for their unprofessionalism and part ways. Denise’s recommended negotiation approaches are tailored to each category.
Ultimately, the most valuable skill a negotiator can possess is “being able to adapt and negotiate in all styles – not just the one you are most comfortable with.” Being prepared, attentive, altering your behavior based on theirs, and adapting accordingly on the day, is what will give you the highest chance of the best possible outcome.