Negotiating your wins

Business Coach

By Deb Fribbins

We spend our life negotiating in so many different ways. In business, with our families and friends, and in our pursuit for happiness in the various organisations or groups with which we belong. No matter the type of negotiation that you’re working through, the results that you’re looking for at all times, will be more beneficial if there beneficial when there is a win for both sides.

Prepare the five stages of negotiation to achieve the results that you want. The conversation you have may be crucial to your business or the person you are dealing with. Your business negotiations should be planned out thoroughly before you start the meeting. There are many factors to take into consideration The financial cost is often the main factor we concentrate on. This can lead to failure if you do not consider physical, emotional and environmental considerations.

In all negotiations there are three possible outcomes A. There is no win for you and the negotiations fail completely with no favourable outcome. B. You win on this occasion, but you don’t get the opportunity to go back in the future. You burn your bridges for ongoing opportunities. C. You a achieve a favourable negotiation for both sides. The later is the most beneficial in the long run. It may not be quite as fruitful as you initially wanted, but will lead to better relations going forward.

Knowing exactly what you want, and what you are prepared to compromise on, gives you greater bargaining power. Utilising the 5D program during this process becomes second nature very quickly, and will lead to better long term results.

1. DEFINE what it is that you “need” out of the negotiation. What are the minimum requirements that you’re prepared to accept as a win, what is the end result that is most beneficial to you and your business.? What is your utopia? What impact will the negotiation have on other areas in your business?

2. DETERMINE the parameters under which you are working. Know your marketplace, know the value of the negotiation that you were trying to achieve, what are the market forces? Know the costs physically, mentally, and financially to the person or company you are negotiating with? Know the party with whom you will be negotiating. What are their limitations? Are you speaking to the right person? What are other benefits you may negotiate that do not cost either party, such as exclusivity, or pre-launch window of opportunity, or Gift With Purchase (GWP), or delivery, or service as applicable to your business.

3. DEVISE a plan for the conversation, under which you’re able to negotiate. Atay on topic until the conclusion of the negotiation. Start the negotiation amicably on a level playing field. What are the minimum negotiating points that give you a complete win? What are you prepared to compromise to achieve a workable result? What are the implications to your business and equally importantly your ongoing relationship?

4. DELIVER on those plans as you devised them, with thorough planning you will know what you are able to negotiate your way to a beneficial result. Start with the most favourable to you then slowly relinquish only if you have to.

5. DISSECT the planning stages with a mentor or coworker before you go into the meeting. Listen to their suggestions and possible adaptions you may need to make? Be fully prepared before you start the conversation. When the negotiation is completed Dissect again. How well did the negotiation go? What did you need to compromise on? How will that impact on the business? What are the long term ramifications with this stake holder? What will you do differently next time?

Going through these 5 steps will enable you to be fully prepared for a more favourable outcome. Maintaining good customer relations is just as crucial to the result as the negotiating the right price for customer relations and longevity of supply.

If you would like support to address this in your business book a time for a complimentary Appointment With Purpose (A.W.P.) with Deb Fribbins. We will explore your options together. https://calendly. com/deb-fribbins/appointment-withpurpose?month=2023-03