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Top Ten Takeouts: The Art of Negotiation

Negotiation forms an integral part of our daily relationships, whether it be getting a major supplier to agree on terms and conditions, an investor to provide the funding you need, securing the best price on a new car or getting your kids to go to bed at a reasonable hour!

Whilst it’s a skill that comes naturally to some, it can be a taxing and anxiety-filled process for many of us, particularly where the stakes are high. The best negotiators come prepared, are clear communicators and can control their emotions. 

We explored:

  • How to prepare for & control the negotiation before it begins
  • How best to communicate
  • How to control your emotions including anxiety, anger, sadness and disappointment
  • Strategies for negotiating where the relationship is long term versus short term
  • Strategies for negotiating in group situations


Panellists

Fabian Courtaux – The Trustred Negotiator
Tina Lavranos
Jim Lewis
Moderated by Bec Kempster - Chair of the Churchill Club

The Takeouts

  1. In any negotiation you're ultimately selling yourself & your values
  2. Ask yourself is this outcome really good for your business, or just good for you?
  3. Re-orientate yourself to the outcome you want so you’re not as passionate and can cultivate a sense of detachment during the negotiation 
  4. Know who the decision maker is for the other party prior to the negotiation taking place
  5. In establishing the negotiation process, you should address Boundary, Authority, Role and Task
  6. In considering your negotiation team, look for a mix of psychological traits and assign a note taker and someone to monitor process.
  7. Lawyers are a necessary part of the process, at the very least for drafting the final agreement
  8. Beware of giving up your authority in a negotiation and deferring to power 
  9. Recognise that conflict is inevitable and not necessarily bad. It can be energising and strengthen relationships if managed in a functional way.
  10. Never end a negotiation saying “I won!”