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Definition of Negotiation "reaching the most satisfactory outcome for ALL concerned" |
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Negotiate to Your Advantage
The hardest and most important part of any negotiation is knowing when to walk away. Few things are sweeter than a successful negotiation session where both parties leave the table with a winning solution. That's because the stakes are high: Negotiate too hard and you lose the deal; be too timid and you may not get what you want. The three most important concerns in any negotiation are the relationship, the risk, and the value--the real decision criteria underlying any future business transactions. So whether you're negotiating a salary increase with your board or a contract with a vendor, before beginning the process it's critical for you to cross three essential mental bridges: 1. Clarify the relationship. "What is the current real and perceived business and personal relationship, and what is its true value to my credit union's future?" Far too often people hold on to the past not realizing that they need to let go to be free to reach out for something better. Carefully consider what could be lost in this negotiation, but also what new doors may open should there be successful negotiation. Too many business leaders continue with existing relationships beyond their prime simply because it's easier and more comfortable than striking out to develop a new relationship that better suits their organization's future. 2. Clearly structure the outcome both parties desire. Very often, people enter a negotiation with the drive to win, but they never commit to paper beforehand precisely what that means. Yes, they have a general idea (to place the contract at the best price or cost); however, they haven't defined the optimal combination of price/cost and all other terms that reflect both parties' best long-term interests. Identify what it will take for all parties to believe they've been treated fairly. Outlining what each party should view as a "great deal" often leads to the optimum win-win agreement. After all, negotiating is merely a more formalized variation of common marketplace bartering. It's all about give and take and each party's perceptions of value. You offer. They counter. You respond. And so it goes. 3. Determine your walk-away point. The hardest and most important part of any negotiation is knowing when to walk away. Decide when you'll walk away from the deal before the negotiation process, because it's difficult to identify it in the heat of the negotiation. It's important to approach your walk away point calmly, as negotiators truly need to understand what each side requires to make it a "great win-win" agreement. Then, if the other side becomes unreasonable and prevents your desired outcome from happening, weigh the predetermined value you placed on the relationship as well as ask the question, "Do we really have a mutual relationship or merely one party taking undue advantage of the other?" Once you've laid out the previous three steps you can begin negotiation, realizing that at times the process requires the patience and confidence to be still. For example, if the other party precipitates a long silence then wait, say nothing, and let the other party break the silence. While it's important to hold out firmly for your high priority/risk issues, holding out for a lost cause isn't in your best interest. Know when to give in on a point. If it's not a walk away issue, then concede and negotiate onward.Most important, realize when you're approaching the walk away point. That will help you try and steer the negotiations away from falling unnecessarily into a downward spiral, where relationships deteriorate and from which it's often impossible to recover. Copyright 2005 by John Di Frances. John Di Frances is an internationally recognized organizationallegacy expert and motivationalspeaker. http://www.difrances.com
MORE RESOURCES: I Negotiate up to $30,000 More in Every Job Using 'Door-in-the-Face' Business Insider Dak Prescott’s agents provide behind-the-scenes look at the negotiation process with the Cowboys Blogging The Boys Trump’s shadow looms as offshore wind price negotiation deadline missed CommonWealth Beacon Nebraska Department of Natural Resources official says Colorado landowners seem uninterested in canal negotiations Nebraska Public Media Teacher negotiations open with proposals for pay bump, changes for therapists, social workers Grand Forks Herald How Brock Purdy's Agent Could Complicate Negotiations with the 49ers Sports Illustrated Trump is 'always up for a good negotiation,' White House says, as April 2 'Liberation Day' tariffs loom Fox Business Trump's shadow looms as offshore wind price negotiation deadline missed The Register-Herald Lenawee County to negotiate restarting funding of Lenawee Now economic development agency lenconnect.com Sudan’s leaders must choose negotiation over endless war Sudan Tribune Paris set to host difficult negotiations on tackling commercial hacking tools The Record from Recorded Future News Five Key Moments: Hearing on Trade Negotiation Priorities House Ways and Means (.gov) Canada, U.S. Columbia River Treaty negotiations in jeopardy Cascade PBS News ZeniMax union "overwhelming" votes to authorise strike if Microsoft contract negotiations break down GamesIndustry.biz SMU Survey: Mills unlikely to budge on price, buyers say Steel Market Update 'Better Negotiation Position': Barbara Corcoran Says Do These 2 Things When Asking For a Raise at Work Entrepreneur Tehran has rejected direct negotiations with the U.S. after Trump letter, Iranian president says CBS News IAM’s ‘Leading Lights’ report features female CIPOs top advice on licensing, negotiation, leadership IAM Media Micah Parsons' agent David Mulugheta talks strategy for players negotiating contracts Sports Illustrated NFL approves change to free agent negotiation window Yahoo Sports Deciphering Cowboys’ Jerry Jones: Will swipe at agent impact Micah Parsons negotiations? Dallas News Chicago's CPS secures proposed contract deal, ending year-long teacher negotiation standoff Times of India Negotiation deadline looms for Anthem-MU Health Care selfemployed.com Donald Trump’s Overwhelming Force/Surrender Style of Negotiation and Governing Toda Peace Institute Los Angeles Rams: Aggressive Negotiation Could Drive Extension Price Through The Roof - LAFB Network Byrne and Serino Urge Comcast to Keep YES Network Live During Negotiations Putnam County (.gov) Update: First Student and Bus Drivers in Contract Negotiations Seattle Public Schools US FDA Staffing Uncertainty Could Impact Upcoming User Fee Negotiations insights.citeline.com Hartford HealthCare, UnitedHealthcare still negotiating; contract expires at midnight Hartford Business Journal Second Set of Part D Drugs for Medicare Negotiation Includes Blockbuster Diabetes and Weight-Loss Drugs Medicare Rights Center Negotiation drama unfolds as Micah Parsons holds all the leverage in Cowboys’ offseason saga with Jerry Jones unresponsive to agent's calls motociclismo.pt City manager negotiations begin, again Navasota Examiner | All you need to know about the Furlani-Paratici negotiations Milanreports.com What People Still Get Wrong About Negotiations Harvard Business Review Russian, Iranian deputy foreign ministers discuss negotiations on Tehran’s nuclear program The Times of Israel Negotiations with Portland Adult Education union headed for mediation The Portland Press Herald Bengals superstar Trey Hendrickson's public gripes spark trade speculation but backfire as Cincinnati digs in for negotiations MotorcycleSports Healthcare workers gather again after little negotiation progress SwiftCurrentOnline As tariff clock counts down, Trump is still up for 'a good negotiation' The Economic Times A message to the campus community on faculty negotiations, March 26, 2025 Illinois State University News Students Learn Art of Negotiation at NBLSA Competition University of Virginia School of Law Free Agency Negotiation Period Begins Monday Tampa Bay Buccaneers Cowboys Headlines: Parsons turns negotiations over to the professionals, Diggs out Week 1 Cowboys Wire Gen Z is changing the game for salary negotiations. Here's who's winning. The Business Journals South Hamilton School board to meet Tuesday evening,April 1st for negotiation session. - kqradio.com Amid Trump letter: US, Iran in talks for potential negotiations www.israelhayom.com ZeniMax Union Is Ready To Go On Strike Vs. Microsoft After Two Years Of Contract Negotiations gameranx.com Ukraine war latest: Putin will have nothing to say at peace negotiations, Zelensky says The Kyiv Independent How ‘Masculine Energy’ Can Hinder Your Negotiation Success Columbia Business School A message to the campus community on faculty negotiations, March 22, 2025 Illinois State University News How Brandon Aiyuk Could Impact Brock Purdy's Negotiation with 49ers Sports Illustrated UC workers hope third strike the charm amid stalled negotiations San Francisco Examiner |
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