Master the Art of Negotiation: Three Best Practices

"Negotiation is not a game. It's an essential part of our lives, whether we're working in business, politics, or any other field. The ability to negotiate effectively is one of the most valuable skills we can develop, and it can make all the difference in achieving our goals and building successful relationships."

 Christine Lagarde, Managing Director of the International Monetary Fund

Negotiation is a critical skill in the business world, and it's one that can make or break your success. Whether you're negotiating a deal with a client or partner, trying to secure funding for your startup, or resolving a dispute with a colleague, your ability to negotiate effectively can determine the outcome. Yet many business professionals, particularly women, struggle with negotiation and feel unprepared when they enter into a negotiation event.

Are you tired of feeling unprepared and unsure when it comes to negotiating in the business world? If so, don't worry - there are three best practices that can help you take your negotiation skills to the next level.

• Set the Agenda

• Role-Play the Event

• Debrief After the Event

Whether you're a seasoned negotiator or just getting started, these best practices can make all the difference in achieving your goals and building successful relationships with your clients and partners. 

Set the Agenda  

Business-to-Business Negotiations typically involve a series of discussions. Those discussions often include face-to-face meetings, and those meetings require an agenda. Control the agenda and you control the negotiation conversation.

Setting the Negotiation Agenda

The agenda determines what will be discussed and more importantly, what will NOT be discussed. The purpose of the discussion is to address issues that are negotiable. Consider the following as you develop the agenda:

• Choose the location.

• Set the start and end time.

• Think about where and how issues can be addressed and when they are introduced.

• Identify and agree on the participants.

• Develop the list of questions to be addressed.

• Schedule enough discussion time to give yourself time to think.

• You may have issues that are not negotiable. Don’t include them on the agenda. This will only emphasize that they are not up for discussion.

 If you cannot develop the agenda:

• Don’t automatically accept your counterpart’s agenda.

• If it is not feasible to be in control of the agenda, ask for it prior to the meeting.

• Evaluate your counterpart’s proposed agenda and look for what is deliberately left out.

Once you've set the agenda for your negotiation event, the next step is to prepare for the actual negotiation itself. This is where role-playing is an incredibly valuable tool. By practicing your negotiation skills with a trusted colleague or advisor, you can gain valuable feedback, improve your strategy, and feel more confident and prepared when you enter into the negotiation event. Let's take a closer look at how role-playing can help you level up your negotiation skills.

 Role-play the Event

Role-playing is a powerful tool that can help you gain a fresh perspective on your negotiation strategy, identify potential weaknesses, or blind spots, and refine your approach. By simulating a negotiation event with a trusted colleague or advisor, you can practice your communication and persuasion skills, anticipate your counterpart's objections, and explore different scenarios and outcomes.

 Role-playing can also help you stay objective and avoid making unnecessary concessions during the actual negotiation event. It doesn’t matter if you are experienced negotiator or a novice, you are emotionally “invested” in closing the deal. At some level you lose your objectivity. Follow a few simple steps.

•   Present the terms of the deal to a trusted colleague or advisor who is a critical thinker.

• Ask for feedback on the areas where you're willing to compromise

• Be open to their questions and feedback. They may question your negotiation strategy and ask why you're willing to give up certain concessions.

 Role-playing the negotiation can serve as a quality and sanity check, helping you identify potential weaknesses in your approach and refine your strategy before entering into the actual negotiation event. By getting an outside perspective and practicing your negotiation skills, you can boost your confidence and achieve better outcomes.

(Further reading- Startup sales: The pair negotiation tactic)

Debrief Meeting

After the negotiation event is over, it's important to take time to debrief and reflect on the experience. The debrief meeting can be a game-changing opportunity to identify areas of strength and weakness in your negotiation strategy, and to develop insights and action items for future negotiations. The purpose of the debrief is to be clear about what worked well and what you might do differently next time. This is an opportunity to have an open discussion with your team and any other stakeholders involved in the negotiation. Be sure to document the feedback and insights gathered during the debrief, so that you can apply the lessons learned to future negotiation events. By making debriefing a standard practice after each negotiation event, you can continuously improve your negotiation skills and achieve better outcomes in your B2B negotiations.

Do you want to explore more about how to prepare for your next negotiation?  Check out the Negotiation Guide – Roadmap to Success. To get your copy select the “contact now” button, fill out the form and use this for the subject line  “Request for the  Roadmap to Success pdf.”