This article explores common negotiation pitfalls and outlines five key strategies for achieving mutually beneficial outcomes. It highlights the misconception of a fixed-pie negotiation and emphasizes the importance of collaboration, information sharing, and creative problem-solving.
Most executives leave value on the negotiating table, for two main reasons: First, many executives mistakenly believe that they’re negotiating over a fixed pie and that gains for one side necessarily mean losses for the other. Second, they focus exclusively on how to claim value for themselves rather than coming up with ways to increase the size of the pie.
All too often, negotiators fail to share information with their counterparts about preferences on the various issues, fearful that they will be exploited if the other side knows what they value. They keep all their cards hidden and assume that this is the secret to being a tough negotiator. To elicit the information necessary to create value, resolve conflicts, and reach efficient agreements, negotiators should use four key strategies: building trust, asking questions, sharing information, and making multiple offers simultaneously. A fifth strategy is also introduced: the concept of post-settlement settlements to improve deals even after initial agreements have been made.
Negotiation Value Creation Communication Collaboration Strategy
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