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Tim Castle

The Art of Negotiation

    Miguel Castrohar citeretfor 2 år siden
    Stamina is about having grit when the chips are down and the doors are staying closed. It’s about refocusing your energies and working smarter and harder to produce the results.
    Miguel Castrohar citeretfor 2 år siden
    A world-class negotiator keeps an open mind and is always eager to learn from others, to hear a new perspective and take on a new challenge.
    Miguel Castrohar citeretfor 2 år siden
    This is where training comes into play, and being able to control our emotions. Break down the problems into small chunks and apply blue-sky thinking to them.
    Miguel Castrohar citeretfor 2 år siden
    My philosophy is to focus on the win-win and, as I state throughout this book, the sweetest deals are the ones where you both profit in some way.
    Miguel Castrohar citeretfor 2 år siden
    Remember this: there’s no harm in asking and don’t make it bigger than it needs to be. There will be more deals, this is just one of them. Learn from it, have fun with it and don’t sweat it. ‘Either I win or I learn.’ So what if they get angry or don’t like your terms? Keep your cool.
    Miguel Castrohar citeretfor 2 år siden
    In closing, you can afford to be direct because you value the relationship that is being built and, therefore, you don’t want any future misunderstandings in the business relationship to occur. If the other side questions you on why you are pushing for answers, commitments and hard facts and figures, you can explain this to them.
    Miguel Castrohar citeretfor 2 år siden
    When closing verbally, repeat back what has been said so that you both can be sure that you have understood the terms correctly.
    Miguel Castrohar citeretfor 2 år siden
    My number one tip for closing is, always follow up what was verbally agreed in writing and ask for an email confirmation back that the party agrees.
    Miguel Castrohar citeretfor 2 år siden
    speaking more rapidly, skipping over important details and increasing the intensity of the conversation. This acts as a mechanism for forcing a decision because the other side is bombarded and feels obliged to accept the deal to end this cycle, without knowing what they have fully agreed to.
    Miguel Castrohar citeretfor 2 år siden
    The key here is to move the negotiation into deal territory. We are talking about hard facts and figures here. In closing, I find that hand gestures and eye contact increase.
    Miguel Castrohar citeretfor 2 år siden
    In the bargaining stage of negotiation, we should seek to understand through active listening, empathy and emotional intelligence. It’s at this stage that a series of mini-negotiations will take place surrounding the specifics of the deal. When we break the deal down into its specific components, we will need to agree on elements in isolation, while still taking into consideration the bigger picture.
    Miguel Castrohar citeretfor 2 år siden
    In the exchange of information phase, we must behave in a way that engenders trust, such as collaborative discussion, explanation and active listening. The purpose of this stage is to uncover more details regarding the purpose of the agreement and establish the boundaries (upper and lower limits) of the deal. It is also a fundamental step in the formation of trust building.
    Miguel Castrohar citeretfor 2 år siden
    In the negotiation preparation stage, it’s imperative that we focus on what we want out of the negotiation itself
    Miguel Castrohar citeretfor 2 år siden
    James K Sebenius; he states that there are three components to any negotiation. These are:

    1. Issues - the things that are being negotiated

    2. Positions - your ‘stance’ on the issues

    3. Interests - what’s affected by reaching an agreement
    Miguel Castrohar citeretfor 2 år siden
    recognising the potential and consistently maintaining the right environment for it to flourish. It starts with your mindset. Treat each negotiation like an acorn that you can choose to nurture and grow.
    Miguel Castrohar citeretfor 2 år siden
    Each negotiation is like an acorn. Whether it transforms into a tree that gives life to other trees and produces a healthy forest depends solely on
    Miguel Castrohar citeretfor 2 år siden
    In essence, the integrative approach is dramatically more successful than any other method because both parties are overcoming the problems together. This is especially true in the case of repeat business that builds on previous dealings. Both parties have the opportunity to benefit from approaching negotiation from the integrative mindset ­– by sharing information, challenging assumptions and creating new pockets of value.
    Miguel Castrohar citeretfor 2 år siden
    By aiming to understand the other side, the buyer has moved the negotiation into the trust building stage (which we will go into in greater detail later).
    Miguel Castrohar citeretfor 2 år siden
    Being an integrative negotiator does not mean we suddenly reveal everything, it means we are open to information exchange.
    Miguel Castrohar citeretfor 2 år siden
    By entering every negotiation with an integrative mindset, we set ourselves up for success. No matter how small the initial negotiation is, we should be looking to build our book of contacts and build relationships that we can call upon further down the line with new business opportunities.
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