Ask Mr. Fix it

One can see an air of uncertainty in the world financial markets wherever you go - for the first time - regardless of where you find yourself in the world.

Warren Buffet said that it is only when the tide goes out that you can see who is naked. In other words, it is easy to be prosperous when the economy is thriving; it is only when tough financial times arrive that we can clearly discern quality & commitment.

How can you use your negotiation skills, negotiation training or purchasing training to avoid losses in the current economic situation?

Use 'Loss Framing'

People are more interested by evading loss than by attaining the very same gain. Kahneman & Tversky's Prospect Theory work describes how people will become risk seeking in an attempt to avoid a loss whilst they are more likely to be risk averse when seeking benefits. In the way that we negotiate, we can make the other side aware of the items that they stand to lose if they don't agree to our requests and otherwise gain if they do.

Create Alternatives

In times of uncertainty it is vital to look at other options so as to support our negotiation position. Creating options are important in the context of negotiation and the strength of options to securing a transaction is the primary driver of our negotiation power.

We normally wait until we realise that we are not going to be able to do a transaction before we start thinking about alternatives. We risk entering into unfavourable deal and if we have not studied all the options. Similarly, thinking about the alternatives available to the other side in the negotiation will give you a clear view of their relative position of strength in the negotiation. If they have good alternatives available then they will be more aggressive and if they don't, they will tend to be more accommodating.

Use Reciprocation

Reciprocation is a key principle of powerful influencing skills, because we are most likely to return to others the form of behaviour that they exhibit towards us. In times of difficulty it is key that we act in the interests of the other side if we would like them to act in our best interests. You can use this principle to your advantage by acting first and invoking the rule of reciprocation. Be careful and ensure that you register the obligation with the other side.

Move from price to value

Remove the focus off price and home in on the Total Cost of Ownership. For any service, product or solution that we buy or sell, there is always an exchange between value & price. If we only focus on the price, the best that we will do is to haggle and it is only once we start to investigate the entire lifecycle of the service, product or solution that we buy or sell, that we start to discover opportunities for negotiation. Before you mention price in negotiation, analyse your counterparty's long term strategic fit, expertise, switching costs should they wish to change a business partner, financial stability and potential risks or negative consequences that may occur when the other side doesn't manage to reach agreement with you.

Remember that the magic in negotiation is found in the quality of your preparation. In times of economic uncertainty it is more important than ever to dedicate enough time to planning your negotiations.

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