August Innovation Capsule: 5 Factors for Negotiating Your Best Deal
By Julie Jung
Most people have preferred strategies for negotiation. But, you need to have many tools in your tool box to handle different situations. Don’t get fixated on just your preferred method, instead branch out and see the many different options that can lead to a successful deal. People often fall into habits too soon in the process of negotiation, thus a strategic approach is KEY.
5 factors that constitute a “Good Deal”:
1. Economic Success & Rationality
A rational deal, a.k.a. a deal that makes the most “economic sense” is preferred for many business owners.
2. Relational Success
While economic success can be most desirable in many cases, continued relationships with partners, suppliers, and clients may outweigh economic success. Truly attempting to be understanding of the other side and WHY they would find your organization interesting is necessary for understanding the dynamics and benefits of a relationship.
3. Image & Reputation
The image and reputation established primarily before, during, and even after a deal can be directly tied to the likeliness of a negotiation.
4. Creating Stability
Creating stability essentially implies deals that people feel good about. Synergy of communication during the process and the after results create this effect.
5. Maximizing Efficiency
Maximizing efficiency simply means capturing all potential and best deals.
