Thinking with the long-term in mind can help you win big in getting what you want.
Getting other people to readily give you something you want does not normally happen without a fight — unless you have something they really value to offer back during negotiation talks. Taking the stakeholder mindset to getting what we want can yield huge dividends, especially if the other party has something we need but we just can’t get them to give in to our demands.
Often, we tend to believe that a successful negotiation strategy ends with winners and losers on either side. I would argue that the best negotiations end in both sides winning in a perceived equal-fight for equal-gain environment.
If you think as a stakeholder, you tend to look outside your own individual interests and focus on the organization (or your business) as a whole. Essentially, the stakeholder is a person that can affect the organization, either through direct (as a primary stakeholder) or indirect (secondary stakeholder) actions that can ultimately impact its standing among competitors. If your interests are focused on the success of your own business — then inherently — you are the ultimate primary stakeholder.
When you make decisions as a stakeholder, you are making a key decision on behalf of the business as a whole — all with the fundamental objective of increasing the value of the business. Think of it this way — if you are making negotiations with someone, then you are fighting on behalf of the business and not necessarily your own sole interests — but keep in mind – they are too. Therefore an even playing field can offer you the possibility of a fair and even negotiation — that is — if you have the foresight to plan on offering something up for what you want.
With your business in mind, here is a list of things you can do to prepare for the negotiation battle before you go into any talks.
Prebuild a list of things you can give to sweeten the deal.
You should be prepared to give something back in a negotiation such as additional services or perhaps some kind of financial incentive — but that may not always be the case with every bargaining opponent. Are you prepared to take less than what you originally intended in order to get a partial win? If not, you may need to increase you demand slightly in what we like to refer to as “wiggle room” to grow. In this instance, an agreement to give you less at the bargain table may be actually closer to your original demand. You should be cautious in that you do not aim so high as to ask for an unreachable target — as this may sack the deal before you even begin negotiations.
Find out what the other party really wants.
Since you know undeniably what you want (and what is ultimately in your business’ best interest) you should really get to understand what needs and wants the other side strongly feels about. Do the research and get out in front of your opponent and depending on how high your priority is for your own negotiation subject, try to know them better than they know themselves. Research the other person or organization — and find the little things that may help them get to a yes. This can be applied to nearly every bargaining situation be it a loan officer, law firm, or even a customer. Just keep in mind that every little movement forward is a major move towards your final goal of getting what you want.
What if you’re both at an impasse?
You will want to arrive to the negotiation table well-armed with knowledge about how the other party thinks and how they may initially react to your return offer. What you do not want to do is delay talks for another time. Getting to that first yes is extremely import within the time constraints of the first meeting. Additionally, you do not want to throw all of your options on the table at once. When you make your first offer, act as if you are firm on your first offer but slowly introduce the next if they seem hesitant at first. It must be something from your list that they value.
As you make your return offers known, present them as if you were considering their own needs above your own. I call this a compassionate negotiation strategy. This is where you can really have the power if you can recognize this concept before arriving at the negotiation table. Just remember that you’re in it to win it and if they gain something from the deal – you both leave winners.
Compassionate negotiation involves you temporarily stepping out of your own desires to consider the other party’s needs and wants, all with the goal in mind to ultimately get you what you were originally asking for. Considering your opponent’s needs will put you in the power-seat and positions you for greater success in ultimately closing that important deal.
