Beginning with this post, “businessdeantogo” will be adding short nuggets from MBA classes. The information is not intended to be all inclusive. Posts will be thought-starters and include mainline material taught in most MBA programs.
Disciplines will include management, marketing, finance, accounting, economics, human relations, operations research, business ethics and any other subject matter likely to heard in an MBA classroom.
Guest posts will be welcomed from all disciplines. Writing style should reflect the length and tone of other posts on this blog.
One side or the other of a negotiation holds more power than the other. Power comes in various forms:
- Information. Power negotiators come to the table with knowledge. Know both sides of the deal.
- Time. Power is absorbed by those not in a hurry to get the deal done. Speed kills.
- Authority. Be the decision maker or get her to the table!
- Options. Knowledge includes awareness of an ability to not just walk-away but WALK TO.
- Reputation. It’s OK to be known for having bulldog tenacity with a seasoning of persuasive ability and integrity.
If your side of the table is lacking in one or more of the factors, negotiating power is limited. The primary focus of negotiating through weakness is the willingness to postpone need. It’s better to not be in any position of weakness in a business deal.
Hopefully, both sides of the table are dedicated to win-win agreements.
Do you have a principle of negotiation to share?