Successful Negotiations: Creating Allies

Regents Bank San Diego Business Summit

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Contributed by Ben Price
First Vice President, Regents Bank San Diego

Regents Bank recently helped host the San Diego CEO Summit featuring Jack Kaine, a seasoned consultant and highly rated Vistagescreen-shot-2016-09-13-at-11-07-51-am speaker who discussed Negotiating for Success. Below are five simple rules for effective negotiations:

1.  The person who speaks first sets the tone for the negotiation.

Your opening remark in a negotiation is critical and must be scripted and practiced. You never get a second chance to make a good first impression.

2.  The person who asks the most questions determines the content and the direction of the negotiation.

Think about your questions before, not after the initial meeting. Be prepared with both  an opening script and questions needed. Anticipate what questions you may be asked and consider who else is influential in the process.

3.  Never argue. No one ever won an argument. Always question for understanding.

When appropriate, try the “forbearance” tactic – do nothing. This may lead to the other person sweetening the deal. Never leave a meeting without a next step scheduled.

4.  People do things for their reasons not yours.

Find out what the other side wants and help them get it. Know what makes you different, and why they would pay a premium for you.

5.  The person who listens the most will have the greatest effect on the outcome of the negotiation.

Are you listening to learn, or to talk? Listen completely, evaluate, then respond. Ego can make us poor listeners.

Remember, a successful negotiation has occurred when both sides are satisfied with the outcome.

**The 2012 SISO CEO Summit will take place at the Grand del Mar Resort in San Diego, CA, March 25-28, 2012.


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Posted on October 26, 2011, in Business Advice and tagged , , , , . Bookmark the permalink. Leave a comment.

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