Negotiating business deals partnership

Essential Negotiation Strategies

One crucial element of the Getting to We mindset and process is that it changes the goal of the negotiation from the deal itself to the relationship. In other words, the relationship itself becomes the focus of the deal , throughout the life of the deal.

The Getting to We process changes the goal of the negotiation from simply getting the deal itself done to forging a win-win partnership. Following this process helps companies change how they view the relationship and embrace the WIIFWe mindset. This is done through an approach based on trust and six vital core principles that flow from a true commitment to trust: reciprocity, autonomy, honesty, equity, loyalty, and integrity.

These principles, so important in our personnel endeavors and interactions, should also drive collaborative business behaviors. Therefore, to ensure a constant state of collaboration, each party is responsible for always following the principles.

For example, if the parties take seriously the principles of loyalty and integrity, they will look out for and strive to preserve the interests of the relationship, which means that some very common ways in which companies negotiate become unacceptable, such as coercion, bluffing, and lying. Negotiating the true nature of the relationship under a Getting to We mindset means the parties move out of the competitive tit-for-tat cycle of actions and instead go on to create a negotiation atmosphere that encourages cooperation. This means:.

Thus, the relationship itself generates successive rounds of cooperative thinking to create value that is mutually beneficial to the partners. The Getting to We process comprises five distinct steps. The first four take the parties to We, and the fifth step ensures that the parties live the We mindset.

Once the negotiations begin, the adrenaline and excitement drastically increase, causing smart people to agree to bad deals which they are contractually required to fulfill, regardless of whether it's bad for business. If you are at the negotiating table, it is clear that both parties see the value. They want to make the deal.

Don't undersell. You are worthy. Your product is worthy. Let's make it a partnership of equals.

Negotiating is a slow dance in which you increase your transparency as you near a resolution. The goal of a partnership negotiation is to create a healthy deal that benefits all parties. At the start, you must know what each side needs to win, where each can give a little and what each can throw away. It's exciting that that big deal is close to signing, but you should understand your place within it if you're a smaller company. Align your values; just because it's a big name client, don't underprice yourself, overcommit resources or lose your core purpose.

Focus on making your deal a meeting of the minds over simply grabbing a signature. Take the time to understand your contract terms and exactly what you are signing up for. The deal should be beneficial to both parties.

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Understand the level of authority of your advocate at the company, any internal politics and the fundamental business strategies of the partner. Anything worth having is worth the wait. Effectively vetting the deal will ensure that most, if not all, of your objectives and goals are met through the partnership. If the opportunity is as great as it sounds today, it will be just as good tomorrow or even next week.

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