business focus EXECUTIVE EDUCATION
Negotiation skills – top tips for modern managers
OPEN PROGRAMMES BE EXCEPTIONAL. THE HENLEY WAY.
Peter Nelson, programme director on Henley’s Influence and Impact programme, has been assessing the fundamental elements of good negotiation skills, and there are several techniques that will help you to achieve the most advantageous outcomes for you and/or your organisation
Chartered accountants Haines Watts presents a series of articles based on its blogs. It offers analysis, reviews and comments and welcomes your feedback at
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of the m of th
Embrace disruption writes Kapil Davda, partner, Haines Watts
How do you stay ahead of game- changing market innovations? Simple – be prepared to shake up your own business.
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First and foremost, do your homework and really understand your adversary, and the market, and what elements are non-negotiable. Chasing those will only cause delays and resentment, and is ultimately unproductive.
Rather than simply trying to bat proposals backwards and forwards, it is often useful to suggest conditional bargaining, in which concessions are made in return for balancing offers. For example, “If I’m prepared to offer X, would you be willing to do Y?”.
Empathy is disarming
Empathising with your adversary from the beginning requires understanding their issues, motivations, aims, attitudes and politics.
“Taking a position such as: ‘I suspect that one of your biggest concerns might be the impact of this on X. If we could help minimise this impact would that …?’ can disarm
Hannah Dutfield 01491 418767
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the other party, avoid conflict and demonstrate your own constructive approach,” says Nelson.
This philosophy can be further enhanced by ‘bundling’, in which demands can be linked, and this is especially useful where you know you have a ‘weak card’. Bundling it with a strong card may enable you to succeed with the weaker card to a degree that would not be possible without bundling it together with the stronger negotiating element.
And finally …
Good negotiators generally have perceptive business judgement and refined people skills, and never underestimate the value of humour.
“It’s important that the humour should never undermine any serious issues that may be at stake, but at the right time, lightening the mood relieves the pressure and reminds all parties that life will go on.”
Market disruptors have transformed a host of everyday activities over the past few years. But disruption isn’t just for the likes of Netflix, Uber and Airbnb. Businesses of all sizes across every sector need to be aware of the threats and opportunities; no firm can afford to be complacent. Businesses in every field need to be constantly reviewing their offerings so they can identify how they can be improved in the light of new technologies.
Natural disruptors
I work with many high-tech SMEs with ambitions to shake up the markets they operate in. Small businesses are natural disruptors. But, disruptors need to be prepared for the side- effects of success. Uber, for example, has been in the news of late for several reasons, including a data breach that took place during its rapid growth phase. Disruptors need to get their products to the market as quickly as possible, but sometimes they don’t always consider all the management and compliance implications of that.
Alternatives to labour
Even SMEs that are not seeking to disrupt their own markets need to be prepared to take advantage of market-changing technology. Breakthroughs in artificial intelligence are transforming industries from manufacturing to accountancy
– but many firms have held off investing. Labour costs have been cheap, but this may change. Many of my clients are already finding recruitment a big issue as Brexit starts to affect the labour market. That’s when investment in technology comes into its own – whether that’s introducing robotics in production facilities, or adopting the latest software that reads and analyses legal documents.
So, while this perpetual disruption can be overwhelming, the best strategy is to stay alert and open to change. SMEs have an edge here: smaller businesses don’t have legacy systems and they can move fairly nimbly to adopt the most cost-effective technology.
Five ways to stay ahead
1 Review your products or services constantly in the light of changing technology.
2 Benchmark your business against your competitors’ offerings.
3 Review your strategic direction – and be prepared to alter your core purpose if needed.
4 Analyse the latest technologies to assess how they could improve your operation.
5 Think about the range of options to fund innovation, from traditional channels to angel investment or even R&D credits.
For further information:
hwca.com
THE BUSINESS MAGAZINE – MARCH/APRIL 2018
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