Attributes of Top Negotiators Flashcards
Attribute #1 . Top Negotiators Understand the Negotiation Process
Whether or not we realize it, each successful negotiation progresses through five stages: (i) Preparation, (ii) Positioning, (iii) Discovery, (iv) Resolution, and (v) Commitment. The best negotiators should always know exactly where they are; and they use their skills to move the interchange to the next stage. Failure to utilize the many techniques appropriate to each stage can be the death knell for the negotiation. When we do this, we will astound those around us who don’t understand he process.
Attribute #2. Great Negotiators Prepare, Prepare, Prepare
As mentioned in the previous paragraph, the first stage of any negotiation process is that of preparation. Ideally, preparation should amount to the most amount of time in the cycle…typically around 75% of the total time spent in the negotiation process. As English philosopher Francis Bacon rightly observed that, “Knowledge is power”. Having more knowledge than our counterparts can provide us the edge in a complex negotiation. Not only does being prepared and equipped capture the loyalty of our stakeholders, but it empowers our ability to influence the supplier.
Attribute #3. The Best Negotiators Are Creative
Innovation seems to accompany the best negotiators. Force of will may seem to mark a great negotiator, but the truth is that failure to innovate can limit negotiation results. While great negotiators do control the pace, tone, and scope of conversation, they also are willing to explore the boundaries which the timid are afraid to consider.
Attribute #4. Top Negotiators Use Time Wisely
Time limits can restrict what we achieve in a negotiation. The desire to close out the project drives negotiators to make unwise compromises. But typically the party with least time pressure has the strongest negotiating position. Patience is a very strong ally in negotiations. In his famous book War and Peace, Leo Tolstoy wrote that, “The strongest of all warriors are these two - Time and Patience.”
Attribute #5. Top Negotiators Fixate upon TCO
“Value” is about far more than just “price”. The most outstanding negotiators seem to weave Total-Cost-of-Ownership (TCO) modeling into their approaches. As you’ve seen in past other articles in this journal, the formula for TCO is:
Acquisition Cost, plus
Cost of Product or Service, plus
Cost of Use, plus
Cost of Disposal, equals
Total Cost of Ownership (TCO)
Attribute #6. Confidence
The best negotiators are confident. They are knowledgeable and self-assured, and thus earn the respect and cooperation of those around them. But “confident” does not mean that a negotiator can be arrogant or cocky.
