How can you manage risk in a strategic negotiation?

2 Mitigate the risks

Once you have identified the risks, you need to find ways to mitigate them or reduce their negative effects. This could involve doing more research, building rapport, creating alternatives, or setting boundaries. For example, you could mitigate the risk of losing trust by being transparent and honest about your goals and constraints, or you could mitigate the risk of missing opportunities by exploring different options and trade-offs with your counterpart.

4 Evaluate the risks

After the negotiation, you need to evaluate the risks and how they affected the outcome and the relationship. This means reviewing the results, feedback, and lessons learned from the negotiation, and identifying any gaps, challenges, or opportunities for improvement. For example, you could evaluate the risk of losing trust by asking for feedback on your performance and behavior, or you could evaluate the risk of missing opportunities by comparing the actual outcome with your initial expectations and alternatives.

5 Learn from the risks

Finally, you need to learn from the risks and how they can help you improve your negotiation skills and strategies. This means applying the insights and best practices that you gained from the negotiation, and sharing them with your team, colleagues, or mentors. For example, you could learn from the risk of facing conflicts by developing your emotional intelligence and conflict resolution skills, or you could learn from the risk of market changes by expanding your network and knowledge base.

Negotiating strategically is not a risk-free activity, but it can be a rewarding and valuable one. By managing the risks effectively, you can enhance your BRM skills and create more value for your stakeholders and partners.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?