What are some negotiation strategies to overcome risk management constraints?

2 Understand your BATNA

Your BATNA, or best alternative to a negotiated agreement, is the option that you will pursue if the negotiation fails. Knowing your BATNA will help you to set realistic goals, evaluate offers, and walk away from unfavorable deals. You should also try to estimate the BATNA of your counterparts, as this will give you an insight into their preferences, motivations, and constraints. You can use research, feedback, or probing questions to gather information about their BATNA.

4 Use collaborative problem-solving

Collaborative problem-solving is a negotiation strategy that aims to create value for all parties by finding mutually beneficial solutions. Instead of competing over limited resources or fixed positions, you can explore the underlying interests, needs, and values of each stakeholder and generate creative options that address them. You can use techniques such as brainstorming, reframing, or joint fact-finding to facilitate collaborative problem-solving.

5 Manage emotions and expectations

Negotiating under risk management constraints can be stressful and emotional, which can affect your judgment, communication, and behavior. Therefore, you need to manage your emotions and expectations, as well as those of your counterparts, to avoid impulsive reactions, misunderstandings, or resentment. You can manage emotions and expectations by preparing mentally, expressing your feelings constructively, using humor, or taking breaks.

6 Seek feedback and learn from mistakes

Negotiation is a learning process, and you can improve your skills by seeking feedback and learning from mistakes. After each negotiation, you should reflect on what went well, what went wrong, and what you can do better next time. You should also ask for feedback from your counterparts, colleagues, or mentors, and use it to identify your strengths and weaknesses. By seeking feedback and learning from mistakes, you can overcome risk management constraints more effectively in the future.

7 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?