What do you do if you're an executive trying to negotiate and close deals in business development?

As an executive negotiating and closing deals in business development, it's essential to approach each negotiation with a strategic mindset. Start by thoroughly understanding the needs and objectives of both parties involved. Then, leverage your leadership skills to build rapport and trust while steering discussions towards mutually beneficial outcomes. Additionally, be prepared to adapt your negotiation tactics based on evolving circumstances and maintain clear communication throughout the process to foster successful deal closures.

Navigating the high seas of deal-making? ??? Start by charting your course with clear goals and a keen understanding of your priorities. Like a seasoned captain, know your destination but be ready to tack with the winds. Peer through your spyglass to discern the objectives on the horizon - what's crucial for the other party? Finding that sweet spot of mutual benefit is like discovering buried treasure! ?????? So, hoist your sails and prepare for a voyage where diplomacy meets strategy. May the trade winds of collaboration fill your sails and lead you to prosperous shores! #BusinessDevelopment #NegotiationSkills #DealMaking

The way I see it and it proved to be right so many times: Diversion. The strategy needs to be focused on what you want, and to reach that you always need something to trade: the bait! The bait shouldn't affect your goal, or weaken it, in anyways but instead should convince the other party that they are getting a deal.

Heading into a high-stakes negotiation? Remember, the secret weapon is prep! ??? Dive deep into the world of your counterparts – who are they, what tickles their fancy, and what keeps them up at night? ?? Unearth the treasures of your market landscape, and know your strengths like the back of your hand. Arm yourself with a crystal-clear plan, a pitch that could charm the birds from the trees, and a business case as solid as a rock. ???? Expect curveballs and have your counter-moves ready. Preparation is your power suit; wear it with confidence! #BusinessDevelopment #NegotiationPrep #ExecLife

Preparation phase cannot be skipped and you should pay a close attention to it for your own good. Screening of your partners, monitoring competitors and market research are the typical part of your preparation phase. Make sure to engage the whole team to the preparation, as it will help you to engage the members with the project, feel their part of contribution and let them to voice-out their added value in the project.

In my experience the preparation depends on the kind of company you are negotiating with. If it is a small business or Multinational, if your company is bigger or smaller than. This is the start to find out what kind of leverage you have and the resources you may need to achieve your goal.

In the dance of deal-making, your ears are your best asset! ???? Embrace the 80/20 rule: let your ears do 80% of the work and your mouth just 20%. Dive into the art of active listening, where every nod shows you're engaged, and every silence is packed with respect. ?? Then, unleash the power of open-ended questions; the 'whos', 'whats', and 'whys' that light up the path to hidden needs and untapped opportunities. It's not just about hearing, it's about understanding the melody behind the words. So tune in, and let the symphony of negotiation play! ?? #BusinessDevelopment #ActiveListening #TheArtOfAsking

Active listening, empathic approach and asking open question belongs to the instruments of building rapport & trust with your partners and other stakeholders within the business development project. Do not underestimate this step. Your success would not be possible without having a detailed knowledge of the requirements, motivations and targets of your counterparty.

Well I heard it so many times "the listen and wait..."! This work mostly when you sell a service or in B2B stock products. Again if you are today in a negotiating position to get to new market with a company you got to come strong knowing you have the best offer in the market, whether it the best solution in terms of timing, quality/price or adaptation. Believe it or not people, or companies, don't get with weaker link but rather with a person/company who has a clear vision of their solid position in their market.

As an executive navigating business development negotiations, it’s crucial to prioritize relationship-building alongside strategic analysis. Start by thoroughly understanding both parties' needs and objectives, fostering mutual respect and open communication. Leveraging a consultative approach, focus on creating value for both sides, viewing the negotiation as a collaboration rather than a contest. This mindset, coupled with a clear vision and flexibility, can pave the way for innovative solutions that meet collective goals. Success in closing deals often comes from the ability to listen actively, adapt strategies, and foster long-term partnerships that extend beyond the immediate transaction.

Success in business development does not happe just by itself. Negotiations are frequently taking place and need to be done in a properly-driven manner. Typical target of business development projects is a collaboration. Collaboration is also the target of the negotiators. There might be various strategies for negotiation, but in 90% of cases, the true purpose is to establish, maintain and expand a collaboration potential. Therefore, don′t forget to include negotiation to your business development schemes.

This is a very common mistake - it is nice to celebrate a negotiation success. But it is worthless, if we do not have any power of execution, respectively to observe the execution of the agreement. It happens frequently that there is an agreement done, but one of the parties changes their mind after a while and simply does not follow the agreement. Therefore, it is important to keep an eye on the agreement. Watch and enforce the execution, unless you are fine with the empty words only.

As an executive in business development negotiating and closing deals, focus on deeply understanding stakeholder needs and building strong relationships. Clearly articulate your company's unique value proposition and prepare thoroughly by researching the market and competitors. Use data-driven insights for strategic negotiation, remain flexible to find creative solutions, and involve legal and financial advisors for due diligence. Maintain clear, concise communication throughout, and once an agreement is reached, act decisively to formalise and implement the deal.

Invest in ongoing training and development programs to enhance negotiation skills and competencies among your team members. Cultivate a culture of continuous improvement and feedback to learn from past negotiation experiences and refine your approach accordingly. Foster collaboration and knowledge-sharing across departments and functions to leverage diverse perspectives and expertise. Stay abreast of industry trends, regulatory changes, and market developments to adapt your negotiation strategy proactively. Seek mentorship and guidance from seasoned negotiators or industry experts to gain valuable insights and support throughout the negotiation process.

It is true that you still need a certain set of skills to get to your goals, you can't just show up with "i'm the best there is and voila!", even if it is true because this cut your chance by 50%. Explore sales technics, pitches, psychology or nlp. But again it always depends on your market. So know your market, the key functions and/or actors, evaluate what type of leverage you may have or how to get to that.