How can you make sure your stakeholders trust your negotiation results?

One rule of thumb that I follow especially for complex negotiations; 'spend twice as much time preparing for negotiations as you will spend in a negotiation'. Role playing is also very important in a negotiation, list down your objectives and develop a BATNA (Best Alternative To a Negotiated Agreement). Culture plays a role in negotiations hence this has to be considered. Always take time to do a background search of your external stakeholders to also ensure you understand their objective, the assumption here being that you are aligned with your internal stakeholders.

Understand the expectations of your stakeholders. Those who do not trust easily, try to evidence your negotiation result with empirical evidence, conduct benchmarking and market testing. Perhaps what you think is BAFO or strategic outcomes arising out of your negotiation results, could turn out to be an extremely expensive outcomes.

Its very important to understand the end result we are trying to achieve. Whenever I get into a negotiation, I make sure that the expectation of internal and external stake holders are clear and defined. Negotiation process leads to lot of situational events where its important that your point is backed by data. The closure needs to be done amicably keeping future outcomes in mind. Like this there will be an open channel of communication for future which will gain confidence among the stake holders.

Using a stakeholder identification matrix is critical to managing them. In this matrix, it is essential to identify aspects such as age range, levels of influence, and whether the stakeholder supports or detracts from the project. This matrix will allow us to adjust communications and involve stakeholders depending on how the negotiation takes place to obtain their most significant involvement in favor of the project.

One of the best ways to build trust in negotiation is to seek mutual benefits and create value for both sides. Instead of focusing on your own interests and positions, you should try to understand the underlying needs and concerns of the stakeholders, and look for ways to satisfy them.

Building trust with stakeholders is crucial in any negotiation process. To ensure that your stakeholders trust the results of the negotiations, it is important to adopt a transparent and open approach. Start by establishing clear communication channels with all parties involved, providing regular updates on the progress and outcomes of the negotiations. Be honest and forthright in your communication, addressing any concerns or potential conflicts of interest. Additionally, involve stakeholders throughout the negotiation process, seeking their input and feedback. This not only shows that their opinions and perspectives are valued, but also helps to foster a sense of ownership and collaboration.

Building trust in negotiations is crucial. What should you do if it feels like the trust level is diminishing? Address it openly, discuss what is happening, why trust is eroding, and how it can be reestablished. In my experience, transparency is key to successful negotiations. Remember, it's humans interacting with other humans; we need to understand how feelings and emotions play into the negotiation process.

It is essential to adjust communications to the type of stakeholders we are addressing; communicating with a project detractor is not the same as communicating with a stakeholder who supports it. With the detractor, we have to use a more rational type of communication, presentation of data, statistics, and graphs that support the project; with an interested party who supports the project, we can use less technical communication and aim to connect with them emotionally.

Involving key stakeholders who support the project and have more significant influence in decision-making is mandatory; these are our best allies in the negotiation process, and we must rely on them when the negotiation is complex. I try to sell my ideas to the engineering manager, who has a high level of influence in the organization; before going to any negotiation, I try to get from him insights about how to improve my sales pitch and engage him to support and go with me to the key meetings.

Keeping realistic expectations is a good way not to fail; we need to remember that there will always be another person with different points of view, and our vision may have blind spots because we are involved emotionally with our projects or ideas. Another person can see them with more critical eyes. We need to be prepared for the scenario that other people have good reasons to reject our ideas or present better options.

Do not take anything personally; criticizing the ideas and not the person is the key to positively handling the conflict. In my experience, good listeners have better chances to succeed in their negotiations because they can navigate the conflicts and use them to favor their ideas. Remember that the person who can identify the win-win situation in any negotiation will have the chance to use it in their favor during the negotiation process.

In recent times, online bidding of the vendors meeting initial eligibility criteria has emerged as a significant tool to obtain a fair price. While stakeholder involvement in finalizing eligibility criteria ensures we have the buy in, bidding and comparison with last procurement prices as a benchmark can give the stakeholders the requisite assurance of a fair price. Starting the auction with a price linked to the last purchase price helps ensure this further. However, experts also need to ensure the last procurement price is market adjusted, taking into account the market variations since the last purchase so that the vendors also get a fair price for their product. This later ensures that there are lesser issues with order fulfilment.

Good groundwork prior is key. If you're consistently driving for the best possible result for all involved (vendors AND client), this serves immeasurably as you try to pivot into negotiation. Also necessary: consistent integrity and honest communication. Both of those, consistently, build trust. Trust is a crucial basic to successful negotiating.