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What are the most effective strategies for learning from your negotiation and deal-making experiences?

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Negotiation and deal-making are essential skills for business development professionals, but they are not easy to master. You can improve your performance and results by learning from your own experiences, as well as from others. In this article, you will discover some of the most effective strategies for learning from your negotiation and deal-making experiences, and how to apply them to your future opportunities.

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1 Reflect on your outcomes

After each negotiation or deal-making process, you should take some time to reflect on your outcomes. What did you achieve? What did you miss? What did you learn? How did you feel? What feedback did you receive? By answering these questions, you can identify your strengths and weaknesses, and recognize what worked and what didn't. You can also use a negotiation journal or a template to record your reflections and track your progress.

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Alen Voskanian, MD, MBA, FAAHPM, FACHE

Chief Operating Officer & Vice President at Cedars-Sinai Medical Network | MD, MBA, FACHE | LinkedIn Top Voice | Author | Keynote Speaker | Passionate About Leadership, Empathy & Transforming Healthcare
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I always focus on long term impact in addition to the short term prize. Sometimes we try to negotiate what works best for us without focusing on the other party. This often is short sighted. Don't win the battle but lose the war.

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Tunsime Kyando

Driver of sustainable change, a leader and development specialist. Sharping organizations for future success
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There are various strategies depending on different dimensions, and the following are working better for me: Keep a record and reflect on your past negotiations Learn how to create value and claim value in different situations, develop emotional intelligence and confidence in your abilities and position, Pursue learning opportunities and practice your skills with feedback and advice, and Experiment with different strategies and styles based on the context, the issues, and the parties involved

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Ms Farhat Niaz K.

Sales and Business Development
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Yes exactly after each negotiation or deal, take time to reflect on what went well and what could have been improved. Consider your strategy, communication, and the final outcome.

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2 Analyze your actions

Another strategy for learning from your negotiation and deal-making experiences is to analyze your actions. How did you prepare? How did you communicate? How did you handle objections? How did you close? How did you follow up? By examining your actions, you can understand how they influenced your outcomes, and what you can do differently or better next time. You can also use a negotiation checklist or a framework to guide your analysis and ensure you cover all the important aspects.

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Jen Griffin

Collaborative, inclusive leader who seeks to resolve high profile and intricate multi-party Indigenous peoples land claims on behalf of the province through principled and interest-based negotiations.
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Negotiations are often a marathon not a sprint. Preparation in advance is key but even more so is remembering to pace yourself. Never be afraid to take a break or a timeout to check in and reflect on your BATNA if the negotiations seem to be sliding off track. How close are you to a negotiated outcome that meets your interests? By doing these check-ins mid-negotiations, you can assess if your strategy and tactics are meeting your needs. If not, you can adapt and try new approaches. This has often resulted in a negotiated agreement that is closer to meeting all parties interests. Post-negotiation, do a team debrief to get everyone's perspective and discuss how we can communicate and prepare better for the next negotiation session.

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3 Seek feedback from others

A third strategy for learning from your negotiation and deal-making experiences is to seek feedback from others. Who can you ask for feedback? Your counterparts, your colleagues, your mentors, your coaches, or your clients. By asking for feedback, you can gain different perspectives, insights, and suggestions on your performance and results. You can also use a feedback form or a survey to collect feedback and measure your satisfaction and effectiveness.

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4 Compare with best practices

A fourth strategy for learning from your negotiation and deal-making experiences is to compare with best practices. What are the best practices for negotiation and deal-making? They are the proven methods, techniques, and principles that can help you achieve your goals and create value. By comparing with best practices, you can benchmark your performance and results, and learn from the experts and the successful cases. You can also use a negotiation book or a course to learn and apply the best practices.

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5 Experiment with new approaches

A fifth strategy for learning from your negotiation and deal-making experiences is to experiment with new approaches. What are the new approaches for negotiation and deal-making? They are the innovative ideas, tools, and strategies that can help you overcome challenges and create opportunities. By experimenting with new approaches, you can test your assumptions and hypotheses, and discover what works for you and your situation. You can also use a negotiation simulation or a game to practice and experiment with new approaches.

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6 Share with your network

A sixth strategy for learning from your negotiation and deal-making experiences is to share with your network. Who is your network? Your peers, your partners, your mentors, your coaches, or your community. By sharing with your network, you can exchange your experiences, stories, and lessons, and learn from each other. You can also use a negotiation group or a platform to share and connect with your network.

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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?

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Ms Farhat Niaz K.

Sales and Business Development
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Debriefing: Organize debriefing sessions with your team after significant deals. Discuss the strengths and weaknesses of the negotiation process and explore ways to enhance performance in the future. Learn from Mistakes: Don't be afraid to admit and learn from your mistakes. Analyze the reasons behind any unsuccessful deals and use them as valuable lessons. Networking: Build a strong professional network within your industry. Learning from the experiences of others can be invaluable. Ethical Considerations: Always uphold ethical standards in your negotiations. Trust and integrity are vital for long-term success in any industry.

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What are the most effective strategies for learning from your negotiation and deal-making experiences?

1

2

3

4

5

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1 Reflect on your outcomes

2 Analyze your actions

3 Seek feedback from others

4 Compare with best practices

5 Experiment with new approaches

6 Share with your network

7 Here’s what else to consider

Business Development

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What are the most effective strategies for learning from your negotiation and deal-making experiences?

1

2

3

4

5

6

7

1 Reflect on your outcomes

2 Analyze your actions

3 Seek feedback from others

4 Compare with best practices

5 Experiment with new approaches

6 Share with your network

7 Here’s what else to consider

Business Development

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