What negotiation mistakes have you learned from?

> not listеning closеly or making assumptions > focusing on sеlf-prioritiеs > nеglеcting thе rеlationship > inadеquatе prеparation > losing composurе > fail to follow up I'vе lеarnеd to approach nеgotiations holistically - balancing intеrpеrsonal factors, mеthodical prеparation, activе listеning, and always maintaining intеgrity. Mastеring soft skills has bееn just as instrumеntal as sharpеning my tеchnical nеgotiation tactics.

There is also a level of over preparation that I would caution people on. I call it the “show up and throw up” mistake. Spend more time in the Discovery mode and have a clear understanding in what the client wants. You don’t always need to sell everything in your tool bag and it often turns the client off. What value can you contribute that solves their most important issues? Listen, understand, restate what you heard, identify the most important or pressing concerns, find a solution and present it to them.

Not setting a number/ narrative you want to achieve at the start of a meeting. Never close doors just because the deal is not sweet that day. Never mess the numbers up be honest about offers received. Do not fudge market competition advantages/disadvantages it will give you away. Keep calm no one knows it all, so ask for help or guidance.

The most important rule in negotiation. Always prepare. Know your counter part, know the history behind everything related to the subject. Prepare for the worst, but work to get the best deal possible .

Negotiation is all about planning. Planning what you or your stakeholders want. what is nice to have must have and good to have

Listening is needed at the start, at the end, and everywhere in between. We can't read the minds of the other party so we need to really hear what they are saying. We need to stop planning our responses, stop thinking about what we need, and stop reflecting on a conversation we had earlier in the day. We need to just listen. It demonstrates respect for the other party's needs and desires. The bonus is that listening will lead to learning more about the other party. Active listening is not just hearing with your ears. We can also use our eyes to "hear" what they are saying with their body language.

In my experience listening is more about understanding what is important to your counterparty. Why are they asking for the specific thing they are asking for? Once you identify what’s important to your counterpart it is easier to define a strategy on how to get what you want and make it seems like a win win.

We have 2 ears and 1 mouth so we can listen twice as much as we speak. Don't just wait to make your point, actively seek to understand what your counterpart is saying (and doing), ask questions to understand if clarity is needed. Very often the answer / what they can accept is being given to you. Letting the other person talk (being the listener) will also inevitably give you access to information that will be useful to you. Most people are uncomfortable with silence and will fill the silence with words...some of which are useful!

Negotiation is like a dance. Just as a good dancer pays attention to their partner's moves, a good negotiator actively listens to the other party's signals. By doing so, they can adjust their approach for a more harmonious and successful outcome.

To be able to listen actively, you need to remove distractions. Time constraints and pressures are often unavoidable, but they should not compromise your support and focus when you are speaking to others, especially your clients. Maintaining interest is the key element of capturing important details. Approach every conversation with the mindset that this person has something valuable to teach you. Listen for hints between the lines, as well as to get a better understanding of the bigger picture.

Flexibility is a game changer in negotiations. Of course, it isn't easy or we would all be doing it. It is being open to possibilities. It is being open to new ideas. It is being open to considering something that is different. Some of my best negotiations resulted in agreements that I never saw coming. How did we discover the unexpected outcome? We were flexible. We listened and understood each other's needs, and then we brainstormed all the ways we could achieve each other's goals. What motivated us to work together on it? We always remember our why. In many situations, the why involves wanting to work together. That inspires the extra effort to negotiate an agreement that will achieve all of our goals.

Going to a negotiation with pre set solution is a road blocker. In my experience working with suppliers it is best to listen and ask supplier for options. If you state your position and are rigid then all possible options will not be on the table

Being inflexible in negotiations is like trying to fit a square peg into a round hole. Instead, think of negotiation as a puzzle with movable pieces. Being flexible allows you to find the best fit for both sides.

Flexibility brings creativity on the negotiations table. During negotiations , it is important to understand the personas of people sitting on the other side. Some people are more emotions driven while some are more analytical driven. There are few other personality traits of course. Being flexible in our strategy means providing right value to the right stakeholder while maintaining our integrity to negotiated outcome.

In my experience, a big mistake to avoid in a business negotiation is being too rigid and unwilling to compromise. Negotiations require a give-and-take approach, and being overly inflexible can hinder progress and damage relationships. It is important to be open-minded and willing to explore different options and solutions. Failing to consider the other party's perspective and needs can lead to a breakdown in communication and a missed opportunity for a mutually beneficial agreement. Flexibility and a willingness to find common ground are key to successful business negotiations.

Great contributions from the others. I will just add, "if you don't ask then you wont get". I have been involved in many negotiations when a member of the negotiation team have stated there is no point in asking for something, there is no way they will give it. The question was asked and guess what - they gave it. We all try and prepare for negotiations, we are all experienced, but we cannot always know what is important to the other party. Something of low value to one side may be very valuable to the other. Think about the classic "Orange" negotiation case study. Both parties need one orange. But one needs the Orange flesh to make juice, the other needs the Orange peel to make jam! If you ask the right question, win-win.

Asking questions is the keystone of any successful negotiation. Why is the negotiation happening in the first place? What does the other side want to achieve? Focusing on their needs and wants will almost always produce more acceptance of your own objectives.

Not asking for what you need in negotiation is like leaving money on the table. Instead, think of negotiation as a collaborative art project where voicing your needs adds richness to the final masterpiece.

Asking open end questions on why they offer A and not B is something that I have seen is effective. Supplier will explain the implicit intent which can help unlock optimum proposals

Yes, indeed! Not asking enough or failing to clearly express your needs and interests can indeed be a mistake in a business negotiation. This can lead to misunderstandings, missed opportunities, and outcomes that are less favorable than they could have been. Negotiation is a two-way communication process. It's not just about making demands, but also about asking questions to understand the other party's perspective, needs, and constraints. By asking the right questions, you can gather valuable information, uncover potential areas of agreement, and build a stronger case for your own position.

ABC...always be closing! Alec Baldwin was right. The best closers that I've seen make it look effortless...like the deal/project/etc. was the other person's idea. There's a skill to doing that. Part of it is truly connecting with the other person. Part of it is asking enough questions to find their pain and needs. Part of it is establishing trust that you are trying to help them solve their problems. Finally, credibility is earned.

Closing a deal is like bringing together the final notes of a symphony. Just as a conductor orchestrates the last moments of a musical performance, a successful closer guides the negotiation to a harmonious conclusion by summarizing key points, addressing concerns, and securing a clear confirmation of the deal.

Speed is the name of the game. When you see an opening, grab it and run with it. If you wait for the perfect deal, you may be waiting for a long time. Find a 'good enough' deal and bring it to fruition.

In the context of the steel industry, not effectively closing a deal can be a critical mistake. I've learned from experience that hesitation or carelessness in finalizing agreements can lead to disruptions in the supply chain, misunderstandings, and potential disputes. To avoid these issues, I now emphasize the importance of timely and decisive closure. This involves summarizing key points of agreement, addressing any remaining concerns, and obtaining written confirmation of the deal's terms. Such a meticulous approach ensures clarity, minimizes risks, and contributes to the smooth execution of agreements, ultimately benefiting both parties involved.

It is also important to set a desired outcome before you start negotiating in order to know when to close. If you don't close effectively you might end up losing everything you have already achieved. This also speaks into research and proper planning. Including plans on how to close negotiations ensuring that the terms od the negotiations is valid.

One thing I have learned is when you get the results you want, shut up! Don't keep talking and negotiating against your goal.

Clarify and paraphrase. Asking open-ended questions is the best way to have someone expand on what they’ve said and offer more information. Repeat their words back to them and ask if you’re understanding correctly or if there are things that need further clarification, hence creating efficiency in your workflow.

More often than not, the person you are negotiating with is associated with your business for medium to long term. It is important that he leaves the negotiating table feeling good about the deal struck. So even when you achieve all your objectives while negotiating, ensure that there is something left for the other to feel like a winner. It is only then that the long term objectives of the project are achieved.

It's comical that LinkedIn considers negotiating to be a "soft skill." I'm still laughing out loud at that mischaracterization. Great negotiation incorporates all of the business, analytics and communication skills at the same time.

I have learned that one needs to: - understand that ‘somewhere in the middle approach’, doesn’t always work in negotiations - try to ascertain the real VALUE. - both assert and exhibit fairness as negotiation is a solution centric exercise, where the parties are not competing against each other but are building a partnership. - end it on a positive note, acknowledge the deal-breakers, yet try to summarise how the common benefits out-weigh deal-breakers for both.