You’re a new manager who’s been tasked with negotiating a big contract. What do you need to know?

As a new manager negotiating a big contract, you need to understand the specifics of what both parties want, the budget, any legal implications, and the timeline. For example, if you're negotiating a contract with a software provider, you should know your company's software requirements, the maximum budget, and the desired timeline for implementation. Preparation and understanding your priorities are key.

The first thing i should know as a manager is to understand the goals which i want to achieve. Because the greater understanding will guide me how to achieve them, and what's the best possible way, how much time it takes. So understanding the goals is very important before jumping to negotiations in the contracting process As a manager you should also know the goals of opposite party as well. Because understanding the goals of both the parties in a contract agreement will definitely help you

Negotiating a big contract is definitely a big thing. Doing so, you need to understand what the customer wants, what your position with the customer is. You should be aware of the competition and the customer's pain points, especially the cost of change. Beside that, you'll need to have the minimum and maximum terms you can accept to give you the range to negotiate within.

As a new product manager negotiating a big contract, you need to understand the specifics of what both parties want from the agreement. This includes pricing, timelines, deliverables, and any legal or regulatory requirements. For example, if negotiating a software development contract, you must know the expected features, deadlines, payment schedule, and how changes to the project scope are handled. Research your counterpart's needs and preferences, establish clear communication, and aim for a win-win outcome.

Excited to take on a new challenge as a manager with 14 years in industrial sales, negotiating a significant contract. Prioritizing product understanding, market analysis, and client needs. Key focus on financial insights, legal compliance, and thorough risk assessment. Crafting a strategic negotiation plan, fostering relationships, and collaborating with internal teams. Leveraging communication skills, cultural sensitivity, and adaptability for success. Aiming for a win-win outcome and post-contract relationship management. Ready to bring my extensive experience to ensure a successful negotiation process. #IndustrialSales #NegotiationExpertise #NewChallenges

Having all the knowledge and crucial information about the opposite party is as important as you know about your home party. So always make sure you have enough information about your counterparts before going ahead with the contract agreement

Building trust is crucial especially when it comes to longterm and strategic cooperation. You need to know in details the specific requirements, time frame and preferably the budget, so you can allocate the necessary resources. Once the contract is signed, always keep an eye on its progress. Even after case is closed and project is fulfilled, it is good to get some news from your partner. Showing that you care about the business. The more you know and support, the bigger chance for enhancing trust and longterm cooperation you get. Moreover, this can help you to learn about new projects and outstrip your competition for these new projects/contracts.

To successfully resolve a conflict, you need to learn and practice two core skills: Quick stress relief:?the ability to quickly relieve stress in the moment. Emotional awareness:?the ability to remain comfortable enough with your emotions to react in constructive ways, even in the midst of a perceived attack.