You Are Negotiating 10,000 Times Annually: Are You Ready?

The Importance of Negotiation

The World Economic Forum recently highlighted negotiation as one of the most crucial skill, irrespective of one's profession.

Contrary to popular belief, negotiations are a frequent part of our daily interactions. Studies indicate that even those who don't perceive themselves as negotiators engage in negotiation activities between 8,000 to 10,000 times annually. A staggering 80% of our communications can be categorized as negotiations. While the frequency remains consistent, the context varies, necessitating a diverse set of negotiation techniques. Those proficient in negotiation are invaluable to their organizations and personal growth.

The Interdependence of Relationships

We rely on others to achieve our aspirations, address challenges, and fulfil our desires. Life's situations are seldom straightforward. What you deem correct might be questionable to others. Negotiation bridges these differences, guiding you towards a consensus.

Real-life Scenario

Consider this: You've applied for planning permission to build a patio but haven't received approval. In contrast, your neighbor, with a similar request, has been granted permission. Fair or not?

Legal interpretations aren't always clear-cut; they're influenced by individual perspectives. In this instance, your neighbor leveraged negotiation by establishing a personal connection rather than relying solely on formal procedures. He understood the power of personal relationships and the importance of listening. By seeking advice rather than merely submitting a request, he ensured a win-win outcome.

How do you approach negotiations? Do you impose solutions or engage in collaborative decision-making?

The Ubiquity of Negotiation

Negotiations are an integral part of our daily lives. Research on senior executives reveals that a significant portion of their day revolves around negotiations, extending beyond mere transactions. Discussions about project timelines, technical details, staffing, and finances are all forms of negotiation. Yet, many organizations lack a structured negotiation strategy, akin to operating without essential operational strategies—a glaring oversight.

The Dynamics of Power in Negotiations

Those with a power advantage often dictate terms. While history is replete with instances where victors imposed conditions on the vanquished, such an approach is myopic and counterproductive. Resorting to power plays for short-term benefits can jeopardize long-term relationships.

Beyond the Handshake

A signed contract isn't the end but the beginning of a relationship. Upholding the agreed terms is vital for nurturing a positive relationship. Power dynamics can shift, and emotions can jeopardize agreements.

Setting the Ground Rules

Negotiation is a psychological dance, requiring a clear understanding of the rules. It's essential to gauge how you can influence the other party and vice versa. Effective negotiation demands resilience, adaptability, and discernment.

The Science of Negotiation

Negotiations can be confrontational, with one party's gain resulting in another's loss. However, a more constructive approach emphasizes collaboration without naivety. In the negotiation arena, there are potential benefits, costs, and risks.

To maximize gains while minimizing risks, consider these approaches:

1. **Combative Negotiation:** This approach emphasizes power dynamics, manipulation, and prioritizes immediate gains.

2. **Partnership:** Focus on expanding the benefits before distribution. This collaborative approach seeks win-win outcomes.

3. **SMARTnership?:** This method emphasizes dialogue and agreement on negotiation terms, fostering trust and collaboration.

In conclusion, hone your negotiation skills. Whether through formal training or self-study, prioritize this invaluable competence.

Meet Keld Jensen: Internationally Recognized Negotiation Expert, TEDx Speaker, and Award-Winning Author

Keld Jensen is a renowned negotiation expert, sought after advisor, and accomplished author. With a background primarily in management and as former CEO of a publicly traded technology company, Keld works with governments and major corporations to achieve success through optimized negotiations.??He is also an associated professor and teaches at top-ranked universities around the world, including the Thunderbird School of Global Management at ASU, the BMI Executive Institute in Lithuania, BMI/Louvain University in Belgium, and Denmark’s Aalborg University.

Keld’s expertise and extensive experience have earned him over 200 international TV appearances, regular contributions to Forbes magazine, and hundreds of published articles in major business publications in Europe, Asia Pacific, and the U.S.?

He is the founder and head of the The SMARTnership Negotiation Organization, a consulting and training organization that works with private industry and governmental bodies worldwide, with clients including Vestas, Novo Nordisk, Johnson Johnson, Carlsberg Group, Siemens, Rolls Royce, LEGO, Bang & Olufsen, Mercedes, UCLA, UNICEF, PG&E, ThermoFisher, World50, and the governments of Canada, Denmark, and Great Britain.

He is on the prestigious Global Gurus Top30 and has received numerous awards for his work. His SMARTnership approach is the world’s most awarded negotiation strategy. He is a dual citizen of USA and Denmark and resides in California. He has lived and worked in 5 countries. His latest book, Negotiation Essentials is being published on McGraw Hill as is already a best selling book before the release.??

About Keynote Speaker Keld Jensen

Meet Keld Jensen: Internationally Recognized Negotiation Expert, TEDx Speaker, and Award-Winning Author

Keld Jensen is a renowned negotiation expert, sought after advisor, and accomplished author. With a background primarily in management and as former CEO of a publicly traded technology company, Keld works with governments and major corporations to achieve success through optimized negotiations.??He is also an associated professor and teaches at top-ranked universities around the world, including the Thunderbird School of Global Management at ASU, the BMI Executive Institute in Lithuania, BMI/Louvain University in Belgium, and Denmark’s Aalborg University.

Keld’s expertise and extensive experience have earned him over 200 international TV appearances, regular contributions to Forbes magazine, and hundreds of published articles in major business publications in Europe, Asia Pacific, and the U.S.?

He is the founder and head of the The SMARTnership Negotiation Organization, a consulting and training organization that works with private industry and governmental bodies worldwide, with clients including Vestas, Novo Nordisk, Johnson Johnson, Carlsberg Group, Siemens, Rolls Royce, LEGO, Bang & Olufsen, Mercedes, UCLA, UNICEF, PG&E, ThermoFisher, World50, and the governments of Canada, Denmark, and Great Britain.

He is on the prestigious Global Gurus Top30 and has received numerous awards for his work. His SMARTnership approach is the world’s most awarded negotiation strategy. He is a dual citizen of USA and Denmark and resides in California. He has lived and worked in 5 countries. His latest book, Negotiation Essentials is being published on McGraw Hill as is already a best selling book before the release.??

www.keldjensen.com