FIN2605. Successful Negotiations: Lessons from the Trenches
A successful negotiation is not a competition or a confrontation - it is a conversation - and the party you are negotiating with is your counterpart, not your opponent.
As finance professionals, we face negotiations every day, both internal and external, and yet few of us have experience or training to understand what makes a negotiation successful. Join us to learn why the right mindset is crucial to negotiating success, how to properly prepare prior to the start of the negotiation by understanding both your objectives and priorities, and those of your counterpart, and how to select an approach and strategy to achieve those objectives and priorities.
Also, learn how to avoid the trap of allowing the negotiation to devolve into the need to "win points," rather than achieving your objectives and priorities. Finally, learn how to determine the success of your negotiation, which is not always getting what you thought you wanted. As Kenny Rogers said, "you have to know when to hold 'em, know when to fold 'em, know when to walk away and know when to run." Each of these options may mean success, depending on the circumstance.
Learning Objectives:
- Learn the importance of preparation in negotiation, including determining your objectives, priorities and stakes for you and your organization.
- Learn how to understand your negotiating counterpart's perspective, objectives and priorities.
- Learn multiple types of negotiation styles and strategies, how to select your approach for each specific negotiation, and which are appropriate for internal vs. external negotiations.
- Understand the importance of adaptability and flexibility as the negotiation evolves.
