Join Mike Figliuolo for an in-depth discussion in this video Avoiding common pitfalls, part of Strategic Negotiation.
- In any negotiating process, there are some…major pitfalls that you want to avoid.…The four most common ones I've seen are first:…not knowing the players or the process.…If you don't understand the people across the table…from you, as well as what the overarching process is going…to be for that negotiation, you're going to probably give…up more value than you should.…I've done that personally. I entered a deal, and I…didn't really appreciate the entire process.…
There were many more rounds of…negotiating than I was prepared for, and a problem was…which each round, I gave up a little bit more value.…By understanding that structure, and the process, and…the players, you can avoid this dynamic.…Next, not knowing what's important to them or to you.…Within my firm, we know exactly what's important in a deal.…It's about the long-term relationship, as well as what…I say is the number on the check.…
All I care about is how much money is coming in.…I don't care about, necessarily, the structure of it.…If they want to pay me per day or per person or per…
- Explore methods for defining all of your negotiation options.
- Recall how to make concessions when appropriate.
- Select the best negotiation style and strategy.
- Determine the most favorable deal structure.
- Support your anchor position.
- Recognize how to sequence your deals.
- Track negotiation points over time.
- Identify the most common negotiation pitfalls.