About This Course
The ability to negotiate and close deals with vendors, service providers and partners is a critical skill that team members need in today’s dynamic and competitive world. While deals must be successfully closed, the terms of the contract must be fair and profitable for both parties.
This micro-workshop is geared towards making managers and professionals astute negotiators.
At the end of the program, participants will be able to:
- Step through the negotiation process to achieve win-win deals.
- Generate options to achieve business goals.
- Apply behavioral techniques in negotiation.
- Reflect on one’s own behavioral style during negotiation.
- Identify areas of improvement and create a personal action plan to improve negotiation skills.
Skill Drill 1: Keeping the end in mind.
Internal teams are guided by business parameters and KPIs while negotiating and finalizing deals. In this skill drill, we pause to take a more strategic and long-term view of the negotiation process.
More specifically, we will deal with the following questions:
- What a successful deal looks like – partnerships and Win-Win.
- What happens after an agreement is reached – long-term vs. short-term metrics.
- Is lowest price, the best – second price bidding.
- Power and influence – how they impact negotiation and how to use them.
- The devil is in the detail – reading the fine print and attention to details.
At the end of this skill drill, participants will reflect on the KPIs and metrics that they use to drive negotiations within their functions and identify if they need to be modified, changed, tweaked.
Skill Drill 2: Discover the process of principled Negotiation.
Fischer and Ury have argued for ‘Wise Agreements’ instead of ‘Positional Bargaining’ as a tool for successful negotiations. In this skill drill, we explore the four principles of Fischer and Ury’s model. Their four principles are:
- Separate the people from the problem.
- Focus on interests rather than positions.
- Generate a variety of options before settling. on an agreement.
- Use objective criteria – BATNA and WATNA Methodology.
This skill drill is driven using an interactive and challenging case challenge around a hostage situation. Participants are divided into two teams. Teams are given 5 rounds to arrive at a Win-Win solution and end the hostage crisis.
Participants discover and experience all the four principles listed above through this case.
We will also discover the step-by-step negotiation process:
- Information gathering.
- Identifying the Negotiation Range, the Resistance and Settlement points.
- Probing and researching to identify needs and exploring possible areas of resistance.
- Reformulation of strategies and generating options.
- Hard bargaining and problem solving.
- Countering tactics and reaching an agreement.
- Pushing for a deal.
- Following-up and documenting.
- Transferring knowledge.
Skill Drill 3: Process Lab.
This skill drill will provide an opportunity to all participants to practice their negotiation skills. Participants will be divided into teams and assigned realistic roles. They will be given up to 3 rounds to negotiate using the tools and techniques learned and arrive at a deal. Each team will provide a short synopsis of their personal discoveries in the process. Teams participate in multiple case scenarios as buyers and sellers.
- Negotiation handbook.
- Quick reference guide.
- Refresher through short simulation.
- No prerequisites