FountainBlue’s January 15 VIP roundtable was on the topic of Negotiating Best Practices. Thank you to our senior execs participating in the discussion, as well as our gracious hosts at OCZ. Below is a summary of advice and pearls of wisdom.
- Be strategic and plan-ful about each negotiation, taking the time to understand the objectives and goals of various stakeholders, the motivations and drivers for each side, and work the relationship as you manage the process.
- Change is part of life in the tech sector. Understanding how people interact with each other, how success is measured, and how to work with various stakeholders through these changes is critical for the successful implementation of programs and projects.
- Today’s companies are international in flavor and scope, and negotiating with staff, business partners, customers, etc., to align goals, deliver results using a common standard, and make the top line and bottom line meet are critical to the recruitment, development and retention of your key talent.
- Build strong trust-based relationships with key stakeholders and partners and a relationship for communicating with transparency and integrity while delivering on results.
- When negotiations get complicated, it may help to script out a conversation and do some role-playing to prepare for the negotiation.
- Ensure that your role and that of your team is one that facilitates communication and collaboration.
- Have a list of musts, wants, and walk-aways, so that you can help manage the natural gives-and-takes when you have a yes-no-yes conversation. You can also think of it as a sandwich of good and bad things to communicate as part of the negotiation process.
- Don’t be afraid to make the ask, if it’s the clear and right thing to do, even if it’s awkward and uncomfortable to do it.
- Leveraging specialists and resources during tough negotiations, and always be actively listening and empathetic, especially when the egos of top execs are involved.
- Speak the language of various groups to get them all engaged and aligned on the same goals – understanding and delivering what the customer wants.
- Be ready to say yes, but with conditions. (e.g., sure we can deliver by X date/integrate that solution, but we can’t hold to the standard of scalability and reliability we set)
- When reaching for the next rung on the corporate ladder, first consider do you want to swim with the sharks? Is it something you’re looking to do with the current company/management? If so, learn to confidently and clearly communicate your results with the right people and ensure that you get credit for the work you do.
In the end, the key to negotiation is to plan-fully create that win-win, to address your immediate and long-term interests while factoring in that of the various stakeholders.