“What should we do when our clients ask for discounts on our fees? We believe our fees are reasonable, and our clients agreed to them at the beginning of our engagement. But we also value our future relationship and don’t want our clients to feel unappreciated or that...
I spent hours preparing and trying to consider all of the strategic factors that would affect our potential partner’s evaluation. I brainstormed with colleagues, tested our presentation on others in the field, and tried to step into his shoes to list his anticipated...
“It’s tough out there, and it’s getting tougher. This economic slump is really affecting our business. We need to be especially focused on our bottom line in our negotiations with vendors, customers and everyone else. So how should we negotiate differently in this...
The recent financial crisis and the negotiations involving Wall Street, the Bush administration, the Federal Reserve and Congress have highlighted a number of critical negotiation lessons. Here are three: Recognize the power of precedent. Bear Stearns’ demise...
While effective negotiation strategies almost always directly impact companies’ bottom lines, they often take on even greater importance during tough economic times. What negotiation strategies can be most effectively used in a challenging economy? • Reassess...
“When will they get back with me?” he asked. “I sent my proposal three weeks ago and haven’t heard anything. (My counterpart) told me everyone was on board with the idea and they were anxious to start. Now nothing.” “What should I...
I’m told one of the world’s largest retailers used to invite potential suppliers to its headquarters and sit them in adjacent conference rooms. Potential supplier A would go in conference room A, potential supplier B in room B, etc. The retailer would first ask...
I made several significant purchases during the holidays (including a car) and these negotiations highlighted four lessons that apply in almost all negotiations. • You have to ask. It’s a basic point, but one that many just don’t do. In most negotiation...
Last week I had two canceled flights, a car service that didn’t show up, a cab driver who didn’t know where he was going, a missed flight connection that forced me to stay overnight in Philadelphia, and a train that hit a tree and got stuck. Despite this,...
A fascinating set of negotiations just concluded that will affect almost 1/6th of our economy and almost all our lives. So what can we learn from them? Maintain a laserlike focus on your goal These negotiations began in early 2009 and concluded over a year later...
I recently led a seminar with a panel of expert negotiators, and each shared a particularly effective strategy they had used in their careers. Here are their pearls. • Creatively explore the parties’ interests. Judge John Buttrick of the Maricopa County Superior...
“I just don’t have time to comprehensively prepare for every negotiation. I know I should – but it’s just not practical. Plus, not all my negotiations involve big stakes.” I wish I had a dollar for every time I heard this. It seems almost everyone intellectually...
