How To Profit From Negotiation – Part I Of II

INTRODUCTION

Organisations are constantly seeking ways to increase revenues and margins whilst reducing costs. A question that is often raised is how the development of human resource skills can best be aligned to achieving these objectives.

All organisations’ efforts toward realising key objectives are characterised by communications with colleagues, suppliers, customers, shareholders and other stakeholders. The fact remains: individuals can no longer decide whether they would like to negotiate, they can decide only how well they would like to negotiate.

One of the most accessible and powerful mechanisms available to accelerate the achievement of your organisational growth objectives is optimising your organisation’s negotiation efforts.

WITH THE ACHIEVEMENT OF EVER-INCREASING TARGETS ON THE AGENDA, WHAT’S THE BEST WAY TO PROCEED?

The challenge is how to achieve profitable revenue growth whilst keeping a tight reign on expenses through quick improvements in operations.

Many organisations have come to the realisation that traditional growth tactics supported by initiatives such as pure play sales, marketing and purchasing training have run out of steam. This is due in large part to the era of ‘best practice standardisation’. Just as manufacturing organisations have embraced the implementation of proven best practices, so organisations across the spectrum have implemented best practices in the sales environment (typically through the formulation of a sales strategy and the implementation of a formal sales methodology) and the purchasing environment (typically through supply chain optimisation, strategic sourcing and supplier management initiatives). This has had the effect of leveling the playing field with most organisations deploying sales and purchasing strategies and processes that are similar in nature and design.

To achieve superior revenue & margin growth in a ‘standardised’ market environment requires a fresh approach. Deployed effectively, Negotiation Training will act as a catalyst to facilitate the continuance and entrenchment of competitive advantage.

Before exploring the best ways to deploy negotiation training to optimise returns, it is useful to consider why negotiators typically fail to achieve optimal returns from their negotiation efforts.

BUSINESS NEGOTIATIONS

At the highest level of abstraction, negotiators fail because they don’t negotiate in a ‘whole brain’ way. Research has proven that our actions and communications are most effective when they occur in a holistic, whole brain format. In the context of business negotiations, this means that negotiators must guide their actions and communications effectively by focusing on four core areas of negotiation:

Value

Business negotiators must ensure that they have an acute understanding of the facts that underpin any negotiation. Failure to gather & understand the relevant facts that support optimal deal making results in failed negotiations or negotiations where value is left on the table.

Process

Any negotiation without a robustly defined negotiation process and management infrastructure runs the risk of resulting in a sub-optimal outcome. A framework within which to operate is required to provide an environment within which risks can be pro-actively managed. A robust negotiation process ensures positive momentum and provides a referential framework that mitigates unforeseen complications & risks.

Relationship

Agreements can only be concluded between people or organisations represented by people. It goes without saying that the way we interact with other people is a critical determinant of negotiation success. The importance of relationships within a negotiation context is amplified when we find ourselves in an environment where ongoing partnerships and longstanding relationships results from our business interactions.

Vision

To achieve a collaborative deal frame, it is necessary that parties to an agreement have a shared vision of the losses and benefits associated with any agreement. It is only by having an understanding of all parties to an agreements respective vision that we can understand their driving motivators or interests. A key part of negotiation competency involves the ability to generate options that will serve the needs & interests of all parties.

World class negotiators develop their skills & competencies in each of the 4 main areas, thereby empowering themselves to deal competently in areas that would fall outside of their natural areas of ‘preference’.

NEGOTIATION SKILLS TRAINING

Effective negotiation skills training can be implemented in two ways:

  • Generic leading practice based (off the shelf)
  • In house training format
  • Public access open course training format
  • Verticalised & customised (suited to industry & organisational specific challenges, needs & strengths)
  • In house training format

The most effective negotiation skills training interventions will be preceded by the definition and/or design of a negotiation strategy and supporting process. This will ensure the establishment of a negotiation capability at an organisational level, equipping the organisation with a key competency in negotiation, which will result in competitive differentiation.

To ensure optimal positive impact, any negotiation training programme should cover the following key areas:

  • Individual negotiation preference & competency profiling.
  • Individuals must get an understanding of their preferences, negotiation style and negotiation competencies in the context of business negotiations.
  • A proven understanding of strategic sourcing and the approaches taken by buyers to negotiate purchases.
  • Sales negotiation training programmes should be built upon a strong foundation of understanding the procurement and purchasing functions within organisations. This is a critical element which will ensure that delegates are equipped with the skills to apply ‘mission specific’ negotiation strategies & tactics.
  • Provide delegates with a practical, simulation based environment within which to learn & deploy negotiation skills.
  • Research has proven that learning is accelerated by a practical learning environment.
  • Make provision for delegates to demonstrate their understanding and acquisition of new negotiation skills by means of a post course assessment.

Too many training courses don’t achieve their objectives because they don’t provide a post course assessment environment that encourages delegates to internalise the skills acquired.

Provide delegates with an individual Personal Development Plan based on their demonstrated preferences & competencies. It is hardly likely that one or even two negotiation training interventions will provide sufficient time for each delegate to fully develop their negotiation skills. It is therefore of critical importance to provide each delegate with a personal development plan that will assist them in the continued development of their negotiation skills.

To read about developing a personal negotiation development plan find my article entilted “Key Steps To Becoming an Advanced Negotiator” on this website or EMAIL ME FOR FREE

Debt Negotiation and Settlement – How Stimulus Money Aids Consumers With Debt Settlement

USA is facing dark times with the economic crisis and other economic issues. Obama is trying to fix the problems by supporting the stimulus money plan. Stimulus money come from government founds and are used to provide help to consumers in debt which for various reasons can’t afford to pay their loan back alone. Before the economic crisis hit, a lot of consumers needed loans and so they took loans in the hope that they will be able to pay them back. The large number of loans given by the banks caused major problems when there weren’t enough real money. This caused for a mass increase in interest rates and penalties and the consumers were forced to pay back more than what they borrowed. Most of them couldn’t afford to do so and so they filled for bankruptcy which only made the situation even worse for the rest of the citizens. With a large number of consumers still in debt and bankruptcy not being a real option any more, the government was forced to provide help and so stimulus money was introduced. Stimulus money is given to the major credit card companies to cover any losses that might appear when they accept to reduce the debt of their clients which use debt settlement.

Debt settlement or debt negotiation will reduce your unsecured debt by a large percentage after talking with the creditor and making them see that you are unable to afford the whole amount. Rather than letting you file for bankruptcy, a creditor is more likely to accept the negotiations and reduce your debt by 50-60%. It is better to get some money back from consumers and some from stimulus money rather than letting the consumers file for bankruptcy and not get anything from the loan.

Not only does stimulus funds help consumers in the battle with debt by making the creditors more likely to accept negotiations but also you don’t have to pay taxes for the reduced amount even if it counts as an income.

Debt negotiation is the best use of stimulus money and can aid consumers in their problem with debt.

Experience the Virtual Experiences with Metaverse Development Company

Maticz is the Leading Metaverse Development Company that creates a Metaverse Platform for the game, Real Estate, NFT, and many more industry verticals with our Metaverse Technology Experts.

Metaverse seems to be uplifting the virtual world. Create your own Metaverse world where people can experience the real-time experience in a virtual world by building an augmented reality and virtual reality technology. We head towards the topic. let’s get started!

How to Make Money in Metaverse?

Owning a Metaverse world for every industry and making more money
Invest your money in the real estate industry in the virtual world
You can make money by using the Metaverse Token in the Metaverse Trading platform.
Play and Earn In Metaverse Game
Much more ways to make money from metaverse business. Know more about it. According to the Bloomberg, Intelligence team predicts that Metaverse will be an $800 billion market opportunity by 2024. So, many of the business magnets are starting to build their own virtual empire through metaverse technology.

Where can I start a metaverse business?

Metaverse development companies are growing up around the market. you can reach that kind of company to build your own metaverse business for your desired industry. so, no worries to start your meta-universe business. we maticz offers metaverse development services to help you to capitalize on the metaverse technology.

How to create a Metaverse?

Why is Maticz unique in Metaverse Development?

Always, One step ahead in the market and provides Metaverse software Development Services with flexible and Customized UI and UX Designs. Our team of experts makes an attractive Metaverse Platform for various applications like decentralized space, 3dimensional space, metaverse gaming platform, and integration APIs.

We use unpin technologies and modernistic 3-dimensional space to create a more realistic virtual economy for your metaverse world. And we offer the complete technical support of metaverse development, smart contract auditing, complete solidity language, and exalt functionalities.

Our Metaverse Development Services,

Metaverse Game Development
Metaverse NFT Marketplace Development
Metaverse Real Estate Development
Metaverse Application
Metaverse Educational Platform
Metaverse Events
Integration Process
Check out our portfolio and make your virtual business more realistic from the metaverse development company maticz. Feel free to ask your queries.