One can sense a great deal of uncertainty in the world financial markets wherever you go - for the first time - regardless of geographical location.

Warren Buffet said that it is only when the tide goes out that you can see who is naked. In other words, it is easy to be prosperous when the economy is booming; it is only in tough times that we can clearly discern quality & commitment.

How can you use your negotiation skills, negotiation training or purchasing training to sidestep losses in the current economic situation?

Use 'Loss Framing'

People are more interested by evading loss than by achieving the very same gain. Kahneman & Tversky's Prospect Theory work describes how individuals will become risk seeking in an attempt to avoid a loss whilst they are more likely to be risk averse when pursuing benefits. In the way that we negotiate, we can make the other side aware of the items that they stand to lose if they don't agree to our requests and otherwise gain if they do.

Create Alternatives

In times of difficulty it is very important to look at other options so as to support our negotiation position. The ability to create options is important in the context of negotiation and the strength of options to securing a transaction is the key driver of our negotiation power.

Usually we wait until we recognise that we are not going to be able to do a transaction before we begin to think about alternatives. We risk entering into unfavourable deal and if we have not studied all the options. Similarly, thinking about the options available to your counterparty in the negotiation will give you a clear view of their relative position of strength in the negotiation. If they have good options available then they will be more aggressive and if they don't, they will tend to be more accommodating.

Use Reciprocation

Reciprocation is a key principle of powerful influencing skills, because we are most likely to return to others the sort of behaviour that they demonstrate towards us. In times of difficulty it is vital that we perform in the interests of the other side if we would like them to act in our best interests. You can use this principle to your advantage by acting first and using the principle of reciprocation. Be careful and ensure that you record the obligation with the other side.

Move from price to value

Remove the focus off price and home in on the Total Cost of Ownership. For any service, product or solution that we buy or sell, there is always a trade off between value & price. If we only engage on the price, the best that we will do is to haggle and it is only once we start to explore the entire lifecycle of the service, product or solution that we buy or sell, that we start to discover opportunities for negotiation. Before you even state price in negotiation, evaluate your counterparty's long term strategic fit, expertise, switching costs should they wish to change a business partner, financial steadiness and potential risks or negative consequences that may occur when the other side doesn't manage to reach agreement with you.

Remember that the magic in negotiation is found in the quality of your planning. In times of economic uncertainty it is key to dedicate adequate time to preparing for your negotiations.


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Understanding your counterparts interest in your negotiations is one of the most imporant elements to attain and ensure profitable, gratifying and long term business relationships.


Developing a strong negotiation capability is contingent on critical factors: The negotiation strategy, process, the individual's skills and the supporting network. Relying on the negotiation abilities of people is a familiar oversight businesses make.


Merely depending on the negotiation abilities of individuals is a familiar oversight businesses make. Developing a strong negotiation capability is contingent on critical factors: The negotiation strategy, process, the individual's skills and the supporting network.


We could easily make the mistake of stereotyping people according to their national culture whilst ignoring the other elements of culture that will contribute to the success in your negotiation.


You will inevitably have to negotiate with counterparts who use tactics against your organisation. It is very important to be able to recognise negotiation tactics and have the confidence and negotiation skills to counter them successfully.


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