Core Principles of Negotiation

Management Courses - Mike Clayton

15 Jul 202004:55

Summary

TLDRThis video outlines eight key principles for negotiating with integrity. First, know your desired outcome and your limit (Batna) before entering negotiations. Second, offer something in return for what you want. Third, trust the negotiation process and keep working towards an agreement. Fourth, focus on interests, not initial positions. Fifth, control your emotions during negotiations. Sixth, recognize bad behavior, but don’t let it derail the negotiation. Finally, flexibility is crucial for success; adapt your approach to reach the best outcome. These principles help you stay firm, fair, and flexible in negotiations.

Takeaways

📝 Know your desired outcome before entering a negotiation.
🚶‍♂️ Understand your limits and when to walk away if necessary (your BATNA).
💸 In negotiations, you get what you pay for—be prepared to offer something in return.
⏳ Negotiation is a process, and progress takes time; trust the process.
🤝 Interests, not positions, determine the final outcome of a negotiation.
😌 Control your emotions during negotiations; don’t let them dictate your decisions.
👁️ Focus on intentions behind bad behavior during stressful negotiations, not the behavior itself.
🛑 Address disrespectful behavior without letting it derail the negotiation.
🔄 Flexibility is key to successful negotiations; adapt your approach when needed.
🎯 Keep the end goal in mind and remain adaptable in your strategies for the best results.

Q & A

What is the first principle of negotiating with integrity?
-The first principle is to know the outcome you want before entering a negotiation. It’s essential to be clear about what you hope to achieve.
What is a BATNA, and why is it important?
-BATNA stands for 'Best Alternative to a Negotiated Agreement.' It represents what you will do if the negotiation fails. Knowing your BATNA prevents you from being a hostage to the other party.
Why is it important to know when to walk away from a negotiation?
-It's crucial to know your limit so you don’t accept terms that are worse than your alternative. If the offer is less valuable than your BATNA, it’s better to walk away.