Negotiating for Success: Essential Strategies and Skills

Van Rye Publishing, LLC
27
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We all negotiate on a daily basis. We negotiate with our spouses, children, parents, and friends. We negotiate when we rent an apartment, buy a car, purchase a house, and apply for a job. Your ability to negotiate might even be the most important factor in your career advancement.

Negotiation is also the key to business success. No organization can survive without contracts that produce profits. At a strategic level, businesses are concerned with value creation and achieving competitive advantage. But the success of high-level business strategies depends on contracts made with suppliers, customers, and other stakeholders. Contracting capability—the ability to negotiate and perform successful contracts—is the most important function in any organization.

This book is designed to help you achieve success in your personal negotiations and in your business transactions. The book is unique in two ways. First, the book not only covers negotiation concepts, but also provides practical actions you can take in future negotiations. This includes a Negotiation Planning Checklist and a completed example of the checklist for your use in future negotiations.

The book also includes (1) a tool you can use to assess your negotiation style; (2) examples of “decision trees,” which are useful in calculating your alternatives if your negotiation is unsuccessful; (3) a three-part strategy for increasing your power during negotiations; (4) a practical plan for analyzing your negotiations based on your reservation price, stretch goal, most-likely target, and zone of potential agreement; (5) clear guidelines on ethical standards that apply to negotiations; (6) factors to consider when deciding whether you should negotiate through an agent; (7) psychological tools you can use in negotiations—and traps to avoid when the other side uses them; (8) key elements of contract law that arise during negotiations; and (9) a checklist of factors to use when you evaluate your performance as a negotiator.

Second, the book is unique in its holistic approach to the negotiation process. Other books often focus narrowly either on negotiation or on contract law. Furthermore, the books on negotiation tend to focus on what happens at the bargaining table without addressing the performance of an agreement. These books make the mistaken assumption that success is determined by evaluating the negotiation rather than evaluating performance of the agreement. Similarly, the books on contract law tend to focus on the legal requirements for a contract to be valid, thus giving short shrift to the negotiation process that precedes the contract and to the performance that follows.

In the real world, the contracting process is not divided into independent phases. What happens during a negotiation has a profound impact on the contract and on the performance that follows. The contract’s legal content should reflect the realities of what happened at the bargaining table and the performance that is to follow. This book, in contrast to others, covers the entire negotiation process in chronological order beginning with your decision to negotiate and continuing through the evaluation of your performance as a negotiator.

A business executive in one of the negotiation seminars the author teaches as a University of Michigan professor summarized negotiation as follows: “Life is negotiation!” No one ever stated it better. As a mother with young children and as a company leader, the executive realized that negotiations are pervasive in our personal and business lives. With its emphasis on practical action, and with its chronological, holistic approach, this book provides a roadmap you can use when navigating through your life as a negotiator.
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About the author

GEORGE J. SIEDEL is the Williamson Family Professor of Business Administration and the Thurnau Professor of Business Law at the University of Michigan. He teaches courses on negotiation, public policy, and business law at Michigan’s Ross School of Business. He has also taught seminars around the world to business leaders, entrepreneurs, attorneys, judges, physicians, and athletic directors. In conjunction with his courses and seminars, he developed several free negotiation planning tools and a free app, which are available at http://www.negotiationplanner.com.

Professor Siedel completed graduate studies at the University of Michigan and Cambridge University. He served as a visiting professor at Stanford University and Harvard University and as a Visiting Scholar at Berkeley. As a Fulbright Scholar, he held a Distinguished Chair in the Humanities and Social Sciences.

Professor Siedel has received several national research awards, including the Maurer Award, the Ralph Bunche Award, and the Hoeber Award. He has also received many teaching awards, including 2014 and 2018 Executive Program Professor of the Year Awards from a consortium of 36 leading universities committed to international education.

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Additional Information

Publisher
Van Rye Publishing, LLC
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Published on
Oct 4, 2014
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Pages
116
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ISBN
9780990367123
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Language
English
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Genres
Business & Economics / Business Communication / General
Business & Economics / Business Communication / Meetings & Presentations
Business & Economics / Commerce
Business & Economics / Conflict Resolution & Mediation
Business & Economics / Decision-Making & Problem Solving
Business & Economics / Entrepreneurship
Business & Economics / General
Business & Economics / Leadership
Business & Economics / Management
Business & Economics / Management Science
Business & Economics / Motivational
Business & Economics / Negotiating
Business & Economics / Personal Success
Business & Economics / Purchasing & Buying
Business & Economics / Sales & Selling / General
Business & Economics / Skills
Business & Economics / Training
Law / Arbitration, Negotiation, Mediation
Law / Business & Financial
Law / Contracts
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Your friend decides to order a pizza. President Obama decides to authorize the mission that leads to the death of Osama bin Laden. You decide that your business should launch a new product. What do these decisions have in common? They all require using the Three Pillar model of decision making. Our personal, leadership, and business decisions are based on a Law Pillar, a Strategy Pillar, and an Ethics Pillar.

The Three Pillar model originated in a leadership course that every Harvard MBA student takes before graduation. The Harvard course is based on three lenses of decision making: economics, law, and ethics. The Three Pillar model expands these lenses by replacing “economics” with “strategy.” With this change, the model becomes a powerful tool for personal and leadership decisions, as well as for business decisions.

This book takes you through four steps that enable you to use the Three Pillar model for business decisions:

Step One: Become a legally savvy leader. This does not require memorization of legal rules. Instead, you should understand how the law works in practice. Various surveys have identified the key legal areas that every business leader should understand: product liability, employment law, government regulation, intellectual property, contracts, and dispute resolution. This book provides briefings on each area and shows how they impact your key stakeholders: customers, employees, government, and investors.

Step Two: Become an effective risk manager. After your briefings on the law, you are now ready to focus on the Law Pillar. The Law Pillar emphasizes risk management. This book explains how to manage the legal risks that constitute the main threat to your business success. For example, the chapter on product liability will describe how to make strategic new product decisions, how to isolate product risks by creating subsidiaries, and how to design new products to minimize the risk of being sued for selling a defective product.

Step Three: Align the Strategy Pillar with the Law Pillar to create value. Many leaders think that there is an inherent tension between the Strategy Pillar, with its value creation orientation, and the Law Pillar, with its risk management orientation. This book explains how you can overcome this tension and align the two pillars by focusing on the interests of each of your stakeholders. For example, by focusing on customer interests, a process designed to prevent product liability can be transformed into a powerful product development tool.

Step Four: Develop an ethical organization. Understanding the Ethics Pillar of decision making enables you to play a leadership role in developing compliance and values standards for your organization. This role requires that you “walk the talk” by using a principled process for making ethical decisions. By combining the Ethics Pillar with the Law Pillar and the Strategy Pillar, you can become a responsible corporate citizen while at the same time creating value for your shareholders and other stakeholders.

Once you master the Three Pillar model for business decisions, you can easily apply the model to personal decisions and to leadership in any organization.
From two leaders in executive education at Harvard Business School, here are the mental habits and proven strategies you need to achieve outstanding results in any negotiation.

Whether you’ve “seen it all” or are just starting out, Negotiation Genius will dramatically improve your negotiating skills and confidence. Drawing on decades of behavioral research plus the experience of thousands of business clients, the authors take the mystery out of preparing for and executing negotiations—whether they involve multimillion-dollar deals or improving your next salary offer.

What sets negotiation geniuses apart? They are the men and women who know how to:

•Identify negotiation opportunities where others see no room for discussion

•Discover the truth even when the other side wants to conceal it

•Negotiate successfully from a position of weakness

•Defuse threats, ultimatums, lies, and other hardball tactics

•Overcome resistance and “sell” proposals using proven influence tactics

•Negotiate ethically and create trusting relationships—along with great deals

•Recognize when the best move is to walk away

•And much, much more

This book gets “down and dirty.” It gives you detailed strategies—including talking points—that work in the real world even when the other side is hostile, unethical, or more powerful. When you finish it, you will already have an action plan for your next negotiation. You will know what to do and why. You will also begin building your own reputation as a negotiation genius.
Savvy managers no longer look at contracting processes and documents reactively but use them proactively to reach their business goals and minimize their risks. To succeed, these managers need a framework and A Short Guide to Contract Risk provides this. The foundation of identifying and managing contract risk is what the authors call Contract Literacy: a set of skills relevant for all who deal with contracts in their everyday business environment, ranging from general managers and CEOs to sales, procurement and project professionals and risk managers. Contracts play a major role in business success. Contracts govern companies' deals and relationships with their suppliers and customers. They impact future rights, cash flows, costs, earnings, and risks. A company's contract portfolio may be subject to greater losses than anyone realizes. Still the greatest risk in business is not taking any risks. Equipped with the concepts described in this book, business and risk managers can start to see contracts differently and to use them to find and achieve the right balance for business success and problem prevention. What makes this short guide from the authors of the acclaimed Proactive Law for Managers especially valuable, if not unique, is its down-to-earth managerial/legal approach. Using lean contracting, visualization and the tools introduced in this book, managers and lawyers can achieve legally sound contracts that function as managerial tools for well thought-out, realistic risk allocation in business deals and relationships.
Some negotiations are easy. Others are more difficult. And then there are situations that seem completely hopeless. Conflict is escalating, people are getting aggressive, and no one is willing to back down. And to top it off, you have little power or other resources to work with. Harvard professor and negotiation adviser Deepak Malhotra shows how to defuse even the most potentially explosive situations and to find success when things seem impossible.

Malhotra identifies three broad approaches for breaking deadlocks and resolving conflicts, and draws out scores of actionable lessons using behind-the-scenes stories of fascinating real-life negotiations, including drafting of the US Constitution, resolving the Cuban Missile Crisis, ending bitter disputes in the NFL and NHL, and beating the odds in complex business situations. But he also shows how these same principles and tactics can be applied in everyday life, whether you are making corporate deals, negotiating job offers, resolving business disputes, tackling obstacles in personal relationships, or even negotiating with children.

As Malhotra reminds us, regardless of the context or which issues are on the table, negotiation is always, fundamentally, about human interaction. No matter how high the stakes or how protracted the dispute, the object of negotiation is to engage with other human beings in a way that leads to better understandings and agreements. The principles and strategies in this book will help you do this more effectively in every situation.

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