Career Progression Briefing: Negotiating in Finance

Negotiating style Be aware of your own negotiation style and then think about the likely style of the other party. Taking into account the balance of power in your negotiating situation, consider how you might best adapt your own approach for success. Constants and variables Ensure you understand what is most valuable to you and/or your company. What will you be negotiating about? Numbers, money, sales, time, conditions, discounts, resources or something else? What will you expect to get in return for any concessions you give? Think particularly about variables. What do you have or could you do that would be valuable to the other party but not costly to you? negotiation, think through the range of possible outcomes. If you know your extremes and understand your limits, you can work towards discovering where they overlap with those of the person you are negotiating with. Try to be realistic about the range of outcomes the other party will be considering. Range of outcomes For each of the main issues in a

Win/lose matrix Think about your objectives and how they benefit the other party - where is the incentive/reward for them? What outcomes (for both parties) might result in a win-win situation? What would be a lose- lose situation? Decision tree Create a decision-tree plan based on a realistic range of outcomes, then think about what you will do if each outcome is discussed. Have a plan for the outcomes you don’t want, as well as those that you do. Checklist It is useful to have a checklist to work through to ensure that you have considered all the different aspects of your negotiation before you get started. Think about factors such as goals, power, trading, consequences, etc.

NEGOTIATING IN FINANCE | STEP 4: PLAN TO SUCCEED

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