Career Progression Briefing: Negotiating in Finance

Common Misconceptions

There are some common misconceptions about negotiations that are pretty unhelpful: It all comes down to price Price is often one of the elements of a negotiation, but it is generally not the only factor, and frequently not the most important. It’s for sales people You may connect negotiation with the world of selling. It’s true, people who sell do negotiate, but so does everyone else, particularly finance teams. It’s all about winners and losers Many books and a lot of courses perpe- trate the idea that negotiation is all about being more aggressive and macho than the other party. Most negotiations aren’t

like that. The two parties need to be able to work together over a long period of time. A short-term win that leaves the other party resentful is likely to backfire. The involvement of accountants in negotiations can itself be something of an anti-dote to these unhelpful attitudes. Finance people have some traits that are particularly well-suited to negotiations: They know the numbers

They deal with these things calmly They have attention to detail when presented with a problem They tend to do their homework

All of these things are really good qualities for a negotiator, because they help you to be better equipped than the person that you’re negotiating with.

NEGOTIATING IN FINANCE | COMMON MISCONCEPTIONS

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