Effective Family Business Negotiation Skills
Above all else, family business is the business of relationships. This holds true whether you are negotiating within your family business or with outside companies. The differences in negotiations with family partners (which involve long-standing relationships, pressure to conform and confusion over roles?am I a mom or am I the boss?) can increase the potential for misunderstanding and conflict in your family. Learning effective negotiating skills will go a long way towards minimizing risks.
Enhance Your Negotiations Skill Set - Tips to Help you Deal with Others
Harvard Business School?s John A. Davis and Deepak Malhotra offer several principles and examples to build your negotiations skill set:
- Analyze the negotiation space - the negotiation space isn't a physical room; it's a reference to all the parties either affected by, or that can affect, the negotiation. Analyze the interests, power and constraints on each and understand what they want. Don't forget to make your own needs known! Statistics show people in close relationships often negotiate worse outcomes than do people who care less about their counterparts.
- Don't try to beat the other side - winning a negotiation doesn't mean the other party needs to lose.
- Avoid single-issue negotiations - people often get stuck on one issue, like salary. Instead, use your negotiation skills to identify and negotiate multiple issues simultaneously and spot value-creating trade-offs.
- Negotiate over interests, not positions - get past what each party demands and learn why they want it. Take a non-judgmental attitude about other's choices.
Negotiations Skill Examples, Techniques and Tips from ABFI
Improve your deal-making, communication and conflict resolution skills! The Alberta Business Family Institute offers books, articles, programs, coaching and resources that can help in the development of effective negotiation skills.
Learn more by visiting other pages on this website or contact us for more information