There are specific attributes of a profitable business, and productive negotiation is certainly one of them. If you are a manufacturer in conversation with several suppliers or a tech giant trying to sign a product deal, Covid-19 must have changed your negotiation strategy/approach. Milan Prilepok, in his article for ‘Harvard Business Review,’ talks about numerous ways to enhance your remote negotiation skills.
The whole process of doing business has turned on its head in the wake of the pandemic. If you want to sell, buy, distribute, market, or promote your business, you must collaborate with the other market divisions, and it involves a hefty negotiation. Skilled negotiators have a comprehensive understanding of the ever-changing market. The negotiation practice at McKinsey is anticipating 25% of the talks to be conducted remotely as compared to 10% in the pre-pandemic era.
Pricing is constantly fluctuating in sync with the rapidly changing supply chain processes. Suppliers may not be able to meet the demands of their customers. In such an era of market crisis, it is vital for the buyers and sellers to explore the non-financial aspects of business such as intellectual property ownership, risk-sharing, and contract flexibility, to name a few.
Encourage Various Stakeholders
Suppose your company is planning to negotiate for a specific part of the business to buy technology. In that case, you can invite several stakeholders to determine the cross-functional issues at the meeting. If a seller company is only in touch with the buying unit of the other company with no insights from the stakeholders, it can hamper meaningful discussion and decisive conclusions.
2021 has seen a lot of transition and the following months are crucial for businesses. Your business can either grow rapidly or cease to exist. Using novel negotiation techniques such as sending a brief of the meeting or establishing backend communication can go a long way to contribute to the financial and innovation value of the business.
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