I have watched and reviewed three videos that relate to the negotiation process. They all talk about what to expect in a negotiation and how to approach each obstacle. Each has it’s own methods and ways of going about a negotiation. I have also learned something new from each video I have watched.
The first video was a podcast by The Voluntary Life titled: “Entrepreneurship - Part 7: Negotiation.” One thing to always remember is to make sure everything is documented incase of miscommunication. Also, be explicit about your way of business. In the podcast, the speaker talks about “Getting to Yes” by Fisher and Ury. This is a book that my Entertainment Business Negotiation class is focused on. One thing I agreed strongly with in this podcast is how price has a small part in negotiation and it is easy to get caught in the price. This speaker was very helpful in explaining the Better Alternative to a Negotiated Agreement (BATNA). He explains that it is the alternative solution incase the negotiation fails. This is how you base whether or not the deals that are being made meet your needs. Also, know your counterparts BATNA this way you can figure out how far they are willing to go in the negotiation. This gives you the upper hand. The speaker then moves into how to deal with haggling and positional bargaining by using objective criteria. This gives the negotiation a center point to base the agreement around. This helps create faster solutions. It also helps create mutual benefits and ends the negotiation in a win-win situation. This is the only way to have a solid negotiation that lasts in the long run. This also helps avoid disputes and going to court.
The second video that I watched was by Margaret Neale from Stanford business called: “Negotiation: Getting What You Want.” She talks about how she will teach others how to understand negotiation, rather than give a step-by-step method that could fail at some point. She states that negotiating should not be adversarial, but should be about problem solving. Margaret has four steps for negotiation: assess, prepare, ask and package. The first step is where I believe the BATNA comes into play. One has to weigh out the benefits and the costs of the negotiation. When one has a BATNA, he or she can compare the offer being presented to the alternative choice without the negotiation. Second, one has to prepare for the negotiation by knowing his or her interests are and what are the interests of the other negotiator. Third is to ask questions. This is the point of a negotiation. Swapping information and coming to agreements is what happens in negotiating, otherwise no one would need to negotiate. The last step is to package issue together instead of negotiating issue by issue. This way, things go smoother and people get more of what they want without fighting for it. This is what I have taken from the video to learn from. I feel this can make things much simpler and can be used in every situation.
The last video I watched was a presentation by William Ury called: “Negotiating for Sustainable Agreements.” Ury speaks about how negotiation is used all the time, whether we realize it or not. It is something we are born to do. As we age, negotiation takes more and more of our time. He also offers four tools to avoid confrontation. One tool I really took from this video is to never engage with a person in a highly emotional state. It will get the negotiation nowhere and cause conflicts. It is better to wait until the person calms down. Conversely, think before you speak. Try to see things from a different perspective before something is said that will be regretful. The second tool Ury spoke about was the ability to listen. He explains that negotiation is about listening and respect. Allow the person to know there is an understanding and care for one another. Without respect, there can be no agreement. The third tool is the to reframe. There should be more than just listening, but also focus. The focus of the negotiation should be around each other’s interests, this way everyone gets what they want out of the deal being made. Questions have to be asked to get to solutions and problem solving. The last tool mentioned is bridging. This is basically a method to make things easier when negotiating. Start the conversation on the other side of the negotiation and work your way to your side of the negotiation. This will make it easier for the other side to see things the way you see them. It also help establish a mutual understanding. These are some steps that will stick with me when negotiating.
