To help businesses go further in their trade, Octet has created the Powering Business series. These quarterly guides take a deep dive into key topics as we meet experts in relevant fields to get their insights and advice for aspiring businesses.
Issue 1 of the series focuses on the power of negotiation, and how it can be used most effectively.
We negotiate every day, often without even realising. Social creatures, the need for us to reach agreements with one another is something unavoidable. Yet negotiation is as diverse in context and method as the contents of a toolbox.
Despite what many believe, when it comes to business, negotiation isn’t just about haggling a better deal. In fact, in the majority of business settings, approaching a deal-making scenario by attempting to haggle could actually be detrimental to the outcome.
Octet spoke with expert, Simon Kelland, to help make sense of business negotiation, demonstrate how to sharpen this skill and how this tool can empower businesses.
As a leader and managing partner at Scotwork, a premier independent negotiating consultancy, Kelland has put many years of dedicated study and finesse into the practice. The firm has coached over 200,000 senior managers, in 24 languages and 40 countries worldwide. Having led hundreds of successful, high-stakes negotiations, Kelland brings skill and experience to Scotwork Sydney in order to help clients learn to better navigate the complexity, pressure and delicacy of deal-making.
We look at the process from start to finish and beyond, offering play-by-play guidance for negotiators. Findings are paired with examples of case studies to demonstrate how the ideas can play out in the real world.
We began by exploring negotiation styles, how they’re useful and when they should be adopted. Whilst you may imagine style as something fixed and consistent, in fact they differ not just from person to person, but negotiation to negotiation, and may even change several times within any given exchange.
Next we turn our focus to the preparation phase, looking at what research should be done, how roles should be designated, where meetings should be scheduled and even whether or not food is a good idea. We discuss how to plan in terms of finding leverage, illustrating how Octet can assist businesses by giving them greater financial flexibility that allows them to acheive better terms. With debtor finance and trade finance options that suit your needs, you can gain an edge in business negotiations.
Part 3 moves into how to navigate the negotiation process itself. We take a look at why confidence is your secret weapon, what to keep in mind when communicating between cultures and how to build the all-important trust that will ensure smooth and successful outcomes.
Lastly, we examine the final phases – closing the deal – as well as what takes place afterwards and what the future holds for business negotiations.
Stay tuned for the next edition of Powering Business.