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Step 6 – agreement

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Step 6 – agreement

It might seem there is not much to write about the agreement – after all it marks the end of negotiations. There is nothing further from the truth. The negotiation process leads to an agreement which is just as important a step as any of the previous ones – a lot can be lost or gained. Our focus at hand can’t drop at this point. We need to endure in our engagement till the very end and sometimes even further. Read on to find out what to keep in mind to close agreements like professionals do. The desired effect is for all parties to leave the table with a feeling of victory and a real victory. This distinction is important. A feeling of victory means emotions, delight and joy – feelings of a time spent productively and a promising outcome. Real victory is an economically expressible justification that negotiations brought you closer to fulfilling your interests. Moreover, please note that we’re talking about a victory of all sides. This can be reached through the practice of negotiation based on win – win strategy. During the negotiations all arrangements should be monitored on the fly. Writing down establishments as they come up, in a place visible for all parties can spare much confusion once the time to write the final agreement comes. Placing faith in memory may turn out not so well, especially if there were emotional escalations during the negotiations. When closing in on the agreement emotions play a crucial role. Having gone a long and twisty road towards success, we have a natural tendency to want to secure our terms once we’re close. In such a state it is worth to remain calm, focus and restrain from signing something in a haste. This is the time to make sure that all the numbers add up and your interests are fulfilled at a satisfactory level. If the contract is big, don’t hesitate to wait with signing it for a day or week to consult the terms with your business partner or have the data checked by analysts. Be aware of pinching,  the last minutes are a place vulnerable for tricks. In context of emotions mentioned in the above paragraph, these circumstances act in favor of playing a pinch technique. It works by putting forward a final (usually small) demand once the agreements have been settled upon. Ideally, the demand is small enough for the partner to accept it instead of negotiating again. This trick often comes in the form of ‘I forgot one tiny thing…’ or ‘I slipped a digit in my calculations, I need just…’. Be aware and don’t get tricked into giving away a present. Negotiations lead to an agreement but don’t always end in one. In the event of walking away from the table, the most important thing is to keep respect towards your partner and keep your dignity. After having reached an agreement it is a nice custom to congratulate your partner for good negotiations. This kind gesture is a sign of partnership; it will rise his self-esteem and make you well remembered for the future.