Negotiations. Been doing that a lot lately in Bankerland and it gets tiresome especially when I am dealing with nimcompooks. But that’s the nature of my job where prolonged negotiations (sometimes pointless negotiations) take a good chunk of the total time spent bringing a transaction to the market. Be it negotiating with the clients, lawyers, regulators and even denizens from Bankerland, there are basic techniques that one should master to facilitate the process. The following are some guiding principles you should keep in mind the next time you are in negotiations territory. You can even use them when you have to negotiate with your bf/gf/fb/spouse for your rights, free passes, holiday with your buddies, golf etc. But boys, if you have to negotiate for sex, then you would truly know who wears the pants at home :)
Negotiation Techniques
- Prepare, prepare, prepare.
Enter a negotiation without proper preparation and you've already lost. Make sure you are clear on what you really want out of the arrangement. If possible research the other side to better understand their needs as well as their strengths and weaknesses.
- Timing is key.
Be sensitive to when you ask for it. There are times to press ahead, and times to wait. But beware of pushing too hard and risk jeopardizing a long-term relationship.
- No ego please.
The best negotiators either don't care or don't show they care about who gets credit for a successful deal. Their talent is in making the other side feel like the final agreement was all their idea.
- Brush up your listening skills.
The best negotiators are often good listeners who let others make their case. It's generally better to sit tight and let the other side go first as it gives you a chance to decipher what they are thinking.
- Anticipate compromise.
You should expect to make concessions and plan what they might be. Of course, the other side is thinking the same, so never take their first offer. Even if it's what you'd hoped for, be cool fool and politely decline. You never know what else you can get.
- Stick to your guns.
You must have a set of values that you just won't compromise. If you find the negotiation not in congruence with your values, it might be a deal you should walk away from.
- Close with confirmation.
Even if no final deal is struck, recap the issues covered and any areas of agreement. Make sure everyone confirms. Do not leave behind loose ends and it might be good to follow up with a memo or email.
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Overheard in Bankerland:
Banker Wanker: "I am concerned by our inability to attract new staff and to retain staff, especially good staff that is required to bring the business to another level"
General: "Yes, it is a competitive environment"
Banker Wanker: "Take for example Sidekick. Such a waste"
General: "Yes, Sidekick was really a big loss. We had big plans for her. It was truly a big loss but our hands were tied in many ways"
Banker Wanker hopes that the General sees the light and while much needs to be done, Banker Wanker is marginally heartened to see some effort on General's part to show some goodwill and intent.
Puchong Boy: "Banker Wanker, cucur udang for you?" *extends oily plastic bag with 2 marble sized pieces*
Banker Wanker: *Looks up* "I don't take crumbs"
Puchong Boy: "No weh, still got 2 pieces, not crumbs"
Banker Wanker: *gives are-you-joking look* "Yes, 2 pieces of crumbs. Come back when you have something more"
Puchong Boy: *scurries away sheepishly*
Muahahaha.
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