Picture this: You're in the final stages of a partnership negotiation envisioning success, and then suddenly the momentum slows down because of something out of your control. Maybe it's a sudden change in leadership, a partner’s budget constraint or even just unpredictable circumstances. Whatever the cause, it's like hitting a speed bump in the fast lane to closing a deal that can jeopardise all the efforts made so far.
But how can these situations be handled or even better how can they be prevented when working on a deal? 🤔
Below is a list of tactics you can use to ensure time works in your favour during negotiations:
- Stay Agile: Be ready to adapt to unexpected changes swiftly. Flexibility is key when navigating through uncertain waters.
- Proactive Communication: Keep the lines of communication open at all times, utilising multiple threads. Regular updates and transparent discussions can help mitigate misunderstandings and keep the deal on track.
- Contingency Planning: Anticipate potential roadblocks and have backup plans in place. Whether it's a Plan B for budget constraints or a Plan C for leadership transitions, being prepared is half the battle won.
- Time Management: Set realistic timelines and stick to them religiously. Avoid procrastination and prioritize tasks to keep the deal moving forward.
- Stakeholder engagement: Having all stakeholders involved is key. In the case of a budget constraint, for example, having the Finance Department bought in is paramount.
- FOMO: Provided you have demonstrated your value proposition, FOMO can drive urgency in negotiations and decision-making processes, pushing parties to expedite deals to avoid being left out or disadvantaged.
There is no one-fits-all formula to winning deals, but each situation needs to be read and requires critical thinking to understand the overall context and to act accordingly.
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