Negotiations – Business English Skills 360 https://www.mybeonline.com The ESL Podcast that Looks at the Other Side of Business English Sun, 19 May 2019 21:18:43 +0000 en-US hourly 1 https://www.mybeonline.com/wp-content/uploads/2017/08/cropped-business-english-skills-360-amp-banner-1-32x32.png Negotiations – Business English Skills 360 https://www.mybeonline.com 32 32 Business English Skills 360 podcast lessons provide essential tips and language for communicating in English. Free transcripts and PDF downloads are available on the website: https://www.BusinessEnglishPod.com www.BusinessEnglishPod.com clean episodic www.BusinessEnglishPod.com BusinessEnglishPod@mac.com BusinessEnglishPod@mac.com (www.BusinessEnglishPod.com) Copyright Business English Pod Ltd. 2006-2020 Business English Skills 360 - The podcast that looks at the other side of Business English. Negotiations – Business English Skills 360 https://www.mybeonline.com/wp-content/uploads/powerpress/Business-English-Skills-360-iTunes-1500.png https://www.mybeonline.com/category/english-negotiations/ TV-G Skills 360 – Negotiations 2: Making the Deal https://www.mybeonline.com/business-english-skills-360-negotiations-2-making-the-deal/ https://www.mybeonline.com/business-english-skills-360-negotiations-2-making-the-deal/#comments Sun, 29 Apr 2012 13:15:42 +0000 http://mybeonline.com/?p=863 In this Business English 360 lesson, we're going to look at negotiating in English and how to successfully close a negotiation and make a deal.

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]]> https://www.mybeonline.com/business-english-skills-360-negotiations-2-making-the-deal/feed/ 1 In this Business English 360 lesson, we're going to look at negotiating in English and how to successfully close a negotiation and make a deal. Skills 360 podcast is now available in iTunes: Free iTunes Subscription

Free Resources: Quiz & Vocab | PDF Transcript

Welcome back to the Skills 360 podcast for the second part of our look at getting the most out of your negotiations. I’m your host Tim Simmons and today we’re going to tackle the actual negotiation. What should you be thinking about and saying when you’re sitting down at the table working on a deal?

Let’s start with the idea of control and restraint. And here I’m talking about controlling yourself. You might want to go in with guns blazing and overpower the other party with a show of strength. But that is usually the wrong thing to do. You might scare them right out of the room. Enter the negotiations calm, cool, and collected. Like I said in the last episode, treat it as a business discussion. So discuss, don’t attack.

Now, a wise man once said ‘we have two ears and one mouth and we should use them in those proportions’. In other words: listen more than you speak. When you listen, you get information. And the more information you have, the better your position. Listening also makes the other party feel validated. And that’s important, because if they feel they are not being heard, you have slimmer chances of success.

Of course, the other party might not have listened to this podcast. They might be belligerent or have poor listening skills. They might use fear or pressure tactics. But remember, if you lose your cool in the face of these methods, it means they work. So continue to show restraint and resist emotional responses. This is business, and you shouldn’t take things personally, even when it feels personal.

Okay, so that’s all about control and restraint. Now how can you deal with the actual give and take of a negotiation? Well, I’ve got a few tips for you. First of all, when you talk about money, don’t be the first to give a number. You might miss out on a sweet deal if you divulge too much information. For example, maybe your company designs websites and you’re in talks with a big company about a project. Their budget might be much bigger than what you usually charge. If you learn that, you stand to gain a lot.

But you also need to remember not to get too hung up on money. Price might be an important point, maybe even the most important point to you, but it’s never the only one. Some negotiations get stuck on the issue and never move past it. There could be a great deal possible for both parties but they don’t even realize it because they’re not talking about other terms.

Negotiations are all about concessions. You get some, and you give some away. And hopefully you get more than you give. So you should always be looking for the chance to gain concessions. Never give anything away for free! If the other party says “oh, we need this faster than the three months you propose,” then you can say “well, that will come with a higher price tag.” And when you make concessions, try to find ones that are easy for you but very valuable to the other party. For example,]]> www.BusinessEnglishPod.com clean 6:06 Skills 360 – Negotiations 1: Doing your Groundwork https://www.mybeonline.com/business-english-skills-360-negotiations-1-doing-your-groundwork/ Sun, 22 Apr 2012 21:17:32 +0000 http://mybeonline.com/?p=855 In this Business English 360 lesson, we're going to look at negotiating in English and how to do your groundwork to prepare for a negotiation.

The post Skills 360 – Negotiations 1: Doing your Groundwork appeared first on Business English Skills 360.

]]> In this Business English 360 lesson, we're going to look at negotiating in English and how to do your groundwork to prepare for a negotiation. Skills 360 podcast is now available in iTunes: Free iTunes Subscription

Free Resources: Quiz & Vocab | PDF Transcript

Welcome back to the Skills 360 podcast. I’m your host Tim Simmons, and today we’re going to explore the topic of negotiations.

Negotiation is something we all have to do on some level. You might be part of a team discussing a huge contract, or on the phone trying to get a good deal on office supplies, or in your manager’s office asking for a raise. Negotiation happens every day. In fact, you might say that in business everything is negotiable.

To kick off, we’re going to look at what you do before you start negotiating. That’s right, this is about doing your groundwork. It’s impossible to overstate the importance of being prepared, not matter what type of negotiation you’re headed into. The more you know and understand going in, the better deal you’ll walk out with.

So where do you start? Well, good preparation begins with learning about the other party. You want to understand their style, personality, and the way their groups work. And you also want to understand their negotiating style. What exactly do we mean by “style”? No, this isn’t whether they dress conservatively or casually. This is about how they negotiate. Are they formal or informal? Are they analytical or emotional? Are they aggressive or passive? Knowing these things will help you tailor your response and approach. For example, if you walk into a negotiation and open with an informal and slightly aggressive approach, but the other party is accustomed to more formal and rational negotiations, you may put them off.

Of course, a lot of negotiating style comes down to culture. Germans, Koreans, Russians, and Indians will all negotiate differently. So do a bit of research and find out how these groups typically approach a negotiation. This will reduce misunderstanding and help you craft your own approach.

Beyond style, you need to know how the other group operates. How do they make decisions? Are they aiming for group consensus? Or is there a top dog who you need to focus on swaying your way? Does the person in front of you have the authority to sign off on a deal? These are things you need to know. So do your homework and find out exactly what you’ll be facing.

Great. Now you also need to understand the other party’s position. That is, what exactly do they want and need? And what are they willing and unwilling to give up? To do this, you can try to get inside information, analyze their business situation, and find out about previous deals. Why did they succeed or fail?

Everyone heads into a negotiation with a list of priorities. It might not be written down anywhere. It could just be a general idea like: we can’t play around with price too much, but the timeline is less important. If you know this, you have power. You can also benefit from information about their options. If they can’t make a deal with you, do they have others waiting? Or are you the only one who can give them what they need? How time-sensitive is a deal? Can they wait? Or is that simply not an option for them? Again, this type of information will help you immensely during the negotiation.

Understanding the other party’s position is also necessary in order to figure out your own basic positions. And you shouldn’t have one position in mind. In fact,]]> www.BusinessEnglishPod.com clean 6:56