The part of a negotiation that every negotiator wants to get to as quickly as possible is the closing. This is when your prize is insight: the deal that you want is so close that you could almost reach out and touch it. However, it turns out that this is the most dangerous part of a negotiation – it can all slip away from you if you don’t know how to navigate the closing correctly.
What You’ll Find Inside:
Negotiating is a skill that we hone by using it over and over again. Opportunities to practice our negotiating skills come in all shapes and sizes and buying a car is one such event. Another way to get better at this thing that we call negotiating is by watching what other profession negotiators do. Negotiations between businesses and their workers, such as Verizon and the CWA / IBEW or even between two businesses such as EA and Take Two can offer us important learning experiences.
In labor negotiations, it’s the balance of power that can often determine which side walks away from the bargaining table with the best deal. Over at Boeing with the large number of different unions that the company has to deal with this has been shown to be true over and over again.
In order to be able to successfully close a negotiation, you need to have built up a strong foundation that will allow you to move the negotiation to a close. This involves building rapport with the other side of the table and also knowing just exactly who is calling the shots for the other side.
Finally, the closing of a negotiation often comes about because of a deadline or perhaps because both parties have reached a deadlock that they can’t resolve. In both cases, your ability to get the deal that you want will be at risk. Knowing how to deal with these situations is a core skill that every negotiator needs to master.