Negotiating Skills for Finance Professionals: Get What You Want When You Want It

• Chapter 0 - Get What You Want When You Want It! Negotiating Skills for Finance People
  • Course Objectives
  • Atypical CPE
  • Workshop Roles
  • Introduction
    • Best Practices in the Way of Advice and Tactics
    • Use of Questions
    • Use of Analogies and Examples
    • 10½ Steps to a Successful Negotiating Session
• Chapter 1 - Basics of Negotiating
  • Learning Objectives
  • The Game of Negotiation
  • My Story
  • What Is Negotiating?
    • Negotiating Defined
    • Issues Defined
    • Everyone Negotiates!
    • Negotiation Is a Creative Process
  • What Makes a Formal Negotiation Successful?
    • Elements of a Negotiation
    • High Road™ Negotiator
    • Four Ingredients of a Negotiation
    • Typical Negotiation in the News
    • Criteria of a Successful “Winning” Negotiation
    • General Objectives of a Negotiation
    • More Options Produce a Better Outcome
  • How Do I Structure a Typical Business Negotiation?
    • Stages of the Negotiation
  • How Can I Get Them to Consider My Offer?
    • The Motivation to Negotiate
  • Is There More to This Than Simply Negotiating?
    • The Negotiating Spectrum
  • What Skills Does a Successful Negotiator Need?
    • Four Core Skills to Get What You Want in Negotiating
    • Fitting the Negotiating Stages and Skills into the Planning Map
  • In the End
  • Questions and Application Steps
• Chapter 2 - The Negotiator’s Mindset
  • Learning Objectives
  • Have an Attitude of Success
  • Attitudes Beget Behaviors
    • Mindset 1—The Confidence to Negotiate
    • Mindset 2—A Negotiator Mentality
    • Mindset 3—A Balanced Attitude
    • Mindset 4—The Confidence to Face Conflict
    • Conflict Negotiations
  • Conflict Reaction Style Self-Assessment
    • Conflict Reaction Style Survey Scoring and Interpretation Sheet
    • My Story
    • Mindsets 5 and 6—The Confidence to Make Decisions and Take Risks
  • Negotiating Best Practices
    • “Ask for What You Want!”
    • “Ask For More Than What You Want!”
    • “Be Realistic!”
    • “Be Willing to Walk Away!”
    • My Story
  • In the End
  • Questions and Application Steps
• Chapter 3 - Core Skill—Preparing to Negotiate
  • Learning Objectives
  • Good Fortune Is 90% Preparation
  • The 80/20 Rule in Negotiating
  • Set Your Objectives
    • Objective Setting
    • Objective Setting Questions
    • In Essence
  • Set Your Desired Outcomes
    • Most Common Types of Negotiations
    • Top Conditions Conducive to Crafting Win-Win Negotiations
  • Do the Research
    • Relying on Published Data
    • Limits on Objectivity
    • Third Party Objectivity
    • In Essence
  • Determine the Assumptions
    • Assumptions
  • Select Your Negotiating Strategy
    • Strategies and Tactics
    • Developing Your Strategy
  • Practice to Be Ready and Confident
    • Practice, Practice, Practice
  • Refuse to Negotiate
  • Negotiating Preparation Tools
    • The Importance of These Tools
    • Tool: Negotiating Preparation Continuum
    • Tool for Selecting and Deciding on Tradeoffs
    • Tool for Selecting Alternatives Based Upon the Specific Issues
    • Tool: Preparation Questionnaire
  • In the End
  • Questions and Application Steps
• Chapter 4 - Core Skill—Anticipating What to Expect
  • Learning Objectives
  • Can You Predict the Future?
  • See the Issues Instead of the Positions
    • Issues vs. Positions
    • Define the Underlying Needs
  • Understand People’s Basic Needs
    • Physiological Needs
    • Safety and Security Needs
    • Love and Recognition Needs
    • Self-Esteem Needs
    • Need to be Understood
    • In Essence
  • Anticipate the Needs of the Other Party
    • The Point
    • The Negotiating Iceberg
  • Anticipate Your Own Needs and Actions
    • Negotiating Benchmarks
  • Anticipating the Price or Cost Question
    • Process for Dealing with the Dreaded Price Question
    • Setting the Price
    • Reasons Why People Are Willing to Pay More
    • Emphasize Value Instead of Price
  • Set the Optimal Negotiating Climate
    • Negotiating Climate Defined
  • Negotiating Best Practices
    • “Know When to Stop!”
    • “Expect the Unexpected!”
    • “Don’t Blink!”
    • “Don’t Spend the Deal Until It Is Real!”
  • In the End
  • Questions and Application Steps
• Chapter 5 - Core Skill—Relating to the Other Party
  • Learning Objectives
  • Walk in Their Shoes and Brains
  • The Forms of Relationships in Negotiating
    • Forms of Relationships
  • The Negotiator and Trust
    • The Importance of Trust
    • Keys to Building a Relationship Based on Trust
    • Trust and Negotiating Team
    • Cycle of Mistrust
    • Steps to Rebuilding Trust
    • Case Study of a High Road Negotiator
  • Retaining the Relationship
    • Negotiator’s Remorse
  • The Negotiator’s Need for Power
    • The Point
    • Why Does a Skilled Negotiator Need Power?
    • Thoughtful Power
    • Expertise Power—The CPA’s Edge
    • Tool for Selecting Negotiating Alternatives
  • In the End
  • Questions and Application Steps
• Chapter 6 - Core Skill—Communicating
  • Learning Objectives
  • Communication is More Than Talk
  • Communication in Negotiating
    • Common Communication Problems
    • Four Necessities for Competed Communications
    • Steps to Improving or Changing Your Communication Patterns
  • Listening
    • Process of Active Listening
    • 9½ Reasons to Take Notes during a Negotiating Session
    • Context
  • Using Questions
    • Only Ask the Right Questions
    • Probing Questions Defined
  • Honesty and Truth in Negotiating
    • Self-Interests vs. the Truth
    • “Never Show Your Hand”
  • Emotions in Negotiating
    • “Keep Cool and in Control with Your Emotions in Check!”
  • Nonverbal Communications
    • Nonverbal Cues
    • Genuineness and Congruity in Communications
  • Interim vs. Final Agreements
    • Verbal Agreements
    • Difference between Agreements and Commitments
    • Agreements and Contracts
  • Getting Buy-In
    • Selling Required
    • Convincing the Final Decision Maker
    • Process for Selling Your Ideas
    • Ways to Make Your Proposal Acceptable
  • Negotiating Best Practices
    • “Never Speak First!”
    • “Clarify As You Go!”
    • “Document, Document, Document!”
  • In the End
  • Questions and Application Steps
• Chapter 7 - Negotiating Pitfalls—The Human Element
  • Learning Objectives
  • The Human Element in Negotiating
  • Ethics
    • The Point
    • Playing Poker
    • Modeling New Behaviors and Attitudes
  • Perception
    • Focus on People’s Obvious Behaviors
    • Dealing with the Right Party
    • Face-Saving
    • Perception of Strength
  • Gender Differences
    • Negotiate with Yourself
    • Pitfalls for Women When Negotiating
    • False Gender Assumptions
  • Negotiator Personalities
    • Negotiator’s Ego
    • The Dominant Behavior Style
    • The Extroverted Behavior Style
    • The Patience Behavior Style
    • The Detail Oriented Behavior Style
  • Unfair Negotiators
    • Meta-Talk
    • Difficult Negotiators and Climates
    • You May Be the Cause of the Difficult Personality
  • In the End
  • Questions and Application Steps
• Chapter 8 - Negotiating Tactics and Issues
  • Learning Objectives
  • Your Bag of Tricks
  • Buyer vs. Seller Mentality
  • Tactics
    • Negotiation Tactics Defined
    • How to Avoid Using Tactics
    • Offensive Negotiation Tactics
    • Defensive Tactics
  • Opening the Negotiation
  • Closing the Negotiation
    • “End on Good Terms!”
  • Negotiating Success Pyramid
    • Tool for Quick Negotiating Preparation
  • In the End
  • Questions and Action Steps
• Chapter 9 - Commitment to Negotiate with Yourself
  • Learning Objectives
  • Convincing Yourself to Negotiate
  • Tool: the Plus/Delta
  • Other Negotiating Skills
  • Behaviors of the Successful Negotiator
  • 25½ Rules for Success in Negotiating
  • In the End
  • Questions and Application Steps
• Chapter 10 - Latest Developments
• Appendix A
  • Principled Negotiation
  • Art of the Deal
  • Understanding Nonverbal Communications
  • Professional’s Advice
• Appendix B - Negotiating Practice
  • Cases to Gain Comfort with Negotiating

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Chapter 0 - Get What You Want When You Want It! Negotiating Skills for Finance People

TAKING A POLL
i.e., "We are taking a poll on how well your solution fits our needs."
We need more time to think of a question.

From Negotiation Lingo Explained

Course Objectives

The ability to negotiate is not something people are born with--it is a skill that grows with practice. Negotiating is not about compromising or creating a win/lose outcome. In this highly interactive workshop, you will discover that you are better able to negotiate for what you want by learning the four core skills of preparing, anticipating, relating, and communicating (PARC). Today you will learn and practice how to negotiate.

As a result of participating in this workshop, you will:

• Understand what negotiating is all about.

• Know what it takes to create a win-win outcome.

• Be able to negotiate for what you want.

• Select and use tactics to match your negotiating strategy.

• Establish your overall plan for an important negotiation.

• Establish a priority system over what you asked for.

• Use techniques to make you comfortable in all negotiating situations.

• Apply the skills for being more successful in your job with confidence.

This workshop is designed for anyone in the accounting profession who has a desire or need to negotiate. What you negotiate about is not as important as why you are negotiating and the outcomes you wish to create. We will enhance your abilities and success as a negotiator, no matter what your experiences have been thus far.

Atypical CPE

This course will be very different from the type of CPE you are used to taking. It is not a lecture session--it is a skill practice. The primary focus of this workshop will be in four areas:

1. Fully understand the process of negotiating.

2. Practice negotiating in different situations with peers and colleagues.

3. Obtain insightful feedback on what you did right.

4. Focus on how the accountant can become a better negotiator.

This format will definitely be challenging to you and your peers. However, by the end of this workshop, you will have significantly enhanced your skills as a negotiator. The final step will be up to you. In order to retain this knowledge so that you can apply it the next time you negotiate, you will need to practice, practice, and practice some more!

Workshop Roles

• Discussion Leader--To disseminate and explain the tools, ideas, and processes.

• Participants (you)--To contribute ideas, learn, explain, and apply the information.

• Observer--To watch you as you practice the skill and provide feedback and suggestions.

Thank you for being present today!

Chapter 1 - Basics of Negotiating

CONTRACT DETAIL
i.e., "Let's focus on this contract detail."
Any confusion that cannot be completed by one email.

From Negotiation Lingo Explained

Learning Objectives

After completing this chapter you should be able to:

• Understand what negotiating is all about.

• Name the four ingredients of a negotiation.

• Establish your criteria for a successful negotiation.

• List the five stages of a typical negotiation.

• Use the Negotiating Spectrum™ to decide the best approach to a situation requiring agreement.

• Identify specific reasons why someone would consider your offer and want to negotiate with you.

The Game of Negotiation

You have nothing to fear from negotiating!

Even if you see yourself as a great negotiator, you can become better and this chapter gives you a refresher on the basics. For the novice and "I cannot negotiate" person, this understanding of the basics will give you the confidence to be able to ask for what you want.

The game of negotiation is played at two levels.

• Level 1 - Substance or issue.

• Level 2 - Procedures for dealing with the substance.

Each move you make during the negotiation is both a step towards solving the problem and of structuring the rules of the game that you are playing. Inexperienced negotiators miss the second level of the game because they are focused on the first level. This review helps you focus on level two of the game.

NEGOTIATION COORDINATOR
i.e., "For the first session you will meet with our negotiation coordinator."
First employee we could find who wasn't busy.

From Negotiation Lingo Explained

My Story

Why did I develop a course on negotiating? Am I an expert?

I developed this course to help you become comfortable negotiating. Negotiating is in the job description of every accounting supervisor, manager, Controller, CFO, VP of Finance, Director and anyone else who deals with people, clients, customers, vendors, bankers, investors, and even the IRS.

At the beginning of my career, I knew nothing about negotiating. In fact, I was afraid to negotiate. I believed that any time someone would negotiate with me, I would lose. I believed that whenever I needed to ask for something and the other person initially said "No," that was their final answer.

As I grew in my career and moved into positions of supervisor and manager, I realized that I needed the confidence to negotiate. However, I had no formal training or anyone to coach me.

When I accepted my first position as Controller, right out of public accounting, I found myself in situations where I needed to negotiate on behalf of my employer. Basically, I was awful!

I made a personal commitment to become better and comfortable with negotiating. I took classes, read books, and talked with people who negotiated regularly. I began to see patterns.

Negotiating is simply a process.

Like you, I am a process wonk! I can do processes! By studying the process and following it, I gained some confidence. It was when I discovered the real definition of what negotiating is all about, in the section that follows, that I finally realized I could be a skilled negotiator.

The only piece I lacked was practice. So I practiced, and practiced, and practiced some more. My mistakes were many and laughable, but over the years I became competent at negotiating. I would not call myself an expert since I only get the opportunity to formally negotiate about once or twice a month.

As I began to coach and train CPAs, I saw that most of my peers in the accounting profession were uncomfortable when negotiating. Even worse, many of them were afraid to negotiate. I developed this course back in the early nineties for people like you and me. Since then, each time I conduct this course, I find that in an average class of 30 attendees there were only two or three people who were supremely confident in their ability to negotiate. The other 27 have a comfort level ranging from: "I never negotiate," to "I can negotiate but don't feel comfortable doing so."

Negotiating is a skill every leader must be adept and comfortable with!

In the negotiation aspect of my leadership consulting and coaching practice, I still find there are things that I need to learn and practice. Since I was able to learn how to negotiate to get what I want, I have every confidence that you will be able to become a skilled and confident negotiator if you make a commitment to apply what you learn in this workshop.

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