In a special free report from the Program on Negotiation at Harvard Law School, the smartest negotiatiators in the room offer their advice on the five top bargaining errors. Below is an excerpt with a link to the free report.
Viewing negotiations as win-lose
When negotiators come to the table assuming it’s a win-lose negotiation, it is more likely to break down. Negotiators who are collaborative and willing to understand their counterpart’s interests are more likely to negotiate mutually beneficial tradeoffs that result in more successful deals. Discover three proven strategies for finding value in the negotiation process.
Overvaluing your assets and your power
Business deals are built on relationships. When you’re personally invested or believe you have more to gain, you can overvalue your assets and your power. Understanding the perspective and interests of your counterpart will enable agreements that benefit both parties and maintain strong business relationships. Learn how to prepare for a collaborative negotiation that avoids a power backlash and leads to success.
Overestimating the outcome and overcommitting to a deal
During the negotiation process, it’s easy to lose sight of what you want out of the deal and ovecommit in order to make the deal happen. A keener understanding of what is valuable to the buyer and how committed your counterpart is to the deal will help you make better choices in the negotiation. Find out how to manage your bias and commitment to the deal before making an agreement.