The Importance of Improved Deal Making Skills If UK Businesses Want To Win Internationally
By Clive Rich, Professional Negotiator and Media Lawyer
We live in a new "Deal Economy" where everybody needs to make deals in order to succeed; yet negotiation skills are seldom taught or practised. This represents a big risk for UK Businesses.
It has never been more important to have international trading partners. Technology has made the world a much smaller and more inter-connected place, but we need partners to be able to reach global markets. Technology also enables everybody to operate in everybody else's space, so we need partnerships to help us compete effectively. Technology also means that we have to respond quicker than ever to market opportunities before they disappear - so we need partners to help us execute at pace.
The most successful people at creating partnerships will be those who are effective negotiators. Yet the UK potentially faces a "negotiating deficit" which is just as significant as its current trade deficit. Indeed the two are directly related. Do UK companies have a command of negotiating process? Do they know which stage of a negotiation they are at any particular time? Do they know how to select the right behaviour for the right negotiating opponent? Do they know how to identify and exploit bargaining power? Are they adept at the tactics required for dealing with tough guys? Do they thoroughly prepare for negotiations? Are they effective at bidding and bargaining? Do they know how to close a deal? Do they use specialist negotiators or do they just rely on instinct when they negotiate? Do they bring a positive attitude to the negotiating table? Can they identify the negotiating needs of the other side and work with those needs (rather than against them) in order to secure an even greater win for themselves than they thought possible?
If the answer to any of... continued on page two >