In business as in life—you don’t get what you deserve, you get what you negotiate!” (Dr. Chester L. Karrass)

Being able to effectively negotiate is a critical skill for many aspects of business such as dealing with financiers, coming to agreement on the salary of a new employee, and selling to customers and agreeing on the terms of a contract. To negotiate effectively, you must have the right information, be effective at communicating it, master your persuasion skills and avoid common negotiation pitfalls.

In one of our Best Practices sessions, Michael Erdle, Managing Director, Deeth Williams Wall LLP, discussed practical skills and key strategies for successful negotiation, conflict management and dispute resolution, including different negotiation styles.

With more than 25 years of experience negotiating technology agreements and resolving disputes, Michael revealed the five most important tips for effective negotiation:

  1. Focus on business interests, not negotiating positions
  2. De-escalate the conflict
  3. Consider all available options
  4. Look for a “win-win” solution
  5. Use a neutral party to help break an impasse

Check out his hot tips video here:

 

Here’s the complete video of Michael’s Negotiation and Dispute Resolution discussion, part of our Best Practices series.

Vijender Trivedi

Vijender is the Manager of Online Content at MaRS. He helps entrepreneurs get the online resources they need to grow their companies by project managing and marketing the Entrepreneur’s Toolkit. See more…