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“Are you an industry expert?” As a negotiation consultant, I hear that a lot, and it highlights something important: Most organizations assume that hiring someone from their own industry gives them a competitive advantage at the negotiating table. They may even look to an expert from the “other side” of the table as a defensive tactic.
An industry expert helps with the content of a deal, which can be reassuring. However, that’s because the expert shares the same norms and assumptions. Unfortunately, they also have the same biases. So, they’re not thinking outside the box, which is precisely what you need when you’re working creatively to craft a deal that satisfies both sides.
Negotiation experts — whether they’re “industry experts” or not — can help increase overall deal value by considering everything on the table without emotion and as a potential tool to build a great agreement. When stakes rise, nobody loses value in their deals because they lack industry knowledge. Dealmakers lose value because they lack negotiation expertise.
Frequently, industry insiders see negotiation as a step near the end of a deal instead of a structured approach throughout the entire process that achieves an optimal outcome.
Disciplined negotiation preparation includes pressure testing assumptions and scenario planning to protect value, ensuring that goals are met. Expert negotiation at the table recognizes value at every stage and doesn’t overlook or give away something of worth just to get to the end of the deal.
Industry knowledge and negotiation expertise don’t compete. They complement each other. Whether the negotiation is internal or external, an expert outside perspective helps teams and individuals with unbiased preparation and skillful dealmaking at the table.
A negotiation expert:-
- challenges assumptions, minimizes negotiation with yourself, and exposes potential blind spots.
- creates clarity around the negotiation’s challenges and the goals that must be achieved.
- facilitates defining the roles and responsibilities of each negotiation team member.
- sees every variable in the negotiation as an opportunity to build value.
- ensures that the agreement can be supported by all parties.
Industry expertise tells you what should happen in the deal. Negotiation expertise optimizes how your deal gets done — both in terms of your performance at the table and the value of the final contract.
The best outcomes stem from combining strategic knowledge with disciplined negotiation performance.
Negotiation Consulting to Recognize Value at Every Stage of Your Deal.
Rely on Scotwork’s expertise to help you optimize how your deal gets done — both in terms of your performance at the table and the value of the final contract.
Contact one of our experts today:
E: info@scotwork.co.nz
P: 021398644
