How Your Team Decides When to Walk Away
Team negotiations provide multiple benefits. Your teammates can perform more research and bring more skills to the table than you can by yourself. A diversity of viewpoints is also extremely beneficial. Integrating these viewpoints gives you a clearer view of your strategy.
As important as diversity among your team is, it's equally important that they're on the same page when it comes to goals and targets. One of the top things to settle on with your team is when and how to walk away from an unproductive negotiation. You can approach this issue in two key ways.
Delegate the Decision
Your vendor is likely to bring a strong team of specialists, and it's essential that you gather a team of individuals to handle each specific aspect of the deal. They must all understand your bottom line and the goal they're working toward, but you want a team member who can handle technical research, another who understands how to build trust and rapport with your counterparty, and a third who can ensure details are correct.
Make sure each member is equipped to handle their task. The person in charge of drafting the contract must understand each aspect of the deal at play. They need to know how to convert JPG to PDF to make changes and maximize the contract's visual presentation. Detail must be important to them, and they must keep the contract looking fantastic. This impresses your counterparty and increases your bargaining power.
You may choose to put one team member in charge of the ultimate decision to walk away from the deal. Make sure they understand your bottom line and that they can communicate the decision properly to the rest of the team. The other team members must know to follow this person's lead and accept it if they decide the deal isn't working.
Decide as a Team
Every member of your team needs to be prepared for the possibility that they don't get what they're looking for from a negotiation and you may all need to find another vendor. They must understand that losing the sale isn't a failure. They also need to know what the priorities are and the point where walking away might be a possibility.
In this approach, no one team member can decide to break off the negotiation. It can be helpful to have practice negotiations beforehand to get your team on the same page. Every team member has their own priorities and approach based on their expertise, but make sure they agree on the key issues. They also need to agree on how they ultimately decide to turn down a bad offer. The decision may be based on a vote, a unanimous decision, or a pre-determined figure.
Trust Your Team
Regardless of the approach you choose, walking away from a deal can be difficult. Some members of the team may be more frustrated with the result than others. You may even have doubts when your team tells you they want to walk. It's important to choose the right approach for your team and trust what they decide.
If you're looking for a supportive team of outside business professionals to support your future negotiations, join your local chamber of commerce today.