Tuesday, November 30, 2004

The Art of Negotiation in 535 words

Today I want us to stop and think about something every business consultant should be able to impart to his or her clients - better negotiation skills.

I have a guest article by Lyndsay Swinton.

Enjoy!

Jeff Miles - The Business Doctor
www.1st-Business-Consultant.com
www.EzyPublisher.com

The Art of Negotiation in 535 words
Copyright © 2004 Lyndsay Swinton

I want to get better at negotiation, but where to start? UK Amazon currently has 2332 books on negotiation. Google indexed nearly 4 million relevant (yeah right) pages.

All I need is a simple, straightforward model that I can put to use now.

Phased by the glut of information, I went within and remembered the wise teachings from a senior manager in my early working life. So, come closer, listen up, because he was very wise indeed…

He said “Do you know your LIMits?”

“My what? said I cautiously, wondering if he was asking about my drinking capacity, driving speed or something equally off the wall.

Being worldlier than I, he noticed my confusion and helped me out.

“Lyndsay, if you want to be successful in life, you need to know your LIMits.

Let me explain.

  1. What would you Like to have?
  2. What do you Intend to have?
  3. What Must you have?

What are your LIMit’s?”

Slowly it dawned on me that he was talking the strange management language of mnemonics.

He wrote down the word for me like this.

LIMITS And next to the letters he wrote:

L – like to have: your number 1, top of the pile, best outcome
I – intend to have: your realistic, shoot for the stars but reach the moon outcome
M – must have: your bottom line. Deal is off if this is not met.

(The I,T and S are irrelevant, just convenient additions to prevent asking what your LIM are!)
Testing the Theory

And so ended his lesson.

Off I scampered like the eager young graduate I was, itching to put this into practice.

Thinking about a possible secondment opportunity I wrote the following:

Like – 10% bonus, new laptop, mentoring with new senior managerIntend – 5% bonus, attendance at special course, return to new job after secondmentMust – same pay, relocation expenses paid, credit in my appraisal

The final deal I struck landed somewhere between Like and Intend, with a few perks I had not even considered, so I felt it was a success.

Why Negotiation Works

There are a couple of reasons why simple models are useful but often forgotten.

The LIMits negotiation model encourages flexible thinking in that there are 3 potential good outcomes.

Compare this with the most common alternative - success or failure – and you can see there is only 1 measly good outcome.

You don’t have to be a gambling pro to work out which approach is best! The secret of the LIMits model is if you don’t meet all the criteria for success, then the opposite is not failure, just a different outcome.

The other benefit of using the LIMits negotiation model is it forces you to prepare, gaining you vital spare capacity when you are in the thick of the negotiation. You will be clear about your position and better able to get that across.

Information overload

As I demonstrated, simple models are forgotten because we seek out newer, shinier ideas in books, the internet or from other sources.

Reduce information overload by re-using what you already know or recycling an old idea into one that works today.

Old knowledge is not always redundant. So, negotiate that new job, better deal or contract.

All you need is to know your LIMits!

Lyndsay Swinton is an experienced team leader, people manager and business coach. Her website is http://www.mftrou.com - 'Management for the rest of us'. Subscribe to her free no-nonsense Management Tips newsletter at mftrou.com today.

Finding The Right Business Consultant

"The Shocking Truth About How To Find The Right Australian Business Consultant to Help You Create The Business of Your Dreams!"

I’ll get straight to the point…

In his famous book ‘The Cash Flow Quadrant’ best-selling author, Robert Kiyosaki, reveals that:

"The #1 Difference Between Someone who is ‘Self-Employed’ and Someone who is a ‘Business Owner’ Basically Boils Down to Just One Vital Thing: SYSTEMS!"

With the right systems in place...

"You Can Unleash The Secret Techniques, High-Profit Business Strategies and the Covert Marketing Tactics Which Took Me Over 27 Years To Learn In The Most Complete Information Driven Australian Business Consulting Program Ever Put Together!"

That’s where I come in and that’s why I’ve started this blog.

My name is Jeff Miles and I own a company called Austwide Resources. But most people know me simply as ‘The Business Doctor’.
Why?

Because I take a big interest in the health of my clients businesses by giving them unique prescription of ‘BGS’ (Business Growth Systems) that puts their bank balance on steroids and leaves their competition choking on their dust!

How about YOUR business?

With the right business systems in place you can establish a business that serves your life - rather than the other way around, you can get virtually anywhere and attain anything you want to in life.
  1. You can live in that dream home...
  2. Send your children to the best schools...
  3. Drive a better car...
  4. Wear better clothes...
  5. Enjoy dream vacations...


But...


If you have the wrong business systems, or worse yet, be like most people, and have a complete lack of them, you could 'go to the wall' faster than a one-legged duck in a crocodile infested swamp!


But I’m not talking about just any old systems – you know the ‘Expensive Paper-Chase’


“Oh dear Martha, where in the world did all this EXTRA paperwork suddenly come from?” Kind.


No.


I mean the kind of simple-to-understand, easy-to-apply 'Knowledge Keys' that can quickly and easily transform your business into a 24/7 money-attracting 'cash magnet'.


But... first things first - why should you even listen to me to begin with?


Let's face it, if you are going to learn from someone, you have to know if they really know what they are talking about.


It is only common sense. I am not the most famous business consultant in Australia, but many people have heard of me.


Here are Just a Few of my Accomplishments:

I was general manager one of the larger advertising agencies in Western Australia with a turnover in the Tens of Millions of dollars...

Was 'Business Banking Manager' for Westpac for the South West region of WA

Have ran a million dollar personnel agency which had over 29 employees...

Worked for BHP for ten years attaining the position of a Management Accountant...

I have featured prominently on 'high ticket' business audio programs that have literally been sold around the world...


"I Have a Samurai-Like Focus One Thing and One Thing Alone - Helping My Clients See Dramatic Improvements in Their Bottom Line Profits - Yes That's Right - Making Them Richer!"


Want me to do the same for YOUR business?

I thought you might.

Okay, then can I suggest that you start by bookmarking this blog.

Each week I'll upload something new to help you enjoy the kind of business that serves your life - instead of the other way around.

To Your Success,

Jeff Miles - The Business Doctor
www.1st-Business-Consultant.com
www.EzyPublisher.com