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APF Professional Development Session Vancouver 8 th July, 2011 The Graceful Art of Negotiating

APF Professional Development Session Vancouver 8 th July, 2011 The Graceful Art of Negotiating Marcus Barber. Today. Understanding the Negotiation Process A few tips Some competitive practise A couple of recommendations. What is Negotiating?. What is Selling?.

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APF Professional Development Session Vancouver 8 th July, 2011 The Graceful Art of Negotiating

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  1. APF Professional Development Session Vancouver 8th July, 2011 The Graceful Art of Negotiating Marcus Barber

  2. Today Understanding the Negotiation Process A few tips Some competitive practise A couple of recommendations

  3. What is Negotiating?

  4. What is Selling?

  5. Interlinked yet Different Negotiating is about establishing the key needs of parties to an engagement Selling is about establishing the terms by which a transaction will be accepted The Value of a sale accrues AFTER the sale The Value of negotiating accrues BEFORE a sale is made

  6. Negotiating is the most highly paid per hour skill you can ever develop! Negotiators that develop win/win/win outcomes are highly rewarded

  7. In your industry... Who or where is the main source of competition for business? P

  8. Negotiating Game 1 Partner up & Follow your instructions – DO NOT share your instructions with your partner Points: • 10 pts each for reaching an agreement • 5 bonus pts for highest negotiated price • 5 pts for best condition • -10 pts for no agreement reached • Bonus pts for something I think of

  9. The high engagement The time drain The Higher Authority The Take Away Tactics & Tricks The flinch The squeeze The Little bit extra The Walk away

  10. When Negotiating • NEVER give a concession without the other party also making a concession: 'Well if I do that for you, what can you do for me?' 'That's the amount for the project value. If you want to reduce your investment, what parts of the project would you like to remove?'

  11. Negotiating Game 2 Partner up & Follow your instructions – DO NOT share your instructions with your partner Points: • 10 pts each for reaching an agreement • 5 bonus pts for highest negotiated price • 5 pts for best condition • -10 pts for no agreement reached • Bonus pts for something I think of

  12. Understanding Negotiations • People do NOT want the same things – what might be important to you could be irrelevant to the other party • Perception is reality in negotiating – the person who thinks they have the power, usually comes out better • If you don't understand negotiating you are likely to become shark bait!

  13. Project Day rate Lifestyle Supported How to Set Your Pricing Hourly Half day rate Expenses + desired profit

  14. Justifying a Discount There MUST always be a reason for giving a discount and there is always a legitimate reason why you can do something cheaper - New Client Offer - Regular Client discount - Not for profit - Industry attractiveness NB: Every invoice notes why a discount occurred and lists the initial FULL price

  15. Three Great Resources '29 Closing Tactics' by Roger Dawson 'Negotiating in the age of integrity' by Wayne Berry 'Million Dollar Consulting' by Alan Weiss

  16. A Negotiating Success Story

  17. New bathroom would be good at some point Next to biggest & best parkland in suburb Close to all schools and public transport On a major road Current owners looked already packed A Negotiating Success Story Asking Price - $365k Structurally sound but needed updating of all finishes In an excellent area On a bigger block than most homes nearby We'd been looking 2yrs Needed new kitchen

  18. Summary Selling and negotiating are different parts of the process There's plenty of tactics and tips out there – use them and develop them Perception is reality – your biggest industry competitor is probably YOU!

  19. Summary Bigger firms have bigger overheads to carry – sell access to the expertise, NOT ownership of the expertise Concede, but don't discount Be willing to walk away from unreasonale offers and clients – lose/win is bad karma as is win/lose

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