Recessionary times call for great negotiating skills

It looks like we're in the biggest recession since the Great Depression of the 30s. History will tell, of course, but this cycle is giving small businesses everywhere additional challenges and hurdles which they must overcome to even survive, let alone prosper. As many business owners and managers turn to executive management coaching, they're looking for advice from their business coach on matters which may now have taken on the role of critical importance to their enterprise.

In order to survive a recession, business owners must hone their negotiation skills. Negotiation will come into play on a regular basis as different situations and scenarios arise which need to be addressed. In this environment, your level of negotiation skills could mean the difference between surviving or not.

When should you negotiate? Every good business coach will tell you that you need to be able to achieve a win-win situation in all your business dealings. This may include negotiations between suppliers, between the employer or employee, and negotiations between the business and its clients. There is pressure on every organization during this downturn, and this leads to additional difficulties in normal day-to-day discussions and operations. In these cases, good negotiation skills are paramount to make sure that business is not compromised.

To prepare to negotiate yourself through recession, business coach strategies tell you to follow some key steps:

First of all, always strive to be prepared and flexible while working toward a mutually beneficial outcome - the win-win situation, again. You can be sure that if the other party figures that they have been taken advantage of in this vulnerable situation, there will be repercussions. They might then choose to re-evaluate the situation, and become increasingly difficult as they adopt the 'winner take all' mindset, themselves. When all parties truly adopt the win-win attitude, the outcome will most likely be significantly better in the end than either party had anticipated.

Secondly, it is vitally important that you be prepared and plan well for the process. Listen to your business coach when he tells you that you should anticipate what the other side is really looking for and further anticipate any stumbling blocks. By investigating creative solutions in advance, you will be prepared for the toughest negotiating environment.

The third point, which is also of particular importance in these hard-hit economic times, is to ensure that all of the individuals, or rather the potentially effected individuals, are involved. For example, negotiations at a high level between a business and government could very well impact an employees' union, and if so, this party should also be at the table.

A final point to remember is that you must keep an open mind and be as flexible as possible all the way through the procedure, even when the going gets seemingly impossible. Don't be tempted to label the other party as irrational, as this is a closed statement does not allow for movement in either direction. Once again, remember that the outcome is to achieve a winning situation for all concerned.

Don't forget to seek the advice of a good business coach, especially in these delicate times. The executive coach will have considerable experience of, and understand the importance of negotiation. Even in times of heavy recession, negotiations should lead to a winning outcome for all concerned.