Nothing but negotiation

 
The Gap Partnership

Negotiation techniques are a "lost art"

: Firms should acquire information and experience in order to succeed

22 July 2010

Firms should acquire relevant information and experience in order to employ successful negotiation techniques, it has been claimed.

Stacy Braack, writing for thechicago77.com, claimed negotiations are a "lost art" as many companies underestimate the importance of them during the transaction process.

She claimed it is vitally important for negotiators to accrue relevant data and expertise to ensure potential deals are not lost through poor negotiation skills.

Negotiators often employ a certain element of guesswork during the process to pre-empt the other side's move, something Ms Braack claims is only viable for experienced employees.

She wrote on the website: "Predicting the other side's next move, target sales/purchase price, and other triggers is at best an educated guessing game, since each transaction, participant, and situation is completely unique.

"However, guessing is far more effective when it based on a useful data and extensive experience earned from hundreds of prior negotiations."

Companies could consider sending employees to negotiation workshops in order to gain the experience needed to succeed.

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