Nothing but negotiation

The Gap Partnership

Shared values can be 'key' for successful business negotiations

Firms should not simply 'name their price'

22 October 2010

Companies should aim to identify shared values with the other side to ensure successful business negotiations, it has been claimed.

The majority of firms may begin talks by naming the price they are willing to buy or sell an asset for, but one expert claims this is an ill-thought out approach.

Anthony Jackson, a US-based business speaker, claimed firms should aim to develop a long-term business relationship with their counterparts.

He wrote on "Find staple values that you share with your prospective client and show them how you both can benefit from your services.

"Don't approach them by saying we can do this for you or we have the lowest price in town. With this approach you have just shown your hand that price or you will do whatever it takes to get them as a client."

Mr Jackson added that negotiators should work with the other side to help them overcome any issues they may have, such as manufacturing problems, as they could hinder the business partnership. 

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