The word no 'is vital' in business negotiations
People involved in consultations have to know when it is time to say no.
Individuals need to understand the importance of saying no when they are involved in business negotiations.
This is according to negotiation expert Jim Camp - who has over 25 years experience in the field - and he thinks the win-win option is the worst strategy that companies can undertake.
Mr Camp observed that those who are involved in consultations cannot expect to succeed if they do not have a system.
For companies who are considering an acquisition, it may be worth their while implementing a methodical negotiation programme.
According to the specialist, every decision that is made during talks will have some emotion invested in it.
He added that no is the "most beautiful and powerful word in negotiation" and used correctly it can help organisations get a better deal for themselves.
This advice could be of use to Samsung Electronics chief executive Choi Gee-sun, as Reuters has reported he has urged his company to pursue more acquisitions in the healthcare and renewable energy sectors.
Posted by Edel Quinn
Source: Jim Camp press release, November 1st