If you want to be a top deal-maker you’ll need the foresight to prepare well before talks begin, self-confidence and the ability to remain calm under pressure.
These are the findings of a new survey from The Gap Partnership, a management consultancy that interviewed a number of CEOs, chairmen and commercial directors of UK and international companies for the purposes of the study.
The research reveals that effective negotiators need to master a range of ‘soft skills’ in order to ‘get inside the head’ of the other party. Respondents cited the importance of trustworthiness, reputation, interpersonal skills and creativity - attributes not often associated with hard-edged business negotiators.
On the flip side, bad negotiators were identified as poor listeners, confused thinkers, egotistical and dishonest. Other negative characteristics quoted were an overly emotional or confrontational approach, and poor social and verbal skills.
Interviewees were also asked their thoughts on the greatest negotiations of all time. Responses included:
• London’s dramatic win in the bid to host the 2012 Olympic Games against runaway favourites Paris.
• Sir Philip Green negotiating £11.9billion of equity and promised debt from some of the world’s leading banks to back his takeover bid of Marks & Spencer.
• The former US secretary of state William H Seward’s purchase of Alaska from Russia in 1867.
“Negotiation is a science, a skill that the company boardrooms can harness to tighten up performance in this uncertain climate,” says Steve Gates, CEO of The Gap Partnership.
“The very best negotiators listen, prepare, are adaptable and have the emotional intelligence to get into the other party’s head. This, combined with financial ingenuity, confidence and creativity, can help cultivate successful deals which leave both sides of the table feeling satisfied.”
