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The Power of N2

Negotiation is a process where two or more parties make a deal to satisfy the interest or needs of each other. Networking involves meeting and getting to know people, sharing information, forging trust and discovering opportunities to strengthen each other’s relationship. The power of both working hand-in-hand can sow the seeds of reciprocal assistance bringing about optimum outcomes.  

Those that are best prepared would negotiate the strongest and the quality of the negotiations would depend on the quality of the connections. Here are some tips to get you started!

  1. Map your network to find people with similar backgrounds or interest because it has been proven that people find it easier to trust you if you have common ground.
  2. Check out their negotiating styles. Are they primarily competitive or collaborative? If they are more competitive, being forewarned helps in reacting appropriately to avoid conflicts.
  3. Use your connections to identify some reference points or other information that will put your offer in a better position.
  4. The broader your network, the better the chance that you have of finding alternative offers. Nothing increases your negotiating confidence more than having strong options.
  5. Networking effectively creates leverage – and you never know when this leverage might just tip the balance when trying to get the decision you want.
  6. With a broad network, you are more likely to have someone you can use as an advisor or mentor. You can use this person to test-run your strategies and tactics. You might choose someone with industry experience, or someone from a different background to give fresh perspectives. Having someone to bounce your ideas helps neutralise your biases and emotional reactions.

Negotiating the right way is important. If you want to negotiate hyper-competitively, aggressively gouging the other side at every twist and turn, then this would not work. The negotiation that helps your network is one where you are genuinely looking for a win-win outcome.

 

The article is contributed by Mr Eric Cheong, an Associate Trainer at the Management Development & Consultancy, MDIS’ Corporate Training Arm.