Six Habits of Merely Effective Negotiators by James K. Sebenius

Longer read but good article

https://hbr.org/2001/04/six-habits-of-merely-effective-negotiators?utm_medium=email&utm_source=circ_other&utm_campaign=subbenemail_20210117&hideIntromercial=true&tpcc=subbenemail&deliveryName=DM114990

Condensed snippet

• As the pressure mounts, people often get deadlocked, leave money on the table, or allow conflict to spiral out of control
• It's to understand the other party's interests and get him to choose what you want—for his own reasons
• The first bad habit is neglecting the other party's concerns
• It's tempting to say: "That's the other side's issue. Let them handle it. We'll look after our own problems."
• But that's not being tough, as some negotiators might think. It's being shortsighted
• If you don't see the deal from the other side's perspective, you can't solve their problems, which will hurt your chances of solving your own
• If you want to change people's minds, you need to learn what they're thinking
• A second bad habit is focusing too much on price
• The hard-bargaining tactics that many negotiators use often leave potential gains unrealized
• Even though price is important in deals, it's rarely the only factor
• Emotional factors are just as important as economics in most deals
• They focus on four factors besides price:
• A strong working relationship with the other party
• Shared expectations about the nature of the partnership
• A respectful, straightforward, and fair process
• And the interests of all the players who might affect the deal
• It's not uncommon for merger negotiations to be torpedoed by people who were not at the bargaining table—such as investors, regulators, or key internal stakeholders
• A third negotiating pitfall is concentrating too much on where the two parties stand on the issues
• Skilled negotiators look at the underlying interests that are driving people to take their positions
• If you see negotiation as a way of reconciling these, you can find solutions that address both parties' concerns
• Negotiators often strive to craft win-win agreements by searching for common ground
• Though common ground is generally a good thing, becoming too focused on it can be a mistake. This is the fourth bad habit
• Differences in priorities are among the most frequently overlooked sources of value in negotiations
• The fifth bad habit is neglecting your best alternative to a negotiated agreement—what's known as your BATNA
• Essentially, it's the course you'll take if you decide to walk away from the table
• The stronger this other option is, the more bargaining power you have
• The sixth bad habit of negotiators: failing to correct for the biases that may be clouding their vision
• Research shows that people unconsciously portray their own side as more talented, honest, and moral than it is, while vilifying the opposition
• This leads to exaggerated perceptions of the other side's positions
• And such views tend to be self-fulfilling prophecies. If you cling to the idea that the other side is stubborn or extreme, you're likely to trigger that behavior
• Second, we all have a tendency to interpret information about our position in a self-serving way
• What can you do to correct your vision? There are a few things
• First, just recognizing that you're prone to biases will help
• It's also useful to seek the views of disinterested outside parties
• And you can readjust your perspective by having some people on your team prepare the strongest possible case for the other side
• To become a top-notch negotiator—not a merely effective one—you'll need to correct the six bad habits
• That means you'll take into account the other party's perspective, factors other than price, compatible interests, value-creating differences, the best alternatives on both sides, and any biases that could be skewing your vision