The Art of Negotiation
Effective negotiation skills are crucial for finance professionals to navigate complex business scenarios and achieve favorable outcomes. In this session, Kevin Appleby, the COO and Podcast Host of GrowCFO, and Paul McKoen, a Professional Mentor at GrowCFO, share their insights and experiences on the art of negotiation. The speakers delve into the challenges finance leaders face in negotiations, such as complex stakeholder needs, time pressures, and emotional factors.
They emphasize the importance of understanding negotiation styles, including avoiding, accommodating, competing, and collaborating, and how to choose the appropriate approach based on the context and objectives. The discussion also covers the barriers to effective negotiation, including fear of conflict, lack of preparation, and cultural differences, and strategies to overcome these obstacles. The main highlights of this session include:
- The importance of negotiation skills for finance professionals, regardless of their role within the organization
- Challenges in negotiation, such as complex stakeholder needs, time pressure, and emotional factors
- Barriers to effective negotiation, including fear of conflict, lack of preparation, and cultural differences
- Understanding the Nashow matrix and different negotiation styles
- Strategies for achieving win-win outcomes through compromise and finding mutually beneficial solutions
- Determining break points and zones of potential agreement to guide the negotiation process
- Effective seller and buyer strategies for successful negotiations
- Relevance of negotiation skills and resources available through the GrowCFO program
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