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Contract Negotiations: How to Get What You Want. James M. Goldberg SGMP 2014 National Education Conference. Preparation is the Key. Understand your strengths, weaknesses Understand the other party’s perspective Develop “game plan” Prioritize your needs and wants.
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Contract Negotiations:How to Get What You Want James M. Goldberg SGMP 2014 National Education Conference
Preparation is the Key • Understand your strengths, weaknesses • Understand the other party’s perspective • Develop “game plan” • Prioritize your needs and wants
Understand the Hotel’s Perspective • Pattern • RevPAR • Food and beverage contribution • Meeting space allocation • Total revenue contribution • Other considerations
Basic Principles of Negotiation • What is negotiable? • Victory has a price • You don’t get what you don’t ask for • It’s not over until the “fat lady” sings
Understand Negotiation Strategy • Power • Having options is the key • Knowledge • Priorities, deadlines, pressures
Understand Negotiation Strategy • Time • 90% of negotiation in last 10% of time • Works against party who has least time • Leverage • Quality of business • Meeting other party’s needs
Tactics • Don’t make, or accept, the first offer • Avoid a direct response • “What would make you happy”? • Don’t make unilateral concessions • Trade your want for my want • Have more than one issue to discuss
More Tactics • Keep focused on the goal • Avoid the “auction symdrome” • Set aside difficult issues • Be patient • Put time on your side • Build up “chits”
Still More Tactics • Be a good listener • Focus on satisfaction, not all or nothing • Think outside the box • Know when to “fold ‘em” • Be willing to walk away • No deal is better than a bad deal