Closing Stage of the Negotiation Process
People fear the closing stage of the negotiation process. They say:
‘what if they say “no” and it all breaks down?’
The truth is, if you do it right, closing makes yes more likely and any no will be a step along the way to ironing out problems
The Closing Stage is the fourth step in the basic negotiation process.
Watching this video is worth 1 Management Courses CPD Point*.
(See below for more details)
This video is part of course module number 5.2.1
Program 5: Managerial Skillset
Course 2: Negotiation
Section 1: Basic Negotiation Process
Other videos about the Fundamental Model of Negotiation include:
. Fundamental Model of Negotiation – https://youtu.be/PKz4pDm1e90
. Preparation Stage – https://youtu.be/Adr9STSP2FI
. Opening Stage – https://youtu.be/TzVSihe5vmA
. Bargaining Stage – https://youtu.be/4mOK_Z6VbX0
. Negotiating Team Roles – https://youtu.be/UyLq0MsSvv0
. Closing Stage – https://youtu.be/mLXtLRPuTXE
. Negotiation Follow-up – https://youtu.be/ln5DTgcUg1c
After this set, look out for 5.2.2 – Key Concepts on Negotiation
LESSON NOTES
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The closing stage of your negotiation is all about moving from ‘almost there’ to a firm agreement. The Road to Closing
– Summary
– Check issues covered
– Check concessions agreed
– Ask what more
– Trial close
– Make the offer
– Confirm and record the decision
… and one thing to AVOID AT ALL COST
Never buy back the deal
Once you have an agreement, DO NOT return to any aspect of the negotiation
All you can now talk about is next steps and pleasantries
After all, you have a deal, so there is nothing more to gain…and everything to lose.
RECOMMENDED EXERCISE
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1. Prepare to close your next negotiation by making notes in your Negotiation Notebook. Create a one-page summary of the Road to Closing, in your own words. Better still, make yourself a checklist that you’ll be able to tick-off as you go. (2 MC CPD Points)
DOWNLOADS
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Paid resources
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RECOMMENDED READING
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Negotiate Wisely in Business and Technlogy (A basic introduction) https://geni.us/a2n1T6Y
Everything is Negotiable) (A basic introduction) https://geni.us/Ozwwr
Getting to Yes (the classic text) https://geni.us/U3CjduK
Getting Past No (the follow-up to Getting to Yes) https://geni.us/VQAd7
Bargaining for Advantage (another classic) https://geni.us/anBn
Negotiation Genius (Modern look at the negotiation mindset) https://geni.us/cBKKn3x
Never Split the Difference (red hot tips from ex-hostage negotiator) https://geni.us/YBSogJ
Management Courses Continuing Professional Development (CPD) Points
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