The_Essential_Manager_s_Handbook

424 / CONDUCTING NEGOTIATIONS

Closing the deal

Preparing to negotiate

Before you close the deal, both you and

your counterpart need to understand

that the purpose of making the deal is

not to sign the contract, but rather to

accomplish what the contract specifies.

What goals is each party pursuing

through the deal and what will it take

to accomplish them? As you depend on

each other to accomplish your goals,

it is important to make sure that

both parties are signing the contract

wholeheartedly. Review both parties’ key

interests and ensure that nothing has

been neglected. It is quite possible for

the other party to decide to overturn the

entire deal if he or she feels pushed into

an agreement without having their own

needs taken care of.

Considering implementation

Most negotiators underestimate the

importance of implementation. If not

considered, the intense process of

negotiation can undermine your ability

to achieve your goals after the deal has

been signed. For example, if you have

used hard negotiation tactics to push the

other party to agree to the deal, the other

party may feel, upon signing the contract,

that they have been unfairly treated and

sabotage the deal, or fail to deliver.

Before you put pen to paper, discuss

the implementation of the deal with the

other party. What you agree must fulfill

the needs of both parties if you are to

ensure successful implementation

Unless both parties have confidence

that the deal can be successfully

implemented, there is no point in

continuing the discussion.

Closing the deal after reaching an agreement is the last but most critical

part of any negotiation process. It is certainly not simple, and is not just

about outcomes. It also has to do with building relationships and making

sure that the negotiated agreements can be carried out smoothly.

Closing the deal properly is especially important when negotiated

agreements are complex and multidimensional.

When closing the deal,

make sure that neither

party overcommits.

Treat closing as the start of a

collaborative process between

you and the other party.

How to ensure

effective

implementation

US_424-425_Closing_the_deal.indd 424 30/05/16 3:07 pm