According to studies by the Copenhagen Business School, businesses are forfeiting as much as 42% of the total value of the transaction because both sides fail to bargain for hidden variables— which may allow for an alternate solution that enhances the relative value of the transaction for both parties.
The point is not that a perfect compromise may be found in any negotiation, but without being open and honest about ones needs and underlying motivations, it's difficult to get past the gridlock.
- Redirect your energy to trust, honesty, and fair dealing
- Leverage the differences between you and them
- Cooperate to reduce risk and improve the utilization of resources
- Negotiating for a piece of the non-visible value to come away from the table with a greater percentage than originally expected.
Keld Jensen CEO, MarketWatch Centre for Negotiation A/S
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