Episode 12: Negotiation Simplified to Give You Better Business Results

In this episode of the Friends in Business Podcast, Ben Wright and Jemima Ashleigh delved into the art of negotiation with engaging stories and expert insights. This episode kicks off with a light-hearted moment, as Ben shares a humorous anecdote about his young daughter, who’s already showing a knack for negotiation. Ben breaks down the key elements of negotiation, drawing inspiration from Herb Cohen’s renowned model. He highlights the critical factors of time, power, and information, explaining how these play a pivotal role in negotiating effectively. Jemimah brings her unique perspective to the conversation, drawing on her experiences from law enforcement to add depth to the discussion. Together, they emphasise the importance of understanding the needs of both parties and having a clear, well-thought-out plan to achieve the best outcomes.

Key Takeaways: 

• Successful negotiation involves understanding the importance of time, knowing when to leverage urgency, and when to patiently await the right moment.
•  Power dynamics in negotiation are influenced by perceived strengths like offering unique value or having better terms than competitors.
• Knowledge is key — entering negotiations well-prepared with detailed information and a clear plan can dramatically improve outcomes.
• Planning your approach with defined positions for walk-in, fallback, and walk-away helps maintain control during negotiations.
• Ego can be the biggest pitfall in negotiations. Keeping it in check is essential for reaching mutually beneficial outcomes.

Time Stamps: 

0:00 Intro

0:43 Negotiation of a Kid

3:22 Negotiation

9:13 Time

12:31 Power

16:14 Information

19:55 Ego

21:02 Weekly Takeaway

22:33 Outro

Be sure to stay tuned for more enlightening content from the Friends in Business podcast. If you enjoy the show, please like, share, and leave a review to support us and help others discover these valuable discussions.