Efficient and Effective Negotiations
Sep 2, 2020 | Blog
Despite what Hollywood and some self-proclaimed business moguls might try and make you believe; proper negotiating is not entirely the intricate dance it’s portrayed as. Don’t get us wrong – it involves finesse, knowledge, and a good grasp of what both you and the other party wants. However, those are qualities of skill, not complexity. Complexity is actually the enemy of good negotiation. The often encouraged, over-complication, extensive mind games, and dense legalese attached only serve to make your negotiations weaker. Remember: efficient negotiation is effective negotiation. Want to hear a little more? Let’s explore that a bit.
The Problem of Legalese
As mentioned before, people tend to conflate intricacy and effectiveness, particularly when it comes to business negotiations. The thought process is that this allows for more attention to detail and for a more thorough, beneficial agreement to be made. It’s a nice idea, but it’s just that. In reality, all the legalese and difficult “stuff” strewn about in full text contracts are really just convoluted and unnecessary. They can only hinder your progress: clouding your terms, drawing out the negotiation process, and frankly, making the entire experience a pain to slog through for all involved parties.
Why bother with all of that? Simply cutting out the fluff and getting to the point are instead the way to go, because straightforward communication is always the best communication. By making your negotiations clear and contracts readily readable, you’ll be able to work quicker and can surely get what you want more easily. It’s a win-win all around.
How to Negotiate Efficiently
So, if efficient negotiation is effective negotiation, how do you truly go about making things more efficient? The brief answer is to get rid of all the legalese holding you back. Our Intelligent Negotiation Platform™ can actually be of use here, simplifying your full text contracts, optimizing negotiating terms, linking key terms based on dependencies with one another, and generally just highlighting the stuff you truly need to know and nothing you don’t. The end result should be substantially easier deal-making as all the guesswork and unhelpful lingo is taken out of the equation.
Our full SaaS service is also easy to use, intuitive, and has all the collaboration and negotiation tools built right in. So, the practical side of negotiating is also taken care of without any extra effort on your part. Looking for a few tips to use in addition to our platform? Here are a few more things to keep in mind for efficient negotiation process management:
Know the other party. Knowing who you’re dealing with and what they want will streamline things, as you’ll make fairer, more mutually beneficial offers with less back and forth needed.
Don’t throw out crazy deals. If something is majorly unreasonable, it won’t stick anyways. Save everyone’s time by making real offers that could actually work.
Know when to quit. Negotiations don’t always end in a perfect deal being brokered. Some people, no matter what you do, are not in the headspace needed to seal the deal. Know when to back off and move on to someone who is ready to negotiate.
Intellext is an AI startup that is revolutionizing the way contracts are negotiated, accelerating time to close, and improving deal terms. Intellext’s Intelligent Negotiation Platform™ eliminates the complexities of contract redlines and stakeholder collaboration and optimizes deal terms by applying machine learning during the negotiation process.