A commercial manager recently approached me asking if I had any practical tips for new negotiators since most literature discusses ideals rather than the real world.
I have spent most of my career in the oil and gas sector either supporting or leading negotiations. Oil and Gas deals tend to be long term and have a high monetary value.
Add to this the diverse corporate personalities and cultures of the major oil and gas companies, the independent exploration and production companies and government entities – to name but a few key stakeholders. The dynamic is always interesting, challenging and at times nerve-wracking.
I have been lucky to have the opportunity to assess what does and does not work. Perhaps you might think there is a winning recipe or a secret ingredient of success.
Unfortunately, there is no one correct way. However, I have taken my learning and turned it into an ebook; a blood, sweat and tears list comprising 10 negotiation tips that every new negotiator should know.
It could easily be a much longer list. However, if you keep these 10 points in mind, I think you might increase your chances of achieving a successful deal.
Let us look at it from a “glass is half empty” perspective; bad negotiators can cause significant financial loss to their company and also reputational damage.
Such damage is not always publicised, but when I open a newspaper and read an article about a permit that a government has withdrawn, followed by an announcement that parties have reached a new deal – or that a company has
revalued a recently signed deal – then I assume as a starting point that somewhere during the negotiations things have gone awry.
