PON – Program on Negotiation at Harvard Law School - https://www.pon.harvard.edu
Effective business negotiation is a core leadership and management skill. This is the ability to negotiate effectively in a wide range of business contexts, including dealmaking, employment discussions, corporate team building, labor/management talks, contracts, handling disputes, employee compensation, business acquisitions, vendor pricing and sales, real estate leases, and the fulfillment of contract obligations. Business negotiation is critical to be creative in any negotiation in a business setting. Business negotiation strategies include breaking the problem into smaller parts, considering unusual deal terms, and having your side brainstorm new ideas.
Leveraging the contrast effect is also a powerful tool in negotiations. You might ask for more than you realistically expect, accept rejection, and then shade your offer downward. Your counterpart is likely to find a reasonable offer even more appealing after rejecting an offer that’s out of the question. Additionally, offering several equivalent offers that aim higher than your counterpart is likely to accept will elicit reactions that can help you frame a subsequent set that, thanks in part to the contrast effect, are more likely to hit the mark.
Building a team is critical to negotiations in business. To prevent conflicts among diverse, strong-minded team members from overshadowing group goals, negotiation teams should spend at least twice as much time preparing for upcoming talks as they expect to spend at the table. Because the other side will be ready and willing to exploit any chinks in your team’s armor, it’s important to hash out your differences in advance.
Other business negotiation tips include curbing overconfidence, creating value in the negotiation, establishing a powerful BATNA, effective use of emotions at the bargaining table, caucusing, delineating your zone of possible agreement, and other skills geared toward an integrative bargaining outcome rather than a distributive, or haggling, bargaining outcome.
In addition, considering the ethical and legal repercussions of a deal to insure that it is a true win-win is the hallmark of every experienced business negotiator.
Articles include many business negotiation examples, and explore concepts such as creative dealmaking, renegotiating unfavorable deals, seeking advice from a negotiation opponent, identifying a solid BATNA and crafting draft agreements.
After engaging in a successful salary negotiation for a coveted job, most people are ready to shake hands and start sharing the good news with friends and family. But these days, there may be one more negotiation you should consider launching before saying yes: a signing bonus negotiation. … Read Signing Bonus Negotiation 101 
Imagine that at the beginning of class, a professor produces a jar full of coins and announces that he is auctioning it off. Students can write down a bid, he explains, and the highest bidder wins the contents of the jar in exchange for his or her bid. … Read Winner’s Curse: Negotiation Mistakes to Avoid
In business contract negotiations, we’re sometimes tempted to break the mold and do things in a new and entirely different way. But if our strategies aren’t supported by sound analysis and advice, we risk winding up with regrets. Take the case of star running back Ricky Williams, now retired, and the sports agency he worked … Learn More About This Program
Negotiation advice is often “one size fits all,” yet we approach negotiations with vastly different experiences and traits. How do individual differences in negotiation play out? In one study, Washington University professor Hillary Anger Elfenbein and her colleagues found evidence that individual differences, including personality, accounted for an impressive 49% of the variance in negotiators’ … Learn More About This Program
Whether you’re planning to put your home up for sale, trying to unload excess merchandise, or searching for new clients, there’s a good chance you’ll make your next sales negotiation more challenging than it needs to be by falling into common cognitive traps. You can improve your sales negotiation skills by learning about four traps … Learn More About This Program
For two days in late May 2012, Apple CEO Tim Cook and Samsung CEO Gee-Sung Choi met with a judge in the U.S. District Court of Northern California in an attempt to reach a settlement in a high-profile U.S. patent case, a sobering example of negotiation in business. … Learn More About This Program
In business negotiations, we often face pressure to reach quick results. But as illustrated in a new negotiation podcast, wise dealmakers wait until conditions are right to negotiate. … Read In Business Negotiations, Patience Is a Virtue
In late 2016 and early 2017, news stories abounded of companies that were having second thoughts about planned mega-mergers. Abbott Laboratories began looking for ways to exit its acquisition of Alere, citing investigations of the medical test maker, for example. And Verizon started rethinking its acquisition of Yahoo! following a data breach at the tech … Read How to Negotiate a Business Deal
No matter the size of your deal, there’s a lot that business negotiators can learn from the high-flying world of mergers and acquisitions (M&A). In particular, a shift in technology firms’ M&A negotiation strategy during the 2010s is worth revisiting for what it can tell us about the role of agents in negotiation. … Learn More About This Program
On May 19, 2013, internet company Yahoo announced it was purchasing the blogging service Tumblr for about $1.1 billion in cash. The acquisition was intended to put a fresh face on the aging Internet company and provide it with a profitable revenue source. But those plans didn’t play out: In August 2019, Tumblr was bought … Learn More About This Program
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Dealing with Difficult People
Dealmaking
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International Negotiation
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Mediation
Negotiation Skills
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Salary Negotiations
Teaching Negotiation
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