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Business Is Not As Usual – Negotiating Through a Crisis

Published: Apr 21 , 2020
Author: Tyler Hall

There are more negotiations happening right now than ever before. Variations of terms, deferring of payments, discounting pressure, ripping up of contracts and relationships being put at risk.

 

The next 3 to 12 months is a frightening tight rope for negotiators to maintain their own business continuity whilst preserving relationships with customers or suppliers or between business owners and their staff. For example, a customer is significantly impacted at this time and needs a pause or a payment plan on their contract with you, you could hold them to the contract and maintain business continuity. However, for your customer, this course of action will not be forgotten and the relationship will be at risk. If you are not a monopoly, there will not be a renewal with this customer or they might not even be in business. On the other hand, if you just give in to the customer your business continuity may be at risk.

 

The normal negotiation playbook has to be thrown out the window to get through this crisis together if you want to keep a lot of your business relationships on the other side. We need to get more creative. As an example, we are seeing some Landlords giving rental breaks in the short term and being paid on the back end of leases. Another is Salesforce providing complimentary software to their small business customers that will enable them to make better informed business decisions, give them a better standing to stay in business and in turn will strengthen their customer relationships.

 

It’s not going to be easy. We need to think well outside the box. We must challenge what we’ve always done before. We have to create new variables to trade to one another. We must work collaboratively. Let’s help one another through this crisis and at the other end we will have stronger and more strategic partners than before.

 

There is opportunity in the midst of challenge.

 

If you need help, we are offering short contracts at our lowest rates to assist businesses in need.

 

Stay at home. Stay safe. Happy negotiating.


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About the author:

Tyler Hall
Tyler's negotiating experience was gained in the entertainment industry through a range of leadership roles, which included marketing, sales, relationship management, strategic planning and brand development.

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Tips and Considerations for Negotiating Virtually: Part Two

Negotiating over a webcam is not the same as face to face. Our overall advice is to slow the pace down, be deliberate with the words and information you provide and be concise. The main game here is to convey the relevant information to get the point across. If the software you’re using has screen sharing capabilities, take advantage of this and use this to demonstrate the relevant information!

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