Saturday, September 4, 2010

The One Minute Negotiator...

The book of the week was The One Minute Negotiator by Don Hutson and George Lucas. This was a very good book. I had a couple take-aways that I am excited to use in my daily leadership detail. The book is about taking simple steps to reaching a better agreement.

When most people think about negotiating they think about big business deals and before I read this book that is what my first thought was when thinking about a negotiation. However, you don't need to be putting on your negotiation hat just for the big things in the business world. Any small conversation with someone within your organization can be a time to use what we know about negotiating. Let me take a little time and illustrate some of the main ideas from this particular book.

Like all the 'One Minute..." books the main idea is encompassed within a story format. It makes it entertaining for a lot of people and helps with the memorization of the subject matter. But I'm not going to go into the story... just the proverbial "meat and potatoes" here at The Guide to Get Rich....

My favorite part of the whole book stems from Hutson and Lucas's Negotiation Strategy Matrix shown here:

You can either have a proactive or reactive strategy while at the same time having low cooperation or high cooperation. The ideal quadrant to operate within while negotiating is collaboration; this will result in a win-win. Any other quadrant will result in a win-lose situation for the most part. Again you can negotiate within any small conversation that you intend to reach an agreement. Generally, when people have what is perceived to them as a small conversation they will be reactive instead of proactive, so they either avoid the conversation, letting the other person make the decision without them involved or they will accommodate and give into whatever decision the other person wants. Being reactive can have devastating long-term consequences.

And the other side you can be proactive in your negotiations. On one hand you can be collaborative and make your ideal win-win solution, however, if you are on the low end of cooperation you end up in the competition quadrant and you end up with a win-lose situation. But while the previous situations led to you being the loser, this situation leads you to be the winner and the other party being the loser. This still isn't ideal because you end up tearing down that relationship in the long-term.

If you focus on this very simple negotiation strategy matrix you can effectively make better agreements and build up your long-term relationships. Ultimately, resulting in the strengthening of your personal leadership abilities and, additionally, achieving results within your organization.

A little more about the book… it was just released a couple weeks ago. Inside the book is a quiz to analyze what quadrant you are most inclined to use on a regular basis. The quiz is a very effective tool in self-evaluating your subconscious negotiation technique. The authors also add an EASY process for negotiations… it stands for Engage, Assess, Strategize, and Your One Minute Drill. It’s a fun little tool to help you habitualize (it’s not a real word, but you get the idea) your negotiation strategy.

Overall, very good book and simple read. I recommend it to everyone because not only is it something you can use in the business world, but since we now know that negotiations are not just intended for the business world, you can use the techniques from this book at home and have tremendous results. As always, if you have any questions on the book don't hesitate to ask. I would be more than happy to help anyone that wants it.

Additional Content!!! In celebration of paying off my student loans this month I would like to share with you an Infographic I found about student loans.... Lots of great information!

Student Loans Scheme.
Infographic by College

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