So, working through this negotiation is important. I think one of the key things to keep in mind is if it's an important business negotiation, you really have to be prepared. So spending that time to prepare for what you want to do in the negotiation is important. The other is having the end goal in mind. I'm not a fan of always just doing negotiation for the sake of having a negotiation. Some people obviously enjoy having that. At the end of the day you really need to know what you're trying to strive for. So, during negotiation having that plan of where you want to go is very important. And then also stepping back and making sure that emotion doesn't get into the negotiation because you can actually lose track of where you want to go with that. So thinking through that again is: one, making sure you prepare and do your homework to negotiate. Two, knowing what the endgame is. Step back from the negotiation and then listen because at the end if you have a win win with a negotiation where you really understand what the other party is trying to achieve, and they understand what you're trying to achieve, you can really get where I think most people are close to happy at the end. That's not always the case but if you're able to get there I think that's the right place. It's not about you winning and someone else losing, at the end of the day that's a short lived negotiation and it's not something that's going to sustain you with the business relationship going for. Often when we think about negotiating something that the first thing that comes up is what's the price. And there's a fixation on getting the lowest price if you're the customer and getting the highest price if you're the supplier. I think there's much more to negotiation than that. Price to me is only one element and it rarely is the most important element because I think when I'm working with somebody I'm trying to bring total value, and hopefully that additional value comes from other elements of whatever product or service is part of the agreement. And that's where I think innovation and intellectual property and the the contribution of of human capital makes so much difference. More so than shaving 10% off the price. It's important to lay out what all those other elements of value are. And then and then work with your partner and whoever's on the other side of the table and say, well with respect to a warranty, or with respect to the inventory, with respect to certain product features, what aspects are important and maybe there are elements there that we can negotiate and they can deliver more of value for you beyond just arguing about about what the price should be. And I think that that there's a difference to whether this is a one time deal, or whether this is really a contract that underpins a relationship that you expect to go on for some period of time. And I'm much more interested in relationships and having partners and partnerships that are sustainable, because once you build a partnership and you get to know and work with that partner it becomes much easier, there is much less friction and it's a lot easier to carry on a sustaining relationship than it is to go and cultivate a new one over and over and over again. So, again trying to make sure that I understand the other party's priorities and how they can get the most value out of the relationship that helps me be creative and saying, well rather than me shaving something off the price, how about if I gave you shorter delivery terms? Which I'd be able to do if you made a commitment to a particular volume level and that's something that might save me some money internally, or some resources and also provide a benefit for them. I think that some people go into negotiating saying, well how am I going to take advantage of this person or this party, how am I going to sort of trick them into doing something because they didn't realize what they were getting into. And I don't think that that's the way you underpin a sustainable relationship. So, I always avoid those sorts of situations. It's really critical to me that I get to know a person that I'm working with, know a little bit about them, a little bit of what their interests or motivations are. And to be able to put myself in their shoes and see things from their perspective. The higher that you go up an organization the more political considerations can play into a discussion, a decision, a strategic directive whatever it may be. And it's important that you understand something about that other person so that you don't come in and suggest something that you think is the greatest idea in the world. And they're going to say, no that's just a nonstarter, not going to happen. So, to me that's one of the things that I focus on is understanding who I'm working with and how I can be successful in working with them. It's just makes things easier.
