SPONSORED CONTENT

"The Art of Negotiation is a Must for a Leader," says Alok Bansal, Visionet Systems India's MD and Global Head of BFSI Business Visionet

August 30, 2022 20:05 IST | ANI Press Release
Tennis player James Blake
Alok Bansal Visionet Systems India's MD and Global Head of BFSI Business

Mumbai (Maharashtra) [India], August 30 (ANI/NewsVoir): In his 1961 inaugural address, American President John Fitzgerald Kennedy memorably said, "Let us never negotiate out of fear. But let us never fear to negotiate." This wisdom is applicable to virtually any circumstance in life and in business, and Visionet Systems India's MD and Global Head of BFSI Business, Alok Bansal, agrees.

He says, ''Nobody can find all the answers and resolve all situations alone. This is particularly true for leaders as they must come to an agreement with multiple stakeholders while trying to address a common problem. While handling mergers and acquisitions, negotiation skills are particularly critical and you need them to also build long-lasting relationships with partners, vendors, clients, and even your team of employees."

He adds that the art of negotiation is a prerequisite for anyone striving to be an effective leader, and offers a few tips that can help aspiring leaders to be better negotiators.

Be consensus oriented: When we are focused on solutions, we tend to work together rather than against each other, says Bansal and adds, "The Harvard Business School has an online course on negotiation mastery which I highly recommend as it teaches how to reach a consensus in tricky negotiations and to resolve small issues before they escalate into bigger problems."

Cultivate emotional intelligence: A leader must cultivate emotional intelligence to accurately gauge the reactions of the person on the other end of the bargaining table, says Bansal and adds, "Understanding the nuance of ZOPA (Zone of Possible Agreement) and learning to analyse BATNA (Best Alternative to a Negotiated Agreement) will help any leader to create a strong foundation for productive dialogue."

Focus on mutual benefit: Bansal emphasizes the importance of defining and understanding one's own value and also seeing things from the vantage point of others. He says, "It is healthier for business leaders to not be inflexible and focus on mutual benefit. You cannot just be thinking about one course of action and no other. I also recommend learning from past experiences to improve how you negotiate with others in the future and then work towards a win-win solution."

Bring in the personal element: Bansal stresses the importance of having a personal, face-to-face dialogue rather than through emails, while negotiating and says,"The tonality of an email may be misunderstood and making an effort to meet and communicate makes all the difference. It is also important that while dealing with clients or peers from other countries, we are sensitive to specific socio-cultural parameters."

He also underscores the importance of being thoroughly prepared with adequate research before a negotiation with investors, partners, and potential clients but most of all, he emphasizes on a code of ethics. As he says, "Respecting a contrarian viewpoint, not over-promising deliverables just to create an impression, being upright, clear, precise and honest builds solid goodwill that holds a leader in good stead in the long run."

This Story has been provided by NewsVoir. ANI will not be responsible in any way for the content in this article. (ANI/NewsVoir)

DISCLAIMER


(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

 

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor