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.