Women entrepreneurs often feel shy or intimidated about the idea of negotiating terms and conditions when working on a new project or with a new client. Often, we want to be nice or don't want to cause a conflict.
For any woman starting a business or simply wanting to get ahead, you must include a few things: 1. acquiring new contacts and maintaining relationships with existing contacts to grow your network and 2. understanding the art of negotiating.
Jen Proctor, the Founder and CEO of Cultivated Entertainment, a one-of-a-kind full-service talent firm, is a behind-the-scenes creative powerhouse hired to secure the right talent for any project. There are always negotiations involved in her line of business. We negotiate daily; you may not realize it.
Jen launched her career at the prestigious talent agencies ICM and CAA where she learned the ins and outs of negotiating from both sides: client and talent.
Over the last year, Cultivated Entertainment executed over fifty projects. Jen and her small team talent produced the 2020 72nd Emmy Awards, launched The Drew Barrymore Show during the pandemic, worked with The Obamas on “Dear Class of 2020," collaborated with YouTube on their Black History Month special “Black Renaissance,” among many other projects.
Upcoming projects for Cultivated Entertainment include 2021 Stand Up to Cancer Telecast, YouTube’s Anti-Asian Hate Program, Oprah’s “Honoring Our Kings,” a celebration of Black fathers, and iHeart’s “Can’t Cancel Pride.”
Jen shares her experience of negotiating in business and shares her tips on a successful negotiation:
Be intentional and know the value
Understand the true value that you are bringing to the other party and be realistic about that value. Nobody is interested in overpaying for something, so you will have to deal with that friction if you price yourself too high.
If you are uncertain of the value, do your research to find out, which could include: turning to a mentor or trusted peer, seeking legal counsel or conducting your analysis if there are hard costs to be considered. Preparation is crucial in all aspects of business, and that includes negotiations, be sure to utilize all the tools you have at your disposal.
Exchange the value
Ensure you are bringing just as much value to the table as you are expecting. People don’t like to be taken advantage of and like to feel that they are getting the same value that they are offering. Whether you are negotiating with a party for the first time or someone you have an ongoing rapport with, deals and partnerships where all parties are satisfied are much more likely to lead to future business and lasting relationships, so be a good partner.
Have reasonable expectations
Keep it real when entering into negotiations and understand that although rare, sometimes deals just can’t be reached. You can’t make someone agree to your terms. But be sure your terms are reasonable.
While not always feasible, it’s helpful to set your parameters prior to negotiations. For example, what is your walk-away point, where are you willing to bend or meet in the middle? If you are prepared and know the value, you should be able to establish these parameters.
Keep yourself honest
Trust the process. When deals go south or something isn't quite right, trust your gut and know when to walk away. Not everything is meant to be, and trust the next one will work out better.
Show respect!
Negotiations and all communications need to be held with respect. Nobody likes to work or negotiate with rude or belittling people and leave people with hurt feelings. Everyone is human, and kindness goes a lot further than rudeness.
This one should be easy to execute if you’ve followed all these previous tips. You can effectively and assertively advocate for yourself and your deals with respect if you are prepared, honest and operating in good faith. Approaching people and negotiations with care will also help foster lasting relationships and repeat business.
When you are negotiating, the bottom line is trying to keep expectations realistic and understand the benefit to the other side. Nobody wants to deal with someone without having a positive outcome for themselves as well.
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June 02, 2021 at 05:00PM
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Fair Negotiation In Business Will Bring You A Win-Win, And More Money - Forbes
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