Business leaders urged to negotiate their way to higher profits

10/5/2010

profit

Businesses in Wales and England are losing out on millions of pounds of revenue because they are not negotiating the true value of the deals they close.

This is the message from one of the world’s foremost speakers on negotiation, Malcolm Smith, who will be addressing business leaders in Wales on Friday October 15 and in London on  Friday November 5

Mr Smith, who spent more than 25 years in the manufacturing industry, working at both management and board level for companies including Dow Chemical, Ascot, Low & Bonar, Britton, Courtaulds, Rexam and Inmos, says mastering the principles of negotiation is vital.

He said: “Over the years I’ve worked in a number of multi-national Groups and led complex acquisitions across Europe. The one common theme has been just how poor many UK companies are at negotiating effectively.

“The start of our problems lies in the use of poor language and phrasing. Assertive phrases such as ‘this is the price’ are often replaced by ‘how about ...’ or ‘we’re looking for…’ This trait, although inherently British, is often at the heart of why companies lose out on millions of pounds of potential revenue or - even worse – fail to close a deal at all.”

However, Mr Smith says there is enormous scope for medium or even large PLCs to turn their fortunes around if they are prepared to put effective negotiation at the heart of their company culture.

“Negotiation is an essential business process from the preparation stage right through the negotiation itself. By learning some valuable tactics and techniques companies can save   hundreds of thousands of pounds negotiating the next big contract.”

Among the tactics being explored at the Vistage chief executive seminar being held at Cardiff City Stadium and Chelsea Football Club will be improving our sense of self-worth, a structured planning process, a tool box of skills, and ten top tips for negotiating success.

Commenting on the event, Vistage Chair Iain Lindsay, said: “Malcolm is a master of his subject which he delivers in a very lucid, engaging, enjoyable and amusing manner. He can hold a room like few others at these larger scale sessions. Malcolm has spoken to each of my groups over the past five years and is high up on my A-list of speakers. Member companies have saved fortunes by applying his ideas.

 “This Seminar will look at a number of the challenges faced by chief executives and businesses across Wales as we come out of recession and provide some useful tactics for those companies looking to increase their profitability and become employers of choice.”

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Topics: Vistage Open Days