Negotiations are an important part of any business or industry. In the live entertainment industry negotiations can make or break you. For that reason it is imperative that you know how to handle yourself in a negotiation. When you have an upcoming negotiation, one of the most important things is your preparation. Recently I spoke with Eddie Padua, an event manager in Orlando, Florida. He stated, in our interview, that it is important to be knowledgeable about the topic of the negotiation. However, at the same time you must be mindful not to over think anything. When you meet with the other negotiator you don’t want to be completely caught off guard when a question comes up that you may have over looked. Padua said in the interview that, “staying stress free also helps” when preparing for a negotiation. Everyone is going to have a different way of alleviating stress before or during a negotiation, but my personal preference is running or exercising. Finding a way to relieve stress before the negotiation will help you keep your cool in the negotiation.
Another important part of negotiating is knowing the outcome desired by you and the outcome desired by the other party. When you know what you both want out of the negotiation it is easier for you to know what leverage and power you hold and how to use them. Padua suggests that in addition to being knowledgeable about the topic of the negotiation, you need to know what you’re good at in order to use those skills to your advantage. Knowing what talents you possess will also aid in the negotiation if you are faced with a negotiator who is playing hardball. Padua stated in the interview that “playing hardball with someone is always annoying, but it’s not always a bad thing.” What you really have to work on is keeping your composure and not allowing them to get under your skin. When dealing with a negotiator who is playing hardball, letting your emotions get to you will never help you earn their respect or most importantly come to a mutual decision. Padua advises going into the negotiation prepared with a positive mindset. This will help you handle any negative emotions that come from playing hardball or using dirty tricks and tricky tactics in the negotiation.
The moral of the story here is that no matter what the industry, negotiations play a major role when it comes to business. You need to prepare as much as possible, find a way to alleviate stress, and take time to practice your negotiation skills.
- Lisa -
*I would like to thank Eddie Padua for agreeing to the interview as well as supplying some excellent advice!
