Negotiation Strategies of Yabbies R Us - Essay Example

In the present world of today, change is the only thing that is presumed to be constant. The world has witnessed rapid developments in the fields of information technology as well as communication processes. The Internet has acted wonders. The ever-rising impacts of globalisation have changed the terms of trade from that of the traditional ways of doing business.

The same has been experienced by the “Yabbies R Us”. The organisation set up by the Adams family to supply the processed yabbies to a Perth-based restaurant is now exporting the same to certain foreign customers of Singapore. The organisation claims that it can export to any part of the world with in thirty-six hours. To set up deals with more foreign parties, the importance of negotiating skills is immense. The Adams group has to ensure the best deal for them as they try to become a global player.

Adams group plans to enter the western market (particularly that of Canada) with their product of processed yabbies. The group should know the various negotiation strategies prevailing in the country to be successful in their venture. The negotiation strategies generally commence with informal meets among the concerned parties in Canada. The authorities of ‘Yabbies R Us’ can invite some of the Canada-based potential customers of the processed fish to an informal meet. The potential customers of Yabbies would generally be hotels and restaurants. So, there are possibilities that the first meet takes place at the prospective customer’s place. But to have more negotiating power, the ‘Yabbies R Us’ authorities should try and select a different venue from that of the client’s place. The visiting party should not wait for the right moment to pitch their product. In most cases, it is the Canadian party that talks about the business purpose first.

In this initial step, the ‘Yabbies R Us’ management should informally present their product and should narrate their prospective counterpart, the long-term business plans and the expected share of profit from the business.

Once the negotiation starts with on an informal note, the Canadian counter part would try to give it a formal shape. The ‘Yabbies R Us’ authorities should wait for the formal negotiations till the Canadian authorities initiate. The Australian group should keep in mind that the people of Canada value tolerance and patience to a great extent. Also, the Canadian parties prefer to keep agreements very formal, noted either physically or electronically. To negotiate on the same order with the Canadian counterparts, the ‘Yabbies R Us’ representatives should pay respect to certain aspects like individualism, directness and competitiveness. Also, while negotiating with the Canadian-based entrepreneurs, the Aussies should remember that the citizens and business persons of Canada do not like silence in a meeting and disregard it.

The Canadians generally say ‘no’ to the face if they do not like the deal of the other party as they keep things professional.

During the time of the agreement, the Australians should be sure of the legal requirements in the land of Canada and other documentation required. Also, they should try and come to a clear deal regarding the process of sending the product from Australia, the way to store it in Canada and what if the fish gets rotten in the meanwhile.

Once the deal is finalised and the agreement signed, it is prudent that both companies stay in constant touch with each other and revise the terms from time to time as the tricks of the businesses are fast changing. The ‘Yabbies R Us’ authorities should use the internet more often to stay in touch with their Western counterpart. It might so happen that the Canadian client of the company can complain about the quality as it happens in the service industry. The Australian company can negotiate better if they keep evidence of the quality, quantity and other details of the products that are sent to the foreign party. Both parties should meet once in a while and discuss the necessary changes that are required from time to time.

Negotiating strategies hold supreme importance in the case of business deals. As both parties, try to gain more from the deal, the art of bargaining comes into play. To have better negotiation, the party should understand the wishes of the counter party and try to win over their confidence. The negotiation can be said to be successful only when both parties benefit from the deal in the agreed ratio.

To have a favourable deal, ‘Yabbies R Us' should understand the Canadian way of negotiating. It is expected that they respond to the culture of Canada and do their home work well. The Aussies should understand what the Canadian counter part can ask for and they should be ready with an answer.