Brexit’s Impact on Business: Key Negotiation Challenges
Recently, Great Britain voted to separate from the European Union. On the heels of this decision, companies that do business with the EU must examine how Brexit affects its relationships with other organizations.
There is the potential for great risk and loss in the aftermath of this decision, but also for great opportunity and value creation. According to Forbes, in order to avoid the former in favor of the latter, leaders will need refined negotiation expertise (Pillutla; July 12). One example of this might be a company based in the U.K. that procures services from a company in the EU.
Leaders of both companies should consider re-evaluating the terms of the contract to ensure all is mutually beneficial. Key negotiation challenges as a result of Brexit include negotiating over losses, managing emotion during inter-governmental negotiation, negotiating over Principles and Perspectives, and negotiating when multiple parties are involved.
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