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Effective Strategies for A Win-Win Negotiation

pexels.com Leaders like Michael Saltzstein are constantly engaged in some form of negotiation. They have to negotiate with customers, other businesses, or parties external to the organization. In many cases, they also have to participate in discussions with partners and team members. Negotiations have to be fair and well-balanced to ensure that both parties involved will benefit in the long run. This article explores some strategies that can help leaders encourage a win-win negotiation. Prepare and be knowledgeable . Before coming to the negotiating table, you must have reviewed all the information necessary for the discussion. Furthermore, it would be advantageous to have already identified the alternatives that are available for both your organization and the other side. This is only possible if proper research and analysis have been conducted. Set up multiple offers. A common mistake that has been committed time and again when it comes to negotiating is having only one offer on t...
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What business leaders are learning from the Coronavirus outbreak

Image source: businessinsider.com The onset of the Coronavirus or COVID-19 has been a shock to businesses throughout the country. Because of state-wide lockdowns and preventive measures, almost every business has had to adjust in one form or another in order to ensure the continuation of operations and secure the safety of employees. Unfortunately, not every business can operate under these new conditions. Michael Saltzstein predicts that this outbreak will force most businesses to adjust to a new reality. And while this outbreak will eventually pass, it shouldn’t stop business leaders from learning something new from this unique experience. Here are some lessons business leaders are learning from the pandemic. Business continuity plans were tested It’s hard to imagine a multinational corporation ceasing operations. That is until now. Seemingly large operations that may seem too big to stop had to grind into a halt. Businesses that have emergency continuity plans have...
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Michael Saltzstein Explores the Principles of Lean Management and Their Impact on Reducing Costs and Boosting Productivity

  Michael Saltzstein Explains How Lean Management Helps Businesses Eliminate Waste and Improve Efficiency Lean management is a proven methodology that businesses across various industries use to eliminate waste, improve processes, and maximize operational efficiency. Originating from the Toyota Production System, lean principles focus on creating more value for customers with fewer resources. Michael Saltzstein remarks that b y identifying and removing activities that do not add value, companies can streamline their operations, reduce costs, and improve overall productivity.     Understanding the Core Principles of Lean Management   At the heart of lean management are five core principles: value, value stream, flow, pull, and perfection. Each principle serves as a guide to help businesses identify and eliminate inefficiencies.   Value: The first step is to define value from the customer’s perspective. Understanding what customers truly need allows busines...
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