If your business is in a dispute with another party, be it a shareholder, partner, supplier or employer, you can resolve the matter with mediation. A neutral third party can help you find common ground.
It’s vital to be prepared for a mediation session, as this can allow you to explain your claims clearly, ensuring a more efficient process. Here are three tips for preparing for business mediation:
1. Identify your desires
Businesses engage in mediation when resolving disputes for different reasons. A company may want to reduce legal costs, save time, maintain a business relationship or have more control over the outcome.
You need to identify your purpose for business mediation, as it can help you determine how to handle negotiations. For instance, how you negotiate an intellectual property dispute with a business you have an ongoing collaboration with, hoping to maintain the joint venture, should differ from when your primary purpose is resolving specific technical issues with a company that might be confusing your consumers.
2. Gather relevant documents
Gather all the documents related to the conflict in question. If you are in a dispute with an employee, carry the employment contract, employee handbook, performance review and communication records. When negotiating with a supplier, bring contracts, communication records, financial records and any other evidence that supports your position.
Note that the other party will also bring documents that support their claims. Thus, ensure you have all the necessary documents to counter them.
3. Prepare emotionally
Negotiations can be emotional. It helps to be emotionally prepared to make clear decisions. Consider practicing deep breathing, setting ground rules for yourself and staying focused on your goals to be mentally ready for anything that may come up.
Mediating business disputes offers various benefits. However, it’s essential to be prepared to enjoy these benefits. Obtain more information to ensure you are ready for your business mediation session.