Six Steps to Negotiation Preparation

The most often overlooked aspect of negotiation is preparation. We say things like, “We are in the negotiation stage of the deal …” There is no time spent more profitable than time spent preparing to negotiate. Here is your checklist:

1. Know what you want and what you don’t want … Most of us have a general idea of ​​what we want or want to avoid in a deal. Unfortunately, general goals tend to produce general results … leading to doubts and dissatisfaction. Instead, write a paragraph that outlines in detail what you want and what you don’t want from the transaction, then furiously edit this description until it’s laser-focused and accurate. When we are clear about our objective (s) and the reason (s) for their acquisition, we are more likely to achieve the desired results.

2. Know what your counterpart wants and doesn’t want … Now do the same with your counterpart. Write the description of what your opposite seeks and seeks to avoid. This exercise tends to be a real hack … and eventually a real eye opener. Knowing the goals, objectives, and desired results of our counterpart helps us see commonalities that lead to creative solutions.
3. Know what concessions you are willing to give … What must you absolutely accomplish to consummate a successful negotiation? What terms, conditions, extras could you live without? Every great negotiator knows that there must be a give and take on both sides to reach agreements that make sense.
4. Know your alternatives … Do you remember when you bought your first car? Mine was a 1956 T-Bird. The guy I bought mine from told me, “I like you and I want to sell you the car … but someone else is coming in 30 minutes who also wants the car.” Wow, the dynamics of the negotiation changed on the spot. Having a vendor or alternate vendor really helps your confidence level.
5. Get to know your counterpart and your subject … We have a lot of information available on personality styles, body language, and neurolinguistic programming. Remember that transactions take place between people … and people view the same facts and appeals differently. The issue is simple … Know it cold, there is no excuse for being misinformed … and lost credibility is rarely regained.
6. Test You know how to get to Carnegie Hall! It is the same path to successful negotiation: practice, practice, practice. Attend trade meetings and street markets … These are wonderful opportunities to hone your skills. Remember to use it or lose it!

Most negotiators rarely, if ever, thoroughly prepare to negotiate. But this is the magic! Try this checklist before you trade … Your returns will improve dramatically.

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