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Ask yourself these 7 questions when preparing for a negotiation
The 7 Elements
A negotiation does not have to be a uni-dimensional, one-shot activity.
There are seven points to prepare yourself with:
- What do people want?
- What is my Plan B?
- Creating Value using shared interests.
- What's relevant and what's persuasive.
- One-shot or multiple rounds?
- The best way to communicate.
- What are my commitments?
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Key Ideas
Negotiation
Whether it is a high-stakes deal, the price of a used car, or a family issue, we all are bargaining and getting into negotiations.
Negotiation is 90 % planning, along with being educated and prepared.
What People Want
Knowing the other party's needs, wants and desires, getting to know what drives their negotiation, is crucial information in the planning stage.
The more we understand the interests of the other negotiating party, the better we can help them get what they want while taking care of our interests.
Plan B
There can be scenarios where you will not be able to reach a deal, so it is advisable to always have an alternative, a Plan B, or a back-up with you in any negotiation.
Creating value
Once we can find out what the shared interests are, we can find many ways to address certain demands of the negotiating party which may not be a hassle for us.
Being Fair
We need to know what's the most relevant and persuasive criteria.
A negotiation will break down swiftly if there is no fairness in the proposals of either party.
Having a legitimate argument in the tactics used for influencing is always a good thing for a successful deal.
Short Term and Long Term Game
Sometimes negotiation is not about the immediate goal of the discussion but about the larger picture.
It may be a multi-round war and not just a battle. You may choose to win now but you may risk losing something bigger in the future.
In this scenario, we can make a different choice in the immediate deal so that we eventually win.
Good Communication
In any negotiation, good communication is key.
Common misunderstandings and wrong assumptions are the biggest reasons for a break down of a negotiation.
Our Commitments
Managing to articulate what we can commit to the deal leads to the best and most ideal outcomes in a negotiation.
Having a planned commitment beforehand eliminates surprises and further negotiations that may arise otherwise.
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Successful Negotiation
The most successful negotiators don't entertain dirty tricks in negotiation but instead strive to reach agreements that are satisfactory to both parties.
But if you find yourself on...
Jet Lag
Used on negotiators who travel long distances: to start meetings while the negotiator's concentration is impeded due to jet lag or fatigue. Jet lag seriously impairs judgement.
Tip for the negotiator: Travel early and leave time for recuperation before meeting the other party. Where you suspect your hosts like to be hospitable, keep news of your early arrival quiet.
It's different over here
A dirty trick often used against people visiting other cultures.
The approach of "but we always do it this way over here" can be difficult to counter if you're not prepared for it.
Tip for the negotiator: If you suspect this approach in advance, have with you a local expert who knows the customs.
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Win-Win Negotiation
It involves working to get the best deal possible for yourself while also working to ensure that your counterpart is satisfied.
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Get clear on your negotiation goals
There are 3 key questions you should ask yourself:
- What's the best possible outcome?
- What's your bottom line? This refers to the least...
Determine your core negotiation strategy (CNS)
It means finding the doorway that you want to enter the negotiation through. That could be the doorway of safety and liability or of value, the doorway of competition or of future business.
Understand your negotiation signature
That signature is the habitual way that you go about a negotiation. Understanding your default signature helps you know what you're working with.
Some people try to go in and beat the other person up on price. Other people are really intimidated, reticent, and afraid to ask for anything.
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