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Ask yourself these 7 questions when preparing for a 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.
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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.
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?
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.
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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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BATNA
Refers to your “best alternative to a negotiated agreement,” or the best outcome you can expect if you fail to reach agreement at the bargaining table with your counterpart.
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Negotiate the process
Carefully negotiate how you will negotiate in advance. Discussing procedural issues will clear the way for much more focused talks.
Don’t assume you’re all on the same page when it comes to determining when to meet, who should be present, what your agenda will be, and so on.
Building rapport
You and your counterpart may be more collaborative and likely to reach an agreement if you spend even just a few minutes trying to get to know each other.
If you’re negotiating over email, even a brief introductory phone call may make a difference. This is one of the most valuable negotiation skills to master.
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