Six Steps to Negotiating a Better Deal…
- Any
existing time, industry and/or financial pressures
- Their
corporate goals and objectives
- Their
specific goals for the negotiation
- Their
options if they don't make the deal with you
- The
personal goals of the negotiator
- Who
makes the final decision on the deal
It is recommended finding out who you're negotiating with. "One of the first things in any business negotiation is to establish the honesty and ethics of the person sitting across from you," he explains. "A lot of people say they want a win-win outcome, but their negotiating style and strategy often prove otherwise."
- Plan
your approach. A planned approach starts with
having a crystal-clear understanding of your own position. To clarify your
position, it is recommended identifying three different deal scenarios:
- Best
possible outcome
- Worst
acceptable outcome
- Expected
outcome
- Walk-away
point. This sets an absolute limit on the
least favorable outcome you will accept. Anything less and you walk away
from the deal.
- BATNA. Your "best alternative to a negotiated agreement"
identifies what will you do if you can't reach agreement on this deal.
Experts also recommend the use of role play as an additional planning element. The more you know about how the other side might respond during the negotiation, the greater your chances of creating the outcome you want.
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