This is the first in a series of articles we will be publishing on a two weekly basis together with templates and tools which can be used for preparation. These articles and templates will help you to prepare for negotiations whether they are complex or simple.
They will be useful particularly when preparing as a team for negotiations and also in clearing your thinking prior to negotiations which you are undertaking alone. By definition, they tend to be of help in negotiations which are intended to be WIN – WIN, that is where both parties feel satisfied with the result and wish to continue to do business together. However, similar process can be used to undertake Win – Lose negotiations, that is where you want the best possible deal and probably won’t do business with the other party again
The Essence of Preparation
Sometimes we assume we are just naturally skilful at negotiating. There are some people who are natural negotiators, but even those can benefit from doing some preparation. So does some preparation and prior thinking, avoiding blagging, even a little thought and preparation help?
- Preparation is really essential when you are undertaking team negotiations to make sure that the other side do not take advantage of unclear thinking and differences between you
- You need to thrash out differences and prepare who might ask and say what and at what points you might want to adjourn
- Plan what you want to achieve, firstly big picture in terms of the business relationship then detail in terms of the boundaries around the particular deal
- Prepare a detailed mandate which sets out what you want to achieve on certain issues but also what you are prepared to accept and where they might be possible trades
- Prepare great questions which probe the other sides’ position, uncover their reasoning and objectives and what they will be prepared to pay for
- Finally review the preparation and find out how it really helped you and how it can be improved for next time
The templates will include:
- Tools for developing clear objectives
- Getting a clear mandate
- Questioning – Great questions to ask, questions which reveal the other sides thinking
- What are your negotiating preferences and what does this mean for your development
- How can you best review a negotiation
Watch out for part 2. Bookmark our website or sign up as a subscriber and you will be sent them automatically as they are published, as well as receive a complimentary 15 minute audio training on negotiation skills.