The most commonly overlooked aspect of negotiation is preparation. We
say things like, "We're just in the negotiation stage of the deal
..."
There is no more
profitable expenditure of time than the time spent preparing to negotiate.
Here's your checklist:
1. Know
what you want and don't want ...
Most of us have
a general idea of what we want or want to avoid in a deal. Unfortunately,
general objectives tend to render general results ... leading to second
guessing and dissatisfaction.
Instead, write a
paragraph describing in detail what you want and don't want from the
transaction, then, edit this description furiously until it is laser
focused and precise.
When we are crystal
clear on our objective(s) and rationale(s) for their acquisition, we
are most likely to achieve desired results.
2. Know
what your counterpart wants and doesn't want ...
Now do the same
for your counterpart. Write the description of what your opposite is
looking for and seeking to avoid.
This exercise tends
to be a real stumper ... and eventually a real eye-opener. Knowing our
counterpart's goals, objectives, and sought after results helps us see
commonalities that lead to creative solutions.
3. Know
what concessions you are willing to give ...
What must you absolutely
achieve to consummate a successful bargain? What terms, conditions,
extras could you live without? Every great negotiator knows there must
be give and take on both sides for agreements that make sense.
4. Know
your alternatives ...
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 want to sell you the car ... but
there's another person coming over in 30 minutes who also wants the
car." Wow, did the dynamics of the negotiation shift on the spot.
Having an alternative vendor or supplier really helps your level of
confidence.
5. Know
your counterpart and your subject matter ...
A lot of information
is available to us on personality styles, body language, and neuro-linguistic
programming. Remember transactions take place between people ... and
people view the same facts and appeals differently. Subject matter is
simple ... Know it cold-there is no excuse for being ill informed ...
and lost credibility is rarely recovered.
6. Rehearse
You know how to
get to Carnegie Hall! It's the same road to negotiation success - Practice
- Practice -Practice! Attend swap meets and flea markets ... They are
wonderful opportunities to sharpen your skills. Remember use it or lose
it!
Most negotiators
rarely, if ever, thoroughly prepare to negotiate. But this is the magic!
Try this checklist before you negotiate ... Your returns will improve
dramatically.