Preparation, Preparation, Preparation!
Very often People will say the Definition of Negotiation is To Create a Win-Win Outcome, but Truth be told Your Definition of a Win-Win Situation probably does not Match that of the other Party. Be prepared by knowing Your Negotiation Objectives and Strategy and when coming to an Agreement, both Parties will feel like a Winner.
When entering into a Negotiation you have to expect that the Other Party is going to be Well Prepared. So in order for any negotiation to be Successful you have to ensure you are Better Prepared!
5 Steps to Prepare Your Negotiation Strategy:
- Make a File with All Details you can find on the Company; include History, Organizational Structure, Mission Statement, Company Strategies, Current Suppliers and Anything else you can find relating to 'What makes this Company Tick?'.
- Make an Overview with All Details you can find on the Person you are going to Negotiate with; including Exact Title, Hobbies, Pictures (especially if you haven't met face-to-face yet), previous Employment, Date of Birth, names and Titles of Possible Colleagues you might end up working with and Anything else you can find which will Help you find commonalities to create Rapport ('a friendly relationship between people based on Mutual Liking, Trust and a Sense of Understanding and Sharing each other's Concerns').
- Go over your Offer and Know your Facts; pin-point where you can be Flexible and What is your Lowest Price-point.
- Write down your Specific Negotiation Objectives.
- In case you made your Offer knowing Competitors have also made an Offer it is Extremely Important to Know which Competitors are competing with you and what your Advantages are over Them. Ensure at all times you keep your Dignity and Focus solely on Presenting Your Advantages rather than Their Disadvantages (making competitors look bad is never a good strategy!).
It happens that the other Party wants to enter into Telephone Negotiations. While it is always Better to do any Negotiations face-to-face, make sure that when you do enter into Telephone Negotiations you set it up ahead of time. This way you will have time to Prepare. You want to avoid a Situation where you are Not Prepared or have Other Things on your mind. The Best Way to elude these circumstances is to Prepare your Negotiation Strategy at the moment you Submit Your Offer, keep all information close to your Phone (or stored on a dedicated place in your computer) and if they do call you at an Inconvenient Time, immediately make an Appointment for You to call Them.
When you enter into any Negotiation Stage it is important to be Prepared and have Your Negotiation Strategy Ready. At every step you can anticipate Questions or Objections, so Work-out Your Answers to these In Advance.
Finally I want to Share some of My Favorite Negotiation Tips with You:
- Don't try to make Anyone look Bad
- Negotiating means both Talking and Listening. Do Both!
- Try to find the Best Deal for both Parties
- Price may only be one aspect of the Negotiation Process. Remember You can also adjust things like Timing and Performance.
- Never Assume that the other Party completely Understands all the Advantages you are Offering. Take your Time to Explain your Advantages and What their Benefits are.
