Today’s tip on negotiating comes from our good friends over at Scotwork NA.
What is the first thing that you need to do before you enter a negotiation… or meeting?
Prepare in advance. In negotiating this is how one makes the biggest impact on outcomes for the your team. Take the time to think through exactly what it is that you must have, would like to have, and a winning position for your counterpart. Here is how you go about it:
- Identifying objectives: identify issues, define intended outcomes and realistic expectations, and determine the limit to where you will move if you have flexibility.
- Creating a wish list: if you are flexible in any of your issues and you move closer to your limit, determine what you’ll ask for in return. If you come to conclusions quickly, determine what small thing you can ask for to enhance the deal.
- Determining concessions: see where you can be flexible and what you can give to get what you want.
- Researching information: analyze power balance and determine the degree to which the other party understands your priorities and you understand theirs.
- Preparing questions: determine what you don’t know and prepare questions you should ask ahead of time.
- Developing a strategy: be flexible so you can quickly adjust. Make it fairly simple so you avoid dazzling them with you know what.
- Assigning tasks ahead: identify leader, summarizer and observer to control the information flow and the shape of the negotiation.
About the insight contributor: Marty Finkle is the CEO of Scotwork (NA) Inc. Marty runs Scotwork’s North American business where he and his team of seasoned negotiators work with over 100 companies in over 20 industries focused on negotiations.