Why You Need a Killer Negotiating Plan.
Part 1: How do I prepare for a business negotiation?
Preparation is key to negotiating success. Just about every guide or coach will bang the same drum, but they are often less helpful about what you should prepare. Here’s the answer:
Every successful negotiator has three plans for the deal, whether he is aware of them or not.1) Strategic plans set your negotiating range.
You need to decide on: Goals and walk-away limit. Ceiling and floor.
2) Your tactical plan is your roadmap for moving towards your goals – and away from your bottom line. Decide: Who makes the first offer? How do you maximize your results?
3) The style guide tells how you will manage the relationship with your counter-party. Decide: Partnership, transaction – or string of transactions.