60 Second MBA: Business Development Linchpin… Be Still For A Minute

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Today’s tip on nego­ti­at­ing comes from our good friends over at Scot­work NA.

Ques­tion:

What is the first thing that you need to do before you enter a nego­ti­a­tion… or meeting?

Answer

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. 

 

Posted via email from Don­ald McMichael’s pos­ter­ous

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