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Negotiating Tips

Entire books have been written on negotiation styles and techniques.  The following is not intended to cover every situation, but it does provide some important points to consider before you begin any negotiating session.

Before the negotiating sessions -

1. Make a list of your parties' strengths.  What do you have that the other party wants or needs?

2. Make a list of your parties' weaknesses.  Which of your attributes would a third party consider to be detrimental to the deal?  (Make sure you perform a realistic assessment of your situation.)

3. Make a list of your goals.  What do you want from this?  What does your company want? (Yes, they can be different.)

4. Make a list of your “must haves”.  What are the goals, terms, and conditions that are absolutely necessary for you to achieve for the deal to close?

5. Make a list of your “give-ups”.  What can you give as a concession to the other side?

6. Make a list of your negotiating strengths.  Do you have the skills (or do you have a team member with the skills) to negotiate this deal?  What are the strong points of your lead negotiator?  Can they be effectively used in this negotiating session?>

7. Make a list of your negotiating weaknesses.  What are the weak points of your lead negotiator?  Can they be overcome in this negotiating session?

8. Collect information on the other party.  Make the same lists in items 1 – 7 for the other party.

9. Talk to as many people as possible who know the other party.  Ask for references.  Especially try to talk to people who have done similar deals with the other party.

10. Accurately access what happens if you do not make a deal.

11. Check the lists you create with trusted, knowledgeable third parties.  Make sure your view of reality is at least close to the third party view.

When preparing for the negotiations keep the following in mind.

• Everyone is better at negotiating for something they do not really want.  Most people are really bad at negotiating for something they feel they must have.  Use this to your advantage.  Understand the items you must have and negotiate for them after you have been really tough and won on some of the items about which you do not really care.

• The clock can be your friend or enemy.  The easiest way for it to be your enemy is if you can be convinced there is a hard and fast deadline.  Remember that most deadlines can be moved and let the other team worry about the perceived immovable one.

 
During the negotiations -

1. Both you and the other party may learn new things during the sessions.  Listen carefully.  Keep checking your lists (especially your lists about the other side) and adjusting as necessary.

2. Establish a schedule for the negotiations.

3. Define the process and documentation and stick to the definitions.  (aAd use them to your benefit when possible.

4. Try to understand the other party’s real needs and constraints.

5. Try to get them to understand your real needs and constraints.

6. Look for patterns that work.  You are trying to solve a jig-saw puzzle.  Particularly in long, complex negotiations there are patterns that become established.  These patterns may have to do with who makes the decisions, how the results of individuals meeting are reported, or who pays for lunch.  Look for the patterns that make the other side comfortable and use their comfort to your advantage.

7. Be polite, but tough and focused.

8. Remember, it may be a double negotiation session.  You may have to negotiate with the other side and with your own side at the same time.

9. Close the deal or walk, but don’t just let it linger.