TOP 5 TIPS FOR NEGOTIATION PREPARATION 

 

1. Make sure you set aside time to prepare.

Even if it is only 10 minutes between receiving a phone call and having to return it, some preparation is better than none.

2. Think about an agenda for the negotiation.

What are the issues on the table? It may be valuable to set the agenda prior to the meeting commencing so that both sides can prepare effectively.

3. If you are about to negotiate on a set piece issue think about taking along a team with you.

The team should be prepared effectively and have set roles. A well drilled team creates an advantage when the meeting begins.

4. Practice your response.

In your team think about how you will respond to the various 'plays' that the other side might make.  Spend time developing 'what if' responses to how the other side may play their agenda.

5. Test any contentious issues with stakeholders.

Make sure you have the authority and backing to take any tough decisions you may need to take.

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The Power of Adjournments

Anjana – a sales leader with an IT firm – is busy preparing for negotiations with a large bank on renewing her firm’s contract with them. Given it is a decent sized deal, Anjana has been preparing for these negotiations over the last several days by interlocking with the account delivery teams, getting buy-ins from the senior leadership & CFO on commercials, getting a handle on the likely strategies from the competition etc. It is no surprise, given the rigour of her preparation, that Anjana was feeling confident about her meeting with the Client CIO.

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