How to prepare for a negotiation
Preparing for a negotiation is a crucial step to achieve a successful outcome. Here are some tips on how to prepare for a negotiation:
Define your goals and interests
Before entering a negotiation, you should know what you want to achieve and why. You should also set a realistic and ambitious target, as well as a minimum acceptable level, for each issue that you will negotiate.
Research the other party
You should also try to learn as much as possible about the other party's goals, interests, alternatives, and constraints. You can use various sources, such as their website, social media, reports, or mutual contacts, to gather information and insights.
Identify your BATNA
Your BATNA, or best alternative to a negotiated agreement, is what you will do if you cannot reach a deal with the other party. You should evaluate your options and choose the most favorable one. You should also try to improve your BATNA and make it known to the other party, as it will increase your bargaining power.
Plan your strategy
You should also develop a plan for how you will approach the negotiation, such as what issues you will raise, what offers you will make, what concessions you will ask for, and what tactics you will use. You should also anticipate the other party's strategy and prepare counterarguments and counteroffers.
Practice and rehearse
You should also practice and rehearse your negotiation skills and strategy, either by yourself or with a partner. You should simulate different scenarios and outcomes, and test your assumptions and arguments. You should also seek feedback and improve your performance.
