Preparation Stage of the Negotiation Process

A large part of the success of your negotiation will come from the preparation stage. This is where you think about the outcome you want from your negotiation.

And there is a lot to prepare. So, in this video I will take you through all the things you need to include in your negotiation preparation.

The Preparation Stage is the first step in the basic negotiation process.

Watching this video is worth 4 Management Courses CPD Points*.
(See below for more details)

This video is part of course module number 5.2.1
Program 5: Managerial Skillset
Course 2: Negotiation
Section 1: Basic Negotiation Process

Other videos about the Fundamental Model of Negotiation include:
. Fundamental Model of Negotiation -    • Fundamental Model of Negotiation - th...  
. Preparation Stage -    • Preparation Stage of the Negotiation ...  
. Opening Stage -    • Opening Stage of the Negotiation Process  
. Bargaining Stage -    • Bargaining Stage of the Negotiation P...  
. Negotiating Team Roles -    • Negotiating Team Roles in the Negotia...  
. Closing Stage -    • Closing Stage of the Negotiation Process  
. Negotiation Follow-up -    • Negotiation Follow-up - after the Neg...  

After this set, look out for 5.2.2 - Key Concepts on Negotiation

LESSON NOTES
============
The three key things to consider in your preparation, ahead of negotiating, are:
1. Goal: What you want to achieve
2. Objectives: Measures of success
- What?
- How much?
- Conditions?
3. What is your bottom-line, your walk-away limit?
BATNA = Best Alternative to a Negotiated Agreement

Scope for Negotiation
. Compare what you want with what you believe they want
. What are your areas of flexibility?
. This gives you your negotiating parameters.
. The important thing is to know the value of each thing:
- To you
- To them

Start negotiating with a high initial position
. Don't prepare to compromise before you have to
. You need 3 positions:
- an initial (ideal) position
- a target (realistic) position
- a BATNA (fall-back)

Research before negotiating
- History
- People
- Context
- Culture
- Politics
- Data

Plan your negotiation process
- Options and alternatives
- Concessions
- Issues
- Long-term considerations
- Meeting tactics
- Location
- Sequence
- Opening
- Handling set-backs
- Team roles (future video)


RECOMMENDED EXERCISE
======================
1. Ahead of your next negotiation, create your own Negotiation Preparation Checklist in your Negotiating Notebook. Like a set of preflight checks, this should contain everything you need to do before starting the negotiation. Use the content of this video as a framework, and add to it from your own experience. (2 MC CPD Points)
2. Next time you have a negotiation coming up, work through your checklist. Tick off items as you complete them and document your conclusions. Amend and improve your checklist as you go. (4 MC CPD Points)
3. You might like to take a look at our video on Scope for Agreement    • Scope for Agreement - Key Concepts in...  

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RECOMMENDED READING
=====================
Negotiate Wisely in Business and Technlogy (A basic introduction) https://geni.us/a2n1T6Y
Everything is Negotiable) (A basic introduction) https://geni.us/Ozwwr
Getting to Yes (the classic text) https://geni.us/U3CjduK
Getting Past No (the follow-up to Getting to Yes) https://geni.us/VQAd7
Bargaining for Advantage (another classic) https://geni.us/anBn
Negotiation Genius (Modern look at the negotiation mindset) https://geni.us/cBKKn3x
Never Split the Difference (red hot tips from ex-hostage negotiator) https://geni.us/YBSogJ

Management Courses Continuing Professional Development (CPD) Points
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