Negotiating In Difficult Situations

Well, it's no news flash. The economy isn't exactly rip-roaring. Getting deals done isn't the easiest thing in the world. More and more, having a negotiation strategy and following through on that strategy are becoming linchpins to success. In this first of a series of posts to follow, we'll roll out a plan for approaching your most difficult and most important negotiations.

 

Preparation - Begin before you Begin

Every negotiation is going to be filled with its own nuances and surprises, but you can minimize these plot twists and turns through preparation.

Sit down (you don't have to sit down, but you know, do what you do when you want to think) and figure out what you need to gain out of this negotiation and what you want to gain out of this negotiation.  Rank your needs first and your wants second.  By ranking your needs against your wants you will be able to identify the areas in which you can make concessions if you have to (your wants) and still get what you need.  Taking this idea one step further, identify the rationale behind your wants and needs.  If you need 120 days prior written notice in order to terminate the deal, be able to explain that you will need at least 120 days to re-tool for alternate production. This will make your needs seem rational and less like demands even though they may be make-or-break deal points.

Next, you need to take a walk on the wild side and put yourself in your negotiation partner's shoes, or high heels or whatever they wear.  Ok, not literally, unless you're into that sort of thing...then, go nuts. Anyway, the idea here is to want, and more importantly need from this deal. Ask questions and listen to what they have to say. Don't assume you know how things work "over there." The better you understand your counterpart and their wants and needs, the better able you will be to offer creative solutions to help you solve negotiation stalemates.

Finally, you need to be prepared to walk away from a negotiation if you aren't able to have your needs met. This is often referred to as your Best Alternative To a Negotiated Agreement (BATNA) or your walk-away point. This is an absolutely crucial value to have nailed down.  The biggest mistake you can make in a negotiation is to accept a deal which puts you in a worse position than if you hadn't done any deal at all. 

Stay tuned for the next step: You want to meet WHERE?