As stated in my last article, the biggest mistake even experienced sales executives, relationship managers and sales managers make in a negotiation is underpreparing. Negotiations are too complex, there’s too much that can go wrong & the consequences of mistakes can be too extreme for you not to put in the time.
But, we’re all pressed for time. With only so many hours in the day and a multitude of demands put on you, how do you maximize the probability of success while minimizing how long it takes?
It starts with having a system (or, framework if you prefer). A good negotiating system:
- Acts as a checklist to make sure nothing important is missed
- Tracks progress and previews what’s coming for you & your team
- Guides you to best next steps
- Even helps your confidence as you have a tool you can rely on
Inside your system you’ll need items such as:
- Who all the players are on both sides who have a say in the outcome and what they want
- What boundaries we’re setting (what’s minimally acceptable) for each issue
- What role everyone on your team will play
- Whether our overall strategy is to be collaborative or competitive
However, to take it to the next level, a great negotiating system does all of the above and:
- Identifies and leverages your power.
- Provides strategies for: finding common ground, handling baggage, leveraging your power, getting inside information, framing your offer, dealing with competing objectives, personality & style differences, working with partners, working with or against consultants, and many others.
- Provides counterstrategies and scripts to handle difficult negotiation situations like dirty tricks & other power maneuvers.
- Provides a process you can share with your client.
This last item may have caught you by surprise – “a process you can share with your client”. If you want a more collaborative negotiation, you need to share a tool to help foster that.
Does sharing the process mean you should also share your internal strategy and everything else inside your system? Of course not. But you should share the process you believe will best lead to an outcome both sides can be happy with.
Bottom line: To simplify complex negotiations, to save time and maximize the outcome, you need a good system. But there’s still one more thing you need and that’s coming in the next article.
Free report: My clients and I have identified 38 different things that can impact a negotiation that you want to be prepared for. If you’d like that list, click here to download it.