Six steps to negotiation preparation

The most commonly overlooked aspect of trading is preparation. We say things like, “We’re in the deal-negotiating stage…” There is no more profitable waste of time than time spent preparing to trade. Here is your checklist:

1. Knowing what you want and what you don’t want… Most of us have a general idea of ​​what we want or want to avoid in a deal. Unfortunately, overall goals tend to lead to overall results… which breeds doubt and dissatisfaction. Instead, write a paragraph outlining in detail what you want and don’t want from the transaction, then furiously edit this description until it’s focused and accurate. When we are very clear about our objective(s) and the justification(s) for their acquisition, we are more likely to achieve the desired results.

2. Know what your counterpart wants and doesn’t want… Now do the same with your counterpart. Write the description of what your opposite is looking for and trying to avoid. This exercise tends to be a real stump… and eventually a real eye opener. Knowing our counterpart’s goals, objectives, and desired outcomes helps us see commonalities that lead to creative solutions.
3. Know what concessions you are willing to give… What must you absolutely achieve to consume a successful negotiation? What terms, conditions, extras could you live without? Every great negotiator knows that he must have give and take on both sides to reach agreements that make sense.
4. Know your alternatives… Do you remember when you bought your first car? Mine was a 1956 T-Bird. The guy I bought mine from said, “I like you and I want to sell you the car…but someone else is coming by in 30 minutes who also wants the car.” Wow, the dynamics of the negotiation changed on the spot. Having an alternative seller or provider really helps your confidence level.
5. Get to know your counterpart and your subject… We have a lot of information about personality styles, body language, and neuro-linguistic programming. Remember that transactions take place between people…and people see the same facts and appeal differently. The issue is simple… Know it cold, there is no excuse for being misinformed… and lost credibility is rarely recovered.
6. Test Now you know how to get to Carnegie Hall! It’s the same path to success in negotiation: Practice, practice, practice! Go to swap meets and flea markets… These are wonderful opportunities to improve your skills. Remember use it or lose it!

Most negotiators rarely, if ever, fully prepare to negotiate. But this is magic! Try This Checklist Before You Trade… Your profits will improve dramatically.

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