A critical negotiation skill in your business negotiations is how you go about deciding your objectives.
I want to offer you 3 key points that we cover in our negotiation skills training courses to think about when you are getting ready for your negotiations.
1. What is the absolutely best result for you in this negotiation?
What would a fantastic deal (one that you would be delighted to agree to) look like?
We call this your aspiration base - in other words, the level at which you will aspire to close the agreement.
You should remember that it is vital in your negotiation to always ask for a little more than you expect to get. This means that you must always have an aspiration base that is higher than your planned outcome. By asking for a little more than you would like to receive you enable yourself to make a concession to your counterpart in exchange for a counter concession.
On the upside, you may just get what you regard to be fantastic if you ask for it! Don't make the mistake of making decisions on behalf of your counterpart by saying to yourself they will not be happy with that .Take note that I am not advocating that you make extreme requests - extreme demands are highly risky and dependent on the cultural context within which you find yourself.
2. What is the absolutely minimum acceptable outcome for you in this negotiation?
At what point will you decide to stop or postpone your talks?
If you do not decide on a specific stage at which it will no longer be feasible or desirable for you to reach agreement, then you may become vulnerable to closing a deal that you will not be able to live with. This is vital to do as you could easily become emotionally committed to reaching agreement at any cost because you may think that your individual reputation is at stake.
3. What do you think are the aspirations and minimum acceptable deal levels for your counterpart?
It is also important that you think about the aspirations and minimum acceptable deal levels from your counterparts point of view. This will never be an exact science but through proper preparation and research of supporting information you may be able to get a good view of what kind of agreement is the standard in your line of business or type of negotiation.
By thinking about the aspirations and minimum acceptable deal levels from your counterparts point of view, you will be able to identify the agreement range. Being aware of the bargaining range or zone of possible agreement (ZOPA) will help you to see if a transaction is possible or not.
Most negotiation training courses will teach you that the bargaining range is defined as the area of overlap between your minimum acceptable deal level and the minimum acceptable deal levels of your counterpart.
Remember that 99 percent of your success at the negotiation table is dependent on the quality of your preparation. You should spend at least as much time planning for negotiations as you expect to be busy negotiating. If you expect to be in negotiations for a day, then you should spend at least the same time in preparations.
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