Preparation
- Planning Make sure you prepare properly. The less you prepare, the more you will be at a disadvantage and the less likely you will be to achieve a satisfactory outcome.
- Research Try to find out as much as you can about your opposite number and his or her business. Use the resources of a business library and/or talk to your business contacts.
- Objectives Try to take a long-term view and decide on a range of objectives so that you can be more flexible and offer more alternatives during the negotiation itself. Remember you are looking for a win-win situation of benefit to both parties, thus paving the way for further deals in the future.
- Limits Decide what your sticking point(s) must be and why. Knowing your negotiating limits and their reasons will help you negotiate more confidently and comfortably.
- Strategy Plan your negotiating strategy carefully, taking into consideration the personality and position of your opposite number, as well as your own strengths and weaknesses.