Before you enter the negotiation, you need to understand the context of the situation. What are the goals, needs, and concerns of both parties? What are the alternatives, risks, and opportunities? What are the sources of conflict or disagreement? How does the negotiation fit into the broader strategic objectives and priorities? By doing your research and analysis, you can identify the common ground, the gaps, and the potential trade-offs.
Unless the terms are already set you will always have to negotiate with key stakeholders. Unfortunately with the current state of the economy nowadays, negotiation is key - as it doesn't matter if you have the expertise, or number 1 in your field. You need to KYC - Know your client. Have you carried out a SWOT Analysis? Have you approached their concerns? Always carry out research on the client beforehand in order to ensure a more strategic approach into negotiation.
Once you have a clear picture of the context, you need to define your position. What are your interests, expectations, and desired outcomes? What are your non-negotiables, your best-case scenario, and your walk-away point? What are your strengths, weaknesses, and leverage? By clarifying your position, you can communicate it effectively and confidently, as well as anticipate and address any objections or questions.
A good framework is BATNA, best alternative to a negotiated settlement. This will assist in defining your win, zone of indifference and walk away threshold.
After you have defined your position, you need to plan your strategy. How will you approach the negotiation? What style, tone, and tactics will you use? How will you structure the conversation and present your arguments? How will you handle emotions, conflicts, and impasses? How will you create value, build rapport, and foster trust? By planning your strategy, you can align it with your position and the context, as well as adapt it to the dynamics of the negotiation.
Before you start the negotiation, you need to prepare your materials. What documents, data, or evidence will you use to support your position and persuade the other party? What tools, resources, or aids will you need to facilitate the negotiation process? How will you organize, present, and share your materials? By preparing your materials, you can enhance your credibility, clarity, and professionalism, as well as avoid any delays or misunderstandings.
As you get ready for the negotiation, you need to anticipate the outcomes. What are the possible scenarios, results, or consequences of the negotiation? How will you measure and evaluate the success or failure of the negotiation? How will you follow up, document, and implement the agreement or disagreement? How will you manage the relationship and feedback after the negotiation? By anticipating the outcomes, you can prepare for any contingencies, risks, or opportunities, as well as ensure accountability and sustainability.
Finally, before you engage in the negotiation, you need to practice your skills. How will you express your position, listen to the other party, ask questions, and negotiate effectively? How will you deal with stress, pressure, or uncertainty? How will you handle any surprises, challenges, or objections? By practicing your skills, you can improve your confidence, competence, and performance, as well as learn from your mistakes and feedback.