Before entering into negotiations, a negotiator should always prepare his very own negotiation preparation checklist. This is an important tool for helping to ensure readiness, reduce oversight, and increase the likelihood of a favorable outcome. Here we will explore the role of preparation checklists in negotiation planning and how it can have a significant impact on performance and outcomes.
The Importance of Preparation in Negotiations
Being prepared means everything for a negotiator. From start to finish, negotiators should have a clear understanding of their goals as well as a clearly established strategy for achieving them. Even the most seasoned negotiators rely on checklists to ensure they are adequately prepared for any questions, offers, and counter-offers that may occur during the negotiation. Part of preparation includes developing your own offer, recognizing your BATNA, planning for concessions, and knowing when to walk away.
How Checklists Enhance Preparation
Preparation checklists offer a systematic approach to organizing and executing the many different components of a negotiation. They ensure negotiators don’t miss critical steps and they allow for a comprehensive review of their main goals and objectives. Here are just a few of the advantages of using a checklist when preparing for negotiations.
- Comprehensiveness: Checklists guarantee that all key aspects are considered, from learning about both parties’ goals and objectives to setting negotiation limits.
- Consistency: For organizations that use the same checklists, this promotes consistency across all negotiations, improving communication and expectations.
- Efficiency: A checklist reduces mental overload by breaking the preparation process into clear, step-by-step tasks.
- Confidence and Clarity: When you enter into a negotiation with a comprehensive checklist, it will boost your confidence while also providing you with a clear understanding of your goals and purpose.
Key Components of a Negotiation Preparation Checklist
A well-designed negotiation preparation checklist generally includes the following components:
- Objectives: You should have clearly defined goals, which include ideal outcomes and minimum acceptable terms.
- Stakeholder Analysis: You want to identify the interests and motivations of all parties involved.
- BATNA (Best Alternative To a Negotiated Agreement): Prior to entering any discussions, you should have a clear understanding of the best alternative solution in case the first negotiation fails.
- Issues and Priorities: You need to have a clear breakdown of all issues that need to be negotiated, ranked by importance.
- Concession Strategy: You need to identify any concessions you would be willing to make ahead of time and under what circumstances. You also need to plan for what you will ask for in return.
- Communication Strategy: Be mindful of the values and ethical standards of the person you are negotiating with and plan your approach to tone, verbiage, and body language.
- Logistics: Consider the negotiation setting, time, and potential need for third-party facilitators or interpreters.
Preparation checklists are powerful tools that enable negotiators to approach discussions with confidence, clarity, and a well-thought-out plan. This helps to reduce errors and increase the likelihood of a more favorable outcome. If you want to learn more about how to create a negotiation preparation checklist, enroll in one of our Negotiation Training courses. As stakes become higher, the value of a well-prepared checklist cannot be overstated. Therefore, learn how to implement this preparation strategy to significantly improve your negotiation outcomes. Call today to learn more about our courses and workshops!