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

1. Know 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, broad goals tend to lead to broad results… leading to self-doubt and dissatisfaction. Instead, write a paragraph describing 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 its 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 results helps us see the common ground that leads 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 achieve 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 in 30 minutes someone else comes along who wants the car too.” Wow, the dynamic of the negotiation changed on the spot. Having an alternative vendor or supplier 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… Get to know him cold, there is no excuse to be misinformed… and lost credibility is rarely regained.
6. Test Now you know how to get to Carnegie Hall! It’s the same path to success in negotiation: Practice, practice, practice! Attend swap meets and flea markets… These are wonderful opportunities to improve your skills. Remember use it or lose it!

Most negotiators rarely, if ever, thoroughly prepare to negotiate. But this is the magic! Try this checklist before you trade… Your profits will improve dramatically.

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