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Question & Answer
Home > Resources > Q & A

Most important preparation elements for negotiation

Seok Woo Kim Asks:

What are the most important preparation elements for negotiation?

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Answer:

Difficult to answer in brief but there are four key elements that you should consider before entering into any negotiation:

  1. What is the best strategy to pursue? Should I be competitive, accommodating, collaborative, compromising or should I avoid negotiation altogether? You will need to ask & answer some questions about the strategic impact of the negotiation at hand before deciding on the best engagement strategy.
  2. What are the deal objectives of all parties to the negotiation? In other words, what are the specific objectives that each party would like to achieve. What are the alternatives available to all parties if no deal happens?
  3. How will you manage or deal with the negotiation process? Do you have to manage a team of negotiators? Does everyone participating have a clear brief & role in the negotiation? Do you need an agenda and or minutes? How will you be debriefing the negotiation?
  4. How will you manage & address the negotiation climate (environment)? How will you manage & address the relationship dynamics in the negotiation?

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The Negotiation Academy (TNA) – http://www.negotiationeurope.com - is a specialist business negotiation management consultancy headquartered in London. Committed to delivering both best and leading practice business negotiation solutions, TNA collaborates with clients to instil a world class negotiation capability. With deep industry experience in several market sectors, global resources and a proven track record, TNA is uniquely positioned to assist clients to avoid the losses associated with sub optimal negotiations. TNA has a core competency in sales negotiation training , purchasing negotiation training and executive negotiation training (mergers & acquisitions negotiation training, asset management negotiation training, corporate finance negotiation training etc.)