3.3: Phases of Negotiation
This section describes five phases of negotiation: investigation, determining your BATNA, presentation, bargaining, and closure. Although the presentation stage normally receives the most attention, each phase can affect the outcome of the negotiation.
The chart in this section depicts the negotiation process in three steps: pre-negotiation, negotiation, and post-negotiation. Read the suggestions to consider during pre-negotiation, including assessing your confidence level, determining what is really important to your prospect, and identifying your pre-negotiation goal (the minimum you will accept during negotiation). In the third step, post-negotiation, you should celebrate with everyone who was part of the negotiation. This is an important step to help build your relationship and prepare for your next negotiation. Attempt the exercises questions at the end of the section.
Read this article and pay special attention to the description of SMART goals. Effective goals should be specific, measurable, achievable, realistic, and time-bound. Using quantitative (numeric) terms in their goals will allow parties to measure and benchmark progress.
Have you missed opportunities for effective outcomes by omitting pre-negotiation planning? You are not alone! Expert negotiators often bypass some of these important questions, to their detriment. These basic principles will help you achieve your desired outcomes during future negotiations.