N-4 Negotiation: Strategy and Planning

Good planning for negotiation can lead to better confidence at the table and a plan of action for uncovering factual data, interests, and priorities that can be used to craft the best solution possible. In any kind of negotiation the planning stage is probably the most important. Too often we go in badly prepared and end up giving concessions that reduce the overall profitability of the final deal. The importance of planning is in having a very clear idea before entering into the negotiation. Generally, the more time that is spent in planning and preparing for the negotiation, the more beneficial will be the final outcome. Before entering into the negotiation, you need to have a clear idea of your objectives and try to work out those of the other side. The information has often been said that information is power. In any negotiation, there will be four types of information that is important to the final outcome. Planning your strategy is important in negotiation. Once you know your objectives, you need to work out how you are going to achieve them. It is also useful to try and see the negotiation from the other side and try and work out what their strategy will be. During the negotiation there will be opportunities to use various tactics and you need to decide which of these you feel comfortable with and at the same time recognize the tactics being used by the other side.