Negotiation Process

 

Advantage:

1. Better conflict resolution
2. Effective communication
3. Relationship building
4. Increased confidence
5. Career Advancement
6. Problem Solving

Application:

1. Business contracts
2. Job offer & Salary Negotiation
3. Sales & Client Interaction
4. Project Management
5. Vendor and Supplier Relationship
6. Merges & Acquisitions

Steps:

1. Preparation
• Define SMART Goals: Party, Min/Mx, Concensus, Power/Interest/Pressure Point
• Determine/Assess situation : Analyse cost structure of supplier, Answer key questions
• Chain of reasoning/Plan argument
• Plan meeting
2. Execution
• Establish relationship
• Intro and confirm agenda
• Agreement recorded: Define problem, create options, schedule breaks, Agreement
3. Documentation
• Contract closure: Formalisation of agreement
• Implementation of agreement
• Better planning for future: Lessons learnt: What went well, what was the problem?