How do you prepare and engage in an effective negotiation?

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The CEO of a company is engaged in an important negotiation. There is a debate within the management team regarding the best way to prepare and engage in this negotiation. How do you prepare and engage in an effective negotiation?

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In any situation where a decision between two parties is to be decided preparation is critical. Start with the basics. What is the bottom line that the company wants or needs to achieve?

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The most important question is why an agreement is being sought. What is the objective and what does a win or a win-win look like?

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When meeting with the other party, listen with understanding. Start by establishing norms to govern the discussions.

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Good decisions between parties are based on trust. Be trusting until given a reason not to be.

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A Peer-to-Peer approach is the best alternative. Look for equal give and take. Be willing to walk away if the discussion won’t fulfill the company’s needs; but if this is necessary, do it courteously.

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May your business prosper. More detail on this topic at https://ceo2ceos.com/2024/03/how-do-you-prepare-and-engage-in-an-effective-negotiation-five-points