Negotiation tips / checklist for negotiation

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Negotiation tips / checklist for negotiation

Post  Vadivelrajan on Wed May 19, 2010 1:50 pm

The tips for negotiation as received from Charles Dominick, SPSM:
A 21-Point Negotiation Checklist
By Charles Dominick, SPSM
*****
*****
Can A Negotiation Checklist Improve Your Results?

As we teach in our online course "Powerful Negotiation For
Successful Buying," preparing for a negotiation is critical for
success. Though not intended as a substitute for learning how
to prepare or actually preparing, this checklist can guide your
preparation for great results.

* Identify the primary supplier to negotiate with.

* Identify your second-best option in case you cannot reach
agreement with your primary supplier.

* Determine the format (i.e., face-to-face, phone, etc.) and
location of your negotiation sessions.

* Invite the primary supplier to negotiate and learn who the
supplier's principal negotiator is.

* Ensure/insist that the supplier assigns a negotiator with
decision-making authority.

* Assess your leverage over the supplier.

* Determine your overall negotiation strategy (e.g., hardball,
collaborative, etc.).

* Identify all the terms that you will negotiate.

* Set targets and least acceptable alternatives for each term.

* Determine your negotiation tactics (e.g., threatening to use
another supplier, emphasizing the benefits to the supplier
of doing business with you, etc.).

* Decide what to concede if necessary to reach agreement.

* Develop a timeline for the negotiation process.

* Identify the risks to achieving your terms, timeline, and
other goals and plan to mitigate those risks.

* Develop and share internally a communications plan stating
who must be updated on negotiation progress and what
information they must keep confidential.

* Review notes from previous negotiations, courses, etc. for
tips for success.

* Anticipate your supplier's reaction to each tactic.

* Create an agenda for the negotiation and practice.

* Start the negotiation confidently.

* Document agreements made and share with the supplier
throughout the negotiation process to ensure that no
misunderstandings later derail a negotiation in which you
have invested much time.

* Self-assess after each negotiation session and adjust
strategy and tactics if necessary.

* At the end of the negotiation, help the supplier feel
positive about the new relationship rather than feeling like
it lost the negotiation.

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