6 Phases of any Negotiation are explained in this video.
- All negotiations start with nothing, and that is important to remember. It is foundational and often taken for granted. Knowing this allows us to be proactive. We can look at the business landscape and identify what negotiations we would like to initiate. You are always building something from nothing.
- I might have something. This is an interesting exploratory phase that is often overlooked.
- Now an offer is on the table. Too many people make the mistake of overanalyzing or wanting to know if something works before they try it.
- Do I want the offer? This is where you want to trust your intuition. Sometimes we think we want something, but when we get deeper into the details, we realize we don’t.
- Analysis phase. What is the cash value of the deal, and how much time does it take? Look at the bigger picture.
- Do I use my leverage now or later? If you have a working relationship and have leverage use it now. If not, build the trust first and then negotiate with proven leverage later.
6 Phases of any Negotiation
Negotiations can be divided into six phases: preparation, exploration, offer, evaluation, bargaining, and agreement. In the preparation phase, it is essential to have a clear understanding of your goals and to research the other party and the issue at hand. The exploration phase involves gathering information and establishing a rapport with the other party. During the offer phase, one party makes an initial proposal. The evaluation phase involves assessing the proposal and deciding whether to accept, reject, or counter it. The bargaining phase involves negotiating specific terms and conditions, and the agreement phase involves documenting the terms of the deal and implementing it. It is essential to be proactive, trust your intuition, and consider the long-term implications of the deal throughout the negotiation process.
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