What are the best practices for developing a negotiation strategy and plan?

2 Research and analyze

Once you have defined your objectives, you need to gather and analyze as much information as possible about the negotiation context, the other party, and the potential outcomes. This will help you assess the strengths and weaknesses of your position, anticipate the possible challenges and opportunities, and devise creative solutions. You can use various sources of information, such as reports, data, testimonials, surveys, or experts, to support your arguments and claims.

3 Plan your approach

Based on your research and analysis, you need to plan how you will approach the negotiation process. This includes deciding on your negotiation style, tactics, and techniques, as well as your communication style, tone, and language. You also need to plan how you will build rapport, trust, and cooperation with the other party, and how you will handle emotions, conflicts, and impasses. You should also prepare a list of questions, proposals, and concessions that you will use during the negotiation.

4 Practice and rehearse

Before you engage in the actual negotiation, you need to practice and rehearse your strategy and plan. This will help you improve your confidence, competence, and credibility, as well as identify and correct any gaps or flaws in your preparation. You can practice and rehearse by yourself, with a colleague, or with a coach, using role-plays, simulations, or feedback sessions. You should also review your strategy and plan regularly and make adjustments as needed.

5 Execute and adapt

When you enter the negotiation, you need to execute your strategy and plan with clarity, consistency, and professionalism. This means following your agenda, presenting your case, listening actively, asking questions, making proposals, exchanging concessions, and seeking agreement. However, you also need to be flexible and adaptable to the changing dynamics, expectations, and interests of the other party. You should monitor the progress and outcomes of the negotiation and adjust your strategy and plan accordingly.

6 Evaluate and learn

After you conclude the negotiation, you need to evaluate and learn from your performance and results. This means reviewing your objectives, goals, and achievements, as well as your strengths, weaknesses, and areas for improvement. You should also solicit and provide feedback to the other party and thank them for their cooperation. You should document the key points and agreements of the negotiation and follow up on any commitments or actions. You should also reflect on the lessons learned and apply them to your future negotiations.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?