Negotiation Checklist – 9 Crucial Things You Must Not Forget
A professional negotiator should always have a negotiation checklist. That’s a given. Not having a checklist before the crucial stage of going to the negotiation table is like a soldier going to war without a weapon in hand.
That is why we at Procurement Tactics decided to write an article about creating a negotiation checklist because too many negotiators out there fail to do so before it’s too late. We’ll talk about the 9 important factors to not forget during negotiations and what to do in case you do forget about them.
By the end of this article, you should already be an expert in creating a negotiation checklist. You shouldn’t be unprepared anymore anytime there’s a negotiation!
A Negotiation Checklistis a Must!
A professional negotiator should always be ready for any kind of negotiation. This is the importance of a negotiation checklist. With a checklist, you can prepare for almost anything heading your way. Failing to prepare for negotiation is extremely bad for a negotiator’s reputation and results, so it is important to do every ounce of preparation expected of a professional negotiator.
For those who are not familiar with the idea of a negotiation checklist, there’s no need to panic. Our Negotiation Course For Procurement Professionals is perfect for those who are still learning the ropes to becoming a true negotiator. Our course will help mold you to become a professional negotiator in no time at all; you can check out our website once you’re done reading this article to learn more about this fantastic course!
9 Important Questionsto Ask Before Negotiations
Without further ado, here is our negotiation checklist. Take note that these 9 sections are all drafted to help negotiators prepare for any type of negotiation. With most negotiations nowadays involving the procurement process and the supply chain plan, the checklist below should help a negotiator in being prepared for the upcoming negotiation table:
1. What do I want from this negotiation? List short-term and long-term goals and dreams related to the negotiation.
This is very important as this will form the basis of your negotiation. You are going to formulate how you will proceed with the negotiation based on this checklist, so it’s imperative to get the answer for this checklist first more than anything.
2. What are my strengths—values, skills, and assets—in this negotiation?
Learning where your style limits are is one of the big foundations of becoming a professional negotiator. Knowing where you stand before, during, and after the negotiations will also help you prepare for other negotiations in the future. Check out these 3 success factors in negotiating to get an idea what forms of “edge” you can bring to a negotiation.
3. What are my weaknesses and vulnerabilities in this negotiation?
Give yourself time to assess what your weaknesses and vulnerabilities are and you’ll be unstoppable at the negotiation table in no time at all.
4. Why is the other party negotiating with me? What do I have that they need?
It’s important to learn why the other party would want to negotiate with you.
5. What lessons can I apply from past negotiations to improve my performance?
Learning from your past mistakes is crucial. You can only learn to be the best negotiator by looking back at your past mistakes and not doing them again.
6. Where and when should the negotiation take place?
Like a true master negotiator, you should also consider where the negotiation is going to take place. The venue is also important, as sometimes, it will set the mood of how the negotiations are going to fare through.
7. How long should sessions last? What deadlines are we facing?
Are you negotiating for extending a deadline? Are you in a hurry to finish negotiations so you can move on to the next step? Take these into consideration as well. If the other party feels you’re in a rush to make a deal, they might play this to their advantage.
8. What are my interests in the upcoming negotiation? How do they rank in importance?
Again, look at what you want to achieve with the current negotiation. From there, learn what you can about the other party and decide on how to take the initiative with the negotiations.
9. What is my reservation point—my indifference point between a deal and no deal?
In any negotiation, there could come a point when you don’t get what you want. If that happens, it’s important to learn when to stop.
Sometimes, it’s even better to just simply walk away.
Be aware of your reservation price and your BATNA, it will help you to negotiate better deals.
+ What is a negotiation checklist?
A negotiation checklist is a series of questions to ask before getting into negotiations.
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