TOP 5 TIPS FOR NEGOTIATION PREPARATION 

 

1. Make sure you set aside time to prepare.

Even if it is only 10 minutes between receiving a phone call and having to return it, some preparation is better than none.

2. Think about an agenda for the negotiation.

What are the issues on the table? It may be valuable to set the agenda prior to the meeting commencing so that both sides can prepare effectively.

3. If you are about to negotiate on a set piece issue think about taking along a team with you.

The team should be prepared effectively and have set roles. A well drilled team creates an advantage when the meeting begins.

4. Practice your response.

In your team think about how you will respond to the various 'plays' that the other side might make.  Spend time developing 'what if' responses to how the other side may play their agenda.

5. Test any contentious issues with stakeholders.

Make sure you have the authority and backing to take any tough decisions you may need to take.

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Know Your Enemy

When Philip Green announced last week that his wife’s Arcadia Group, which includes Topshop and Miss Selfridge, is planning a restructure, many members of the public will have experienced a feeling of schadenfreude. But those who are in the front line of deals with Mr Green, particularly the landlords who own the stores which he leases throughout the land, will have sighed resignedly as yet another retailer threatens to ‘go under’ unless they play ball and reduce his rents.

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