Preparing for a Good Negotiation - Business Negotiation Skills

What are Business Negotiation skills - Preparing for a Good Negotiation?

Preparation is necessary for everything, even for negotiation as well. To do that, you have to determine your desires, limitations and considerations. One should be personally prepared hence positive attitude and self-confidence are the keys to it.

Without preparing well, you will end up giving more than you achieve from the negotiations. If you are determined to negotiate with your strongest bargaining attributes, you can find out the balance between what is acceptable and getting the best possibilities on your side.

Establishing WATNA and BATNA

WATNA and BATNA are the alternatives which many negotiators not have a clear idea. As a result, they do not offer to make concessions, thinking that they can get away without much negotiating. By Establishing your WATNA (Worst Alternative to a Negotiated Agreement) and BATNA (Best Alternative to a Negotiated Agreement), the parties may be influenced to think of the alternatives to a negotiated agreement.

Ideally, negotiations are not required and not knowing your WATNA and BATNA will result in poor negotiations that are built on false notions about your agreements and expectations. WATNA is critical for focusing on purposeful negotiations. Before negotiation, think of the worst case scenario.

BATNA is more important than WATNA. If at all the negotiated agreements are not present, then you are forced to enter negotiations and agree to get a satisfactory agreement.

Satisfactory Agreement

People usually enter into negotiations if they feel necessary taking WATNA and BATNA into consideration. One should arrive at WAP (Walk Away Price) which is considerably less than your starting offer.

If the other party knows that you are wishing for less than your offerings, then you will be in a weak negotiating position. If the other party find out your WAP, then it will your final price.

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