Win Every Deal With Your Core Negotiating Strategy

I lost $600,000. It was my fault. Gone before it even started. No excuses. The reason? I missed a critical step in my core negotiating strategy. Okay, it wasn’t a step, it was half the plan.

Step 1: Gather the right information

My counterpart was a good client of ours. One of our top 10 at that time. The negotiation was rooted in Indian culture where hard negotiating is the norm. Stalling, pressuring, and gentle threats are typical tactics.

In any negotiation, it’s important you know as much as possible about your counterpart and the deal you’re working…

What is the context of the deal?

  • What are their values?
  • What is their personality style?
  • What are their hot buttons (pain is a better motivator than pleasure)?
  • Where are the decision makers?
  • What are some ways to structure a winning deal?
my expensive trophy

Step 2: Establish your Least Acceptable Offer (LAO), Best Possible Outcome (BPO), and your Best Alternative To A Negotiated Agreement (BATNA or Plan B)

Now the fun begins.

Best Possible Outcome (BPO)

Now is where you’ll write down your best possible option/s.

Least Acceptable Offer (LAO)

Your LAO is the minimum you’re willing to accept. It’s your walk away point.

Best Alternative To A Negotiated Agreement (BATNA or Plan B)

Your plan B is your alternative option.

Step 3: Complete Your Negotiation Strategy Outline and Seek Advice

Now that you have step 1 and 2 complete, make sure it’s written out on a piece of paper. Write it down. Think it through. Get in the minds of your counterpart/s.

The best negotiation tactics start with having a detailed Core Negotiation Strategy. Without it, you’re going in blind.

Until next post in this negotiation series, be great,

P.S. Would you like to learn more about the best negotiation tactics? Subscribe for my newsletter I’ll send you the best negotiation tips and tricks right to your inbox.

P.P.S. I’m also creating a FREE negotiating eBook. Enter your email address and you’ll be the first to know.

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Nate Anglin

Small Biz Investor, CEO, & helping others improve their performance, profit, & potential w/out sacrificing what’s most important. www.nateanglin.com/newsletter