Negotiation is an essential part of the business world, and having a knowledgeable grasp on how to get your desired outcome not only helps increase profit but also establishes lasting relationships. Whether you’re looking to broker a new contract or renegotiate one that’s already in place, preparation, and understanding will guarantee success. In this blog post, Jim DePalma discusses the first and last thing you should do when negotiating – setting clear expectations at the beginning and committing to conditions following sign-off. By understanding these core steps of negotiation, you can ensure each interaction provides positive results for both parties involved.
Jim DePalma Shares The First And Last Thing You Should Do When You Negotiate
The first and last thing you should do when negotiating is to set an agenda, says Jim DePalma. By setting an agenda, you can ensure that all the key points of negotiation are covered. It will also provide structure for the conversation and make sure that both parties understand what is being discussed.
When creating the agenda, make sure to be as specific as possible and consider all topics that need to be discussed. This includes topics such as desired outcomes, bottom lines, deadlines, decision-making processes, communication procedures, evaluation criteria, and any other important details that need to be addressed during the negotiation process. Once this has been established, it should remain at the forefront of any negotiations throughout the entire process.
At the end of each negotiation session, it is important to summarize the key points that were discussed and make sure that both parties are in agreement. This is an essential part of the process as it will help ensure that all aspects of any negotiation have been clarified and agreed upon. Make sure to also document this summary and keep it on file for future reference.
It is important, as per Jim DePalma, to remember that negotiating is a complex process with no one-size-fits-all answer. Taking the time to establish an agenda at the beginning and summarizing discussions at the end can be incredibly beneficial, however, to ensure successful outcomes each time. According to statistics released by the American Bar Association, negotiations using an agenda were 16% more likely to reach a resolution than those without one. Additionally, research conducted by the Harvard Business Review showed that clear summaries of discussions at the end of a negotiation session were associated with a 7% increase in subsequent satisfaction with outcomes.
For example, when negotiating a new job offer, it is important for both parties to clearly outline their expectations before beginning discussions. This might include desired salary range, vacation days, benefits, and any other requirements from either side. At the conclusion of these negotiations, both sides should review all key points and ensure everyone is in agreement on each one. Finally, make sure to document this summary so that there are no misunderstandings down the line. By setting an agenda and summarizing discussions at the end of every negotiation session, you can ensure successful outcomes each time.
Jim DePalma’s Concluding Thoughts
In conclusion, setting an agenda and summarizing discussions at the end of a negotiation session are two essential tasks to ensure successful outcomes. According to Jim DePalma, taking the time to plan in advance and review key points throughout each session can be incredibly beneficial in making sure all details have been considered. With this approach, both parties can be confident that their needs are being addressed and that they are working together towards mutually beneficial solutions.