👋 Hey there!
🚅 This is issue #45 of the Double E Bullet where I share two action-packed bullets to help you go from full-time founder to part-time CEO.
Negotiation is an essential skill not just in one’s career but also in life. It is an art just as it is a science; and it’s important to keep in mind that although this can be learned, it is also something that can be honed through experience.
There are many stages of negotiation and in this week’s bullets, we’ll be tackling the first, which is planning.
🤝 Reverse Engineering the Negotiation Process
I’ve shared many bullets along the topics of planning and organization many times over. So for our first bullet this week, let’s do a quick exercise to help you get in the spirit of planning. Basically, what you want to happen is just let your creativity flow through planning the outcome of your negotiation – in reverse.
You know how the saying goes: begin with the end in mind – and this is exactly what we’re doing. What you want to do is visualize the best possible outcome that you want to happen from the negotiation process, and then work your way backward.
Here’s how I suggest you do it:
1. Think of the best possible outcome.
Think of what you want to achieve from your negotiation, be it through specific terms, concessions, or objectives. Be creative! Our goal at this point is to paint the picture as vividly as possible – be as detailed as you possibly can.
We’re not talking about the Dark Knight, but instead BATNA or Best Alternative to a Negotiated Agreement.
Now, we know things won’t always go 100% our way no matter how perfectly we plan it, which is why you have to think of the next best thing. What alternatives do you have in place? What terms are you willing to accept? Negotiation, after all, is meeting halfway between you and the other party. Once you have answers to the above questions, then you’re ready to proceed.
3. Plan your argument
Oftentimes, the person or group at the other end of the line do not agree to your terms because of their lack of understanding. This is where a strong case to support your outcome comes into play. You’ll have to lay out all the facts and evidence to support this.
Pro Tip: add in compelling statistics to present a logical argument, as this will help strengthen your case and convince the panel.
4. Possible information exchange
After all the brainstorming, let’s do one last round. This time, write down what you think might be the concerns and interests that the opposite party might face. Put yourself in their shoes and think about what they might want to receive at the end of the negotiation as well as how they would feel about it.
In writing, all these are easier said (and read) than done. But, remember that negotiation takes practice so if your first try didn’t go as well as planned, there’s always room for improvement. Your failure is bringing you closer to your next win!
⚡ Supercharge your planning with Evernote
I’ve shared several note-taking apps in the many bullet editions and today I introduce yet another powerful tool for digital note taking.
If you have a thing for structuring and planning (especially helpful when preparing for negotiations), Evernote can be your best friend. It’s one of the most preferred note-taking apps for individuals and groups as it does a pretty great job at categorizing and organizing your digital notes.
What I love about it is the flexibility it has in terms of the content you can store. You aren’t just limited to plain text but you can also easily create to-do lists, checkbox, bullet points, and many more. You can even attach photos and files in your notes for additional reference.
If you’re like me who has a gazillion tabs open every time, you can also store web clippings (in the same way you might have kept newspaper or magazine clippings back in the days), easily creating a digital scrapbook for all your ideas and planning.
Evernote also has a cool feature that allows you to put in reminders and alarms to your notes so if you want to create a timeline in your plans, that can be easily done within the app. Cool, no?
🧨 DHIREN’S UPDATES 🧨
Speaking of negotiations, I want to share a previous episode in my podcast Elevated Entrepreneur. Here, I was able to speak with the negotiation master himself, Prakash Chugani, on his five best tips to getting better at negotiations.
Did you know that clients actually love closing deals when the service providers charge higher? Yes, you can still win the client even if you charge triple times more than your competitors and the secret is through one word: negotiation.
Don’t forget to listen in to this highly insightful podcast episode and master the art of negotiations!
That’s all for this edition! What was your favorite bullet?