You are in the middle of an intense negotiation for a big contract with a large company. If you are able to come to an agreement, you will make one of the largest commissions you’ve ever made. You are almost there, and then your negotiating opponent throws you for a loop by asking for a last-minute concession on the price.
What do you do?
If you have a proper system of negotiation in place, it will be easy for you. You will just react based on pre-defined rules that you’ve already set for yourself before starting the negotiations.
You do have a set of rules and a system in place, don’t you?
If not, it’s time to put one into place.
First, you will need to define the desired outcome of the negotiation. What is your ultimate mission and purpose? What does a successful outcome look like for you?
Within that framework, there will be plenty of smaller agreements to come to before the big agreement is made. So, you will need to draw out a map, at least in your mind and preferably on paper.
Start at square one and list all of the potential forks in the road. What decisions could you possibly have to make during the course of the negotiation? If you are offering consulting services for example, you may think of some of the following:
How many hours will you be expected to dedicate to this client?
Will you be working on-site or off-site?
Will you be the only one working on the client’s project or will there be a team available?
Are you offering a guaranteed level of performance?
Are you going to bill up-front, after the work is done, or in small increments throughout?
For each one of these questions, you should already have an answer.