MODULE 3: PREPARING LIKE A MASTER NEGOTIATOR
3.1 Researching Your Counterpart
“Most negotiations are won before they even start. Preparation is everything.” I will say it again: “Most negotiations are won before they even start. Preparation is everything.”
Before negotiating, research:
Who are you negotiating with? – Understand their background, interests, and decision-making style.
What are their constraints? – Identify their budget, deadlines, or approval process.
What leverage do you have? – Recognize your unique value in the negotiation.
“For example, if you are negotiating a business deal, researching the company’s financial situation can help you understand how much they can afford. If you know they are under financial pressure, you can negotiate better terms.”
3.2 Setting Clear Objectives
“One of the biggest mistakes negotiators make is going in without a clear goal. Before every negotiation, define your objectives:”
✔ Your ideal outcome – The best possible result.
✔ Your acceptable outcome – A result you are satisfied with.
✔ Your walk-away point – The lowest offer you will accept before leaving.
“For example, if you are negotiating a salary, your ideal outcome might be $80,000, your acceptable outcome might be $75,000, and your walk-away point might be $70,000. Knowing these numbers in advance prevents emotional decision-making.”
