The negotiation process, formal or informal, has a 3-stage process:
Stage 1: The Overture
This initial stage is the “Ask” or the “Offer” and is characterized by “Big Talk”
Best practice: In this stage have the discipline to not accept the first offer, and if able, avoid making the first offer.
Be a detective. Now is the time to be a pleasant, curious and highly inquisitive person asking lots of “how” & “why” questions to understand the base “needs” and aspirational “wants” of the other person. Get all the facts, preferably in writing with a summarizing email of understanding after every interaction.
“The faintest of ink is better than the best memory”.
Be diligent, patient and disciplined in this stage as it is the foundation floor upon which the next stage – “The Dance” will be conducted.
To learn more about the negotiation process check out our video.