Objectives – What are you getting out of this negotiation?
Goals are private, strategic – and internally generated. Objectives are specific to this negotiation. What does he have that you want – and what are you willing to give up to get it?
Objectives are quanifiable, tactical – and tailored specifically with a specific counterparty in mind.
Customize your objectives and identify the constraints for this counterparty and negotiation.
Constraints – What is blocking you from negotiating as effectively as you’ld like — insufficient information, tight budget, lack of authority, or adverse regulations? What’s constraining your counter-party? Constraints are a fact of life — start managing them.
Resources – Negotiators focus so much on cash and valuation that they are blind to other negotiable variables – like brand, technology, supply chain and even industry knowledge. Make sure you’re not giving away valuable assets for free — or as part of some vague “relationship-building” effort.
Relationship – Win-win outcomes are not cost-free. You have to take longer to plan them, longer to negotiate them, work hard at building the relationship – and even harder at maintaining it. If it makes sense to your business, then do it right. If it doesn’t make sense, then know your limits from the beginning.
Variables — In Part 1 we looked at big-picture, internal goals. Now we turn that outward by distilling our overall goal system down into a number of specific deal points (i.e.: our “list of demands” ) that we’ll actually ask for in a negotiation. We want something specific from the person across the table, and part of our prep work will be compiling a detailed list of not only what we want, but how we want it (quality, quantity, shipping, delivery).