Believe me, the real negotiating opportunities are won or lost before you ever sit down at the negotiating table. It is during the preparation phase that you set your goals, define your expectations, do your research and construct your strategy. Instead of going in on smile and a prayer and hoping for the best, you must have a plan that will help you respond constructively to any development. Here are a few important issues to address during the preparation phase:
1. Define your negotiation boundaries. This may be the most important single area of negotiation preparation, and it holds the key to success for many of the most effective negotiators. This simply refers to settling in your own mind what is your Wish (the wildest dreams outcome), your Desire (what you think you can reasonably expect to achieve), and your Bottom Line (anything less than this and it would be better to walk away). You also need to already have a pretty good idea of what alternative you would fall back on if you can’t negotiate an agreement (sometimes called a BATNA for Best Alternative to Negotiated Agreement), as well as having an understanding of your WATNA (the Worst Alternative, or worst case scenario, to a Negotiated Agreement).
