Day 52 in MIT Sloan Fellows Class 2023, Entrepreneurial Negotiation2, Mutual gains approach to negotiation
4 steps to get great outcomes
1. PREPARE
- Clarify your mandate and define your team
- Estimate Best Alternative to Negotiated Agreements(BATNA) yours and theirs
- Know your own interests and think about their interests
- Improve your BATNA
- Prepare to suggest mutually beneficial options
2. CREATE VALUE
- Suspend criticism
- Invent without committing
- Generate options that exploit differences
- Bundle options into multiple packages
3.DISTRIBUTE VALUE
- Behave in ways that build trust
- Identify standards/criteria for dividing value that all sides can support
- Keep at least two packages in play
- Use neutrals to suggest possible distributions
4. FOLLOW THROUGH
- Design nearly self-enforcing agreements
- Specify mechanisms to deal with predictable surprises
- Agree on monitoring arrangements including metrics
- Keep working to improve relationships
This link is also helpful to form the framework for negotiations.
Managing the Negotiation Process | SpringerLink
