Great preparation enables you to identify key issues in advance and puts you in a position to outperform the negotiation. Completing the necessary analyses in the preparation phase allows for rational and timely decision making, which mitigates the emotional roller coaster of a negotiation.
The preparation starts with receiving the LOI that includes the pillars of the agreement: product, length of agreement, geography, and cost. The agreement length and the geography tend to be discussed and agreed to prior to the LOI. The battlefield terms of most negotiations are the product/service and the cost. How well you prepare these terms gives you the initial opportunity to gain the edge. ...
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