Mastermind Action Pack-Negotiation

Negotiation

with Desiree Adaway

Negotiation Defined

*Based on Negotiation Fundamentals by Lisa Gates

NEGOTIATION: A discussion between at least two
parties for the purpose of reaching an agreement.

Negotiation includes:

Trying to get someone to do something they don’t want to do.
Trying to get someone to stop doing something they want to continue
to do.
Trying to satisfy, with an agreement, everyone’s interests in the
subject matter of the negotiation.

"Let us never negotiate
out of fear. But let us

never fear to
negotiate."

John F. Kennedy

Preparing to Negotiate

NEGOTIATION: A discussion between at least two
parties for the purpose of reaching an agreement.

Step 1: Identifying Your Values

Your values and priorities should inform your search for the right
compensation, so before you negotiate, you need to do a little hands-on
work.

Research the market and price your goods, services, and
salary/benefits accordingly.
Begin to recognize opportunities to negotiate $$$ for time, services,
and products.
Practice asking for what you want based on the value you bring to the
table rather than what you need to cover expenses or think is fair.

Step 2: Determining Your Market Value

It is critical to understand that your market value is different from the
amount of money you need to cover your expenses each month. When
determining your market value, take your long-term priorities and goals for
your life and work into account.

Make a list of the services you provide and/or products you sell and
indicate what you’re currently charging for them.
Make a list of the benefits your clients, customers or employers derive
from your work.

Make a list of the people and businesses that might benefit from
your services or buy your products. Focus on the high-end or where
you will find the greatest rate of return.

Step 3: Checking Out Your Competition

Make a list of all the most respected, accomplished, and high-earning
people in your field (or similar fields).
Contact at least three of the people you name to find out what they
charge for their services and/or products.
Alternatively, post a similar question on LinkedIn, Facebook or any forum
or social networking site you’re connected to.

Diagnostic Questions:
Cheat Sheet

Diagnostic questions will help you figure out what your bargaining
partner’s interests, wants, and needs are. This will allow you to dig deeper
and create an atmosphere of natural problem-solving. Here are some
examples to get you started. Think of them as your personal cheat sheet.

SALARY QUESTIONS

1. What issues might impact your salary increase this year?

2. Who might influence the company’s decision on the size of your raise/
increase?

3. Who do you need to satisfy to close the deal? How can you satisfy them?

4. Who has the authority to close the deal? Should you include them in
your discussions?

5. What should you be prepared to demonstrate about your performance
to maximize your raise?

6. What limitations might you be operating under that you need to be
aware of?

7. How can you remove or diminish those limitations?

8. What are your primary goals for the coming year?

DEAL AND FEE-SETTING QUESTIONS

1. What are your financial goals for the year?

2. What were your goals for last year and did you meet them? How can you
help yourself to achieve your goals this year?

3. What obstacles prevented you from being as successful as you wished to
be last year?

4. If you could eliminate or reduce the number of those obstacles, what
would it be worth to you?

5. What have you budgeted this year for professional services (like
coaching)?

6. What did you base that budget on?

7. What other items have you budgeted similar amounts for?

8. In what ways do you anticipate spending the money you have budgeted
for professional services?

9. Are you currently paying for similar professional services?

Diagnostic Questions:
Cheat Sheet

Diagnostic questions will help you figure out what your bargaining
partner’s interests, wants, and needs are. This will allow you to dig deeper
and create an atmosphere of natural problem-solving. Here are some
examples to get you started. Think of them as your personal cheat sheet.

SALARY QUESTIONS

1. What issues might impact your salary increase this year?

2. Who might influence the company’s decision on the size of your raise/
increase?

3. Who do you need to satisfy to close the deal? How can you satisfy them?

4. Who has the authority to close the deal? Should you include them in
your discussions?

5. What should you be prepared to demonstrate about your performance
to maximize your raise?

6. What limitations might you be operating under that you need to be
aware of?

7. How can you remove or diminish those limitations?

8. What are your primary goals for the coming year?

ISSUE-ORIENTED QUESTIONS

1. How would you characterize the issue/problem?
2. Who do you need to include in the conversation?
3. Who might be harmed as a result of this issue?
4. How can you help that harm be avoided?
5. Where can you find information that would help resolve the problem?
6. How can you search that information out?
7. What about the issue is most important to you?
8. What about the issue is least important to you?
9. What would be the best outcome for you?
10. What’s difficult about X?
11. What can you do to help yourself?
12. How do you see your relationship evolving as you resolve the issue?

Framing and Re-Framing
Your Situation

RE-FRAMING: To look at a situation or create a new
view of a situation, from a different perspective.

To help you move through resistance, rejection or limited thinking you
might encounter, try to reframe the situation. Using the examples below
as a guide.

FRAME RE-FRAME:

Example #1 "It’s not personal. “I’ve been doing the work of
Nobody’s getting three positions and producing
great results for the company.
raises.” I’d like to talk about bringing

my salary and title into
alignment with the reality of
what amounts to a new job

description.”

Example #2 “As a professional business association, we
do not pay our monthly speakers; people
are happy to speak for free due to the

marketing possibilities.”

“As a professional business person, I make part of my
living by speaking. Perhaps we can brainstorm ways to
underwrite my talk without impacting your budget or

your policy.”

12-Steps to Successful
Negotiation

1. Research and prepare.
2. Prioritize your moving parts and concessions.
3. Know your bottom line.
4. Convene the decision makers or stakeholders.
5. Establish connection and trust (small talk).
6. Ask open-ended questions.
7. Anchor first and anchor high.
8. Frame your request as a benefit to your bargaining partner.
9. Meet an impasse (no) with brainstorming.
10. Name concessions and ask for reciprocity.
11. Paraphrase your understanding.
12. Reach agreement and write it down.

Core Questions

Reflect on your daily interactions. Can you identify potential opportunities
to negotiate?

Do you know what your market value is? What are your services worth?

What, if anything, is standing in the way of you maximizing and achieving
your true value?