Making the Best Deal Possible
Linda Byars Swindling, negotiation authority, former employment attorney, and author
Editor’s note: Linda Swindling is a frequent contributor to this blog.
It is difficult not to examine and re-examine the deal you made. However, once you’ve looked at your outcomes and how you got to the result, you must move on. Paralysis by analysis does not serve someone who wants to improve their ability to influence. Here are five questions to help you review how you did, learn from those results and put them to use for the next deal coming up.
Were you creative?
Here are the magic questions that will help you be creative. Ask yourself what others have done in the same circumstances. Ask peers, your boss, even the person you are attempting to influence what people have done in the past. Then, ask yourself, what you could offer that the other party would value a lot that doesn’t isn’t expensive or time-consuming for you to provide. Ask yourself the same question about the other person’s position. What could they offer you that you would value a ton that doesn’t cost them much in time or resources. You will be surprised at how much value can be created by these questions.
Did you beat your BATNA?
In the book Getting to Yes, by Roger Fisher and William Ury, the term BATNA is an acronym for the Best Alternative to The Negotiated Agreement. It is a scholarly way of saying, examine your back up plan or a Plan B. If the agreement you’re facing isn’t better than your BATNA or your Plan B, choose your Plan B. If your current deal is better than your BATNA, proceed knowing you’ve done a good job.
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Was it the best deal with the information you knew?
Another question you should be able to answer is, “Was this the best deal you could achieve at the time with the people present and the information you knew?” While it is true that you can always find out more information later that could enhance your results, there is a lost opportunity cost while you delay reaching an agreement. Also, that new information could work against you and in favor of the other party.
What did you learn that will be useful next time?
Where did you have significant learning that will be useful next time? Determine where or what you are going to change the next time you attempt to persuade or influence. Many bargains are struck that suit the facts that are present at the time. This same fact scenario, stakeholders and limitations may not ever be present again.
Were you realistic?
You may have set your desires too high or too low. You may have given yourself a shorten deadline or expected a result that the other person could never agree to meet. Be realistic. Not every deal happens the way we anticipate. Not every deal should happen at all.
Finally, give yourself a break. No one is perfect. Forgive yourself for what you did wrong. Reflect on what you did to correct the mistakes you made. Celebrate if you took a risk or tried something differently. Learn from this deal and MOVE ON!