You’d never leave on vacation without knowing where you’re going. So, why would you begin a business negotiation without knowing your objectives and acceptable outcomes? The answer: You shouldn’t.
This does not mean you need to know exactly where your negotiations must conclude before you even begin discussions.
Negotiations necessarily involve multiple parties, all of whom have their own goals and expectations. It would be unrealistic to think you can predict and control all possible outcomes and short-sighted to believe the only successful outcome will be the one most beneficial to you. Successful negotiations almost always require give and take from all parties to arrive at a win-win arrangement. Without this, at least one party will presumably have no incentive (or not enough incentive) to do the deal.
It is critical that you not enter into negotiations without giving careful thought to what your objectives are, the ways you might achieve them and the outcomes that would be acceptable. Note that "objectives," "ways" and "outcomes" are all plural. Just like the saying, "there’s more than one way to skin a cat," there’s almost always more than one way to structure a deal.
Follow these basic suggestions before entering into business negotiations:
• Identify your ultimate objectives — the primary reasons you’re considering this deal.
• Consider the various ways you might be able to achieve those objectives.
• Identify your secondary objectives — things that would be nice, but not essential.
• Consider the various ways you might be able to achieve those secondary objectives without compromising your primary objectives.
• Identify deal-killers — those things that you simply cannot live with.
• Then (and this is important), repeat the above from the other party’s perspective — see the deal through their eyes.
• Now, once again, consider how you can achieve your primary (and hopefully secondary) objectives AND how the other parties might also achieve theirs. Hopefully there are several ways to get there, some of which may be more or less desirable to you, but all of which would be acceptable.
• Now it’s time to negotiate.
The best way to achieve a successful outcome is to consider what that might look like before entering into negotiations, rather than looking back and wondering what went wrong.
Insight
Know Your Objectives Before Negotiations Start
Why would you begin a business negotiation without knowing your objectives and acceptable outcomes? The answer: You shouldn’t.
Trending Articles
2025 Best Lawyers Awards Announced: Honoring Outstanding Legal Professionals Across the U.S.
by Jennifer Verta
Introducing the 31st edition of The Best Lawyers in America and the fifth edition of Best Lawyers: Ones to Watch in America.
Unveiling the 2025 Best Lawyers Awards Canada: Celebrating Legal Excellence
by Jennifer Verta
Presenting the 19th edition of The Best Lawyers in Canada and the 4th edition of Best Lawyers: Ones to Watch in Canada.
Legal Distinction on Display: 15th Edition of The Best Lawyers in France™
by Best Lawyers
The industry’s best lawyers and firms working in France are revealed in the newly released, comprehensive the 15th Edition of The Best Lawyers in France™.
Presenting the 2025 Best Lawyers Editions in Chile, Colombia, Peru and Puerto Rico
by Jennifer Verta
Celebrating top legal professionals in South America and the Caribbean.
Announcing the 13th Edition of Best Lawyers Rankings in the United Kingdom
by Best Lawyers
Best Lawyers is proud to announce the newest edition of legal rankings in the United Kingdom, marking the 13th consecutive edition of awards in the country.
Unveiling the 2025 Best Lawyers Editions in Brazil, Mexico, Portugal and South Africa
by Jennifer Verta
Best Lawyers celebrates the finest in law, reaffirming its commitment to the global legal community.
Prop 36 California 2024: California’s Path to Stricter Sentencing and Criminal Justice Reform
by Jennifer Verta
Explore how Prop 36 could shape California's sentencing laws and justice reform.
Announcing the 16th Edition of the Best Lawyers in Germany Rankings
by Best Lawyers
Best Lawyers announces the 16th edition of The Best Lawyers in Germany™, featuring a unique set of rankings that highlights Germany's top legal talent.
Celebrating Excellence in Law: 11th Edition of Best Lawyers in Italy™
by Best Lawyers
Best Lawyers announces the 11th edition of The Best Lawyers in Italy™, which features an elite list of awards showcasing Italy's current legal talent.
Tampa Appeals Court ‘Sends Clear Message,” Ensuring School Tax Referendum Stays on Ballot
by Gregory Sirico
Hillsborough County's tax referendum is back on the 2024 ballot, promising $177 million for schools and empowering residents to decide the future of education.
Find the Best Lawyers for Your Needs
by Jennifer Verta
Discover how Best Lawyers simplifies the attorney search process.
Key Developments and Trends in U.S. Commercial Litigation
by Justin Smulison
Whether it's multibillion-dollar water cleanliness verdicts or college athletes vying for the right to compensation, the state of litigation remains strong.
Woman on a Mission
by Rebecca Blackwell
Baker Botts partner and intellectual property chair Christa Brown-Sanford discusses how she juggles work, personal life, being a mentor and leadership duties.
Best Lawyers Celebrates Women in the Law: Ninth Edition
by Alliccia Odeyemi
Released in both print and digital form, Best Lawyers Ninth Edition of Women in the Law features stories of inspiring leadership and timely legal issues.
