All of us would like to feel more powerful in our negotiations, but we seldom spend quality time thinking about how and where we might get our power. All too often, executives enter into critical negotiations with only the vaguest outline of what they’re going to do and how they’re going to do it.

Alternatives are the best source of power in most negotiations. It’s easy to walk away from a deal you don’t like if you have multiple ways to accomplish the same goal. Unfortunately, we don’t always have as many good options as we’d like. In these cases, we’ve got to figure out another way to give ourselves power.

We have found that the often-overlooked process of planning is a great source of power. By planning, I mean a disciplined approach to preparation that allows you to think through your strategies, strengths and weaknesses, goals and alternatives before you ever leave your office.

Sounds complicated and time-consuming, doesn’t it? It doesn’t have to be and the results will more than justify whatever effort you put into the process. Here’s how to plan for an important negotiation:

1. Put yourself in the other side’s shoes. What’s important to them? What issues are they likely to concede? This will give you important insights into the strategies they’re likely to use.

2. Figure out what you want from the deal and write it down. If there are points that you absolutely have to win, you’d better be very clear on them up front. At the same time, think about concessions that you can make that won’t
cost you very much.

3. Look for points of quick agreement. Look at your list and theirs and find some areas where you’re likely to come to a quick agreement. It’s usually best to start with the easy stuff. This gets the meeting off on a nice collaborative
note.

4. Isolate problem areas and brainstorm solutions. If you know, for example, that price and delivery dates are going to be a problem, then you’re way ahead if you come to the meeting with suggestions on how to bridge the gaps.

5. Know how the other party will be measured on the outcome of the deal. What will it take for them to look good? Don’t assume that price is the only factor. Often there are other, less obvious but equally important yardsticks, including, for example, quality and on-time delivery.

6. Figure out your pricing strategy in advance. What’s your starting point? What will your moves look like? Most importantly, what is your “walkaway” point? Determine the point at which you no longer want the deal and write it down. This will keep you from getting carried away and doing something that you’ll regret later.

7. Think about what to do if you don’t get the deal. This isn’t negative thinking. If you already know what you’re going to do if you can’t get an acceptable agreement, you’re much less likely to feel the pressure to get a deal
at any cost.

Planning is so critical to successful negotiations that my rule is: If you don’t plan, don’t go.

Are your meetings wearing everybody out? Of the time you invest in holding meetings, how much actually translates into profitable results? The fact is, more than 50 percent of the time spent in most meetings is completely wasted. This is true
regardless of the type or size of your organization. How good are your meetings? Vistage Speaker Clark Wigley suggests using the following strategies to get the most out of your team sessions.

Be ready
Think through the purpose and objectives for the meeting. Be crystal clear on what you want to get out of the meeting — before it convenes — and how you plan to get there.

Tell them, too
Prepare people who will be there. Explain the purpose, agenda and what you expect of everyone in the meeting. Do this far enough in advance so they can prepare, too.

Get the right people in the meeting
You need three kinds of people in every meeting: those with authority, those with expertise and those who will be “doers.”

Don’t forget the logistics
Flip charts or white boards serve as the “common brain” for the meeting. If you don’t have a common brain, everyone will use his or her own. Lighting, noise control, comfortable seating and the size of the room are also important to consider. In
addition, remember that task-oriented meetings that go on for more than an hour lose their effectiveness.

Set ground rules
Establish rules ahead of time. Good rules include: starting and ending on agreed times, minimizing interruptions and allowing no one to dominate the meeting.

Take minutes
Put at least three flip charts on the wall before the meeting. One is for the agenda, one is for issues that need to be discussed later, and one is to record decisions and action items made during the meeting.

Wrap-up
Make sure you reserve enough time to summarize the results, decisions and assignments. The three flip charts will come in handy for this purpose.

Publish minutes immediately
They don’t have to be detailed. Simply include highlights of the major decisions and action items, and get them out quickly (within 24 hours).

Follow up on assignments
Hold people accountable for results. Following up will also tell you if what you decided was a good idea or not.

“Tune up” your meetings
Always strive for improvement. Meetings are often doomed to mediocrity unless people work on them. Have the participants write what they don’t like about the meetings, then list their complaints on a flip chart before you begin discussing them.

Flip-charting the issues gives everyone the overall perspective of what needs to be worked on.