Training Magazine - The Golden Rules of Negotiation

Marty Latz, President and CEO of ExpertNegotiator, was featured in the January, 2010 issue of Training Magazine.  Here is the question he was asked and his answer:

Q.  What's the most effective way in today's economy to increase your profits and improve your team's success rates without spending a lot of money in the process?

A.  Creating, implementing, and managing negotiation best practices.  Utilize the Golden Rules of Negotiation:

1.  Information is power - so get it!

2.  Maximize your leverage.

3.  Employ "fair" objective criteria.

4.  Design an offer-concession strategy.

5.  Control the agenda.

Then require your front-line negotiators to complete a best practices-based strategic negotiation plan prior to their significant negotiations.  Make sure they update their plans during their negotiations and report on their strategic moves.  Finally, track and retain all their strategic plans and crucial intelligence that's been gathered.