Know Your Strengths & Weaknesses

When you prepare for negotiations, your greatest strength is knowing what your strengths and weaknesses are.

When you know your strengths in advance, you can maximize them at the negotiating table. You might have a list of options available to you making this particular negotiation only marginally necessary. You might have the power of the law behind you. You might even have a reputation as a risk-taker or a tough negotiator. Knowing where you are strong helps build confidence.

When you know your weaknesses in advance, you know where you are vulnerable. It’s like a line of defenders blocking the goal for a penalty kick. They cover up where their are weaknesses lie. You can cover up as well and maintain confidence if you know your weak spots in advance.

Knowing your own strengths and weaknesses, however, is just the first part. Knowing your counterpart’s strengths and weaknesses gives you an extra advantage. Prepare in advance how you will respond if they play their strengths at the negotiating table.

As you assess strengths and weaknesses on your side and theirs, remember to be objective and honest with yourself. Don’t overestimate your strengths because of your counterpart’s weaknesses. Don’t overestimate your own weaknesses because of your counterpart’s strengths.

Assess your counterpart analytically rather than emotionally. Their company may be bigger, but yours is probably more versatile and flexible. Their company might have been around longer, but yours may be more in tune with current trends and demands. Intimidation is only a perception. Let the facts speak for themselves and use them to build your confidence.

Knowing strengths and weaknesses on both sides of the table is being prepared. Spend more time preparing and you'll spend less time negotiating. And you’ll also find it easier to get both of you the best agreement possible.