From the course: When Negotiation's about More than Money: How to Negotiate (Almost) Anything

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The most underrated step

The most underrated step

- So let's have a look at the negotiating process. And the first step of negotiating is preparation. I think this is probably the most important step and also paradoxically, it's probably the most neglected part of the negotiating process. So there are three things you need to prepare. I'm going to zoom through these fairly quickly because we're going to look in detail about how you apply these to a whole lot of situations later on in this course. But let's have a quick look at the big three things that you must always prepare in any negotiation. And the first one is your walkaway point. At what point will you just walk away from the deal and say, no, the whole deal's off, I'm going to go to my plan B. And clearly, if you've got a good plan B, if you've got a good other house that you might buy or a good other supplier that you might go to, then that makes you much stronger. So researching a good plan B will help,…

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