DESIGNING THE STRUCTURE / 381
•
Expedite the process by issuing
a deadline.
•
Change the venue or schedule.
•
Conduct some of the negotiations
behind the scenes by introducing
a back channel.
Never underestimate the
risks associated with poor
preparation: when you
fail to plan, you plan to fail
UNDERESTIMATING
RESOURCES
In any negotiation you must be
able to present supporting facts,
anticipate how the other side will
respond to your arguments, and
prepare counterarguments. Do
not underestimate how long it can
take to assemble such information,
especially if you require input from
experts and colleagues.
INFORMATION
ASYMMETRY
Do you really know as
much as you think? To be
safe, you should assume by
default that you know less
than the other party.
RELYING ON SECONDARY
INFORMATION
Always seek out reliable sources
of primary information. By all
means read industry report
analyses, reports of management
projections, and corporate annual
reports, but consider that these
reports may sometimes be
inaccurate or biased.
US_380-381_Designing_the_structure_3.indd 381 30/05/16 3:06 pm
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