SMART Goals for Negotiation

Objective/Goal Description:

Individuals use this SMART Goals to set goals for negotiating deals, contracts, partnerships, or agreements in the business context.

Initial	Initial Meaning	Component
S	Specific	The goal should clearly define the negotiation objective. For example, "Negotiate [INERT SPECIFIC DEAL] with [NAME OF OTHER PARTY]."
M	Measurable	The goal should be quantifiable to track progress. For instance, "Increase [SPECIFIC OUTCOME] by negotiating a [SPECIFIC PERCENTAGE] reduction in [SPECIFIC EXPENSE]."
A	Achievable	The goal should be realistic and attainable within the constraints of the negotiation situation. Consider factors such as market conditions, bargaining power, and resources.
R	Relevant	The goal should align with the organization's strategic objectives and contribute to its long-term success.
T	Time-bound	The goal should have a specific deadline for completion. For example, "Complete negotiation process within [SPECIFIC TIMEFRAME]."

Research and Preparation: Gather information about the other party, their needs, interests, and potential alternatives. Identify negotiation objectives and priorities.
Define Negotiation Strategy: Determine negotiation tactics, concessions, and BATNA (Best Alternative to a Negotiated Agreement). Develop a clear strategy for achieving the negotiation goal.
Communication Plan: Establish communication channels and frequency with the other party. Prepare key messages, proposals, and counteroffers.
Negotiation Sessions: Conduct negotiation sessions according to the defined strategy. Maintain flexibility and adaptability while adhering to the negotiation goal.
Review and Follow-Up: Evaluate negotiation outcomes, assess achievements against the SMART goal criteria, and identify lessons learned for future negotiations. Follow up on agreed-upon actions or commitments.

Internal Team: Assign responsibility to a designated team or individual within the organization to oversee the negotiation process and ensure alignment with strategic objectives.
External Advisor: Seek guidance and support from external consultants, legal advisors, or negotiation experts who can provide expertise and accountability throughout the negotiation process.
Regular Updates: Schedule regular progress meetings or checkpoints to review negotiation progress, address challenges, and make necessary adjustments to the action plan.

Legal and Regulatory Compliance: Ensure that negotiation activities comply with relevant laws, regulations, and contractual obligations.
Relationship Building: Foster positive relationships and rapport with the other party to facilitate productive negotiations and future collaborations.
Flexibility and Creativity: Be open to exploring alternative solutions and compromises that may lead to mutually beneficial outcomes.
Document Management: Maintain accurate records of negotiation discussions, agreements, and any changes to terms or conditions. Keep documentation organized and accessible for future reference.