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Whether you are preparing to start your own business, have already started or are in the growth towards maturing phase, each professional negotiates continuously during the day.

Although it therefore seems to be second nature, the outcome, efficiency and productiveness of negotiations can improve and can be maximized by taking adequate preparations.

Negotiations can be held during a businesslike, civilized exchange or during a duel of words. The outcome can be (i) a full win for one party or (ii) a compromise between the parties. The way a negotiation goes and ends can for an important part be influenced by a good preparation (next to other factors such as tailor-made communication).

An adequate preparation includes:

1. Reading and understanding relevant facts and other important backgrounds, such as the market and legal status;

2. Knowing and understanding the history and the future value of the relationship between parties;

3. Knowing the mission as well as the reasonable margins and framework your own party wish to operate and agree upon, and;

4. Making an inventory of your expectations on the position (including margins and framework) of the other party.

Proper preparation will most of the time even give you a (head) start, as most parties – surprisingly (!) – do not prepare well or at all, especially if (the outcome and considerations of) those preparations are in detail put on paper – for internal use only of course – before the negotiations start. This goes for all negotiations on every level, both inside and outside your venture.

Although the preparation costs time and will take consideration, your venture will benefit during the negotiations and afterwards. In addition, do not forget to also spend time and careful consideration in getting the outcome of the negotiation on paper or even in a contract. It does not stop after the negotiation meeting or after signing the contract. That is really just the beginning of your venture with the other party.

Zapplied B.V., Amsterdam: Ignore us at your peril.