Negotiation Preparation Checklist

Elite negotiators spend 80% of their time preparing and 20% at the table. A comprehensive preparation checklist includes: (1) Interests analysis—your interests ranked by priority, and your best estimate of the other party's interests. (2) BATNA assessment—your walk-away alternative, honestly evaluated. (3) ZOPA estimation—reservation prices for both sides. (4) Anchor strategy—your opening position and justification. (5) Value creation opportunities—where different preferences, capabilities, or risk tolerances might enable trades. (6) Concession plan—planned concessions of decreasing size. (7) Authority mapping—who actually has decision-making power on the other side. (8) Relationship assessment—how important the ongoing relationship is. (9) Information gaps—what you need to learn during the negotiation. (10) Worst-case scenario—what happens if no deal is reached.

When to use it

Before any significant negotiation—business deals, salary discussions, major purchases, partnership agreements. When coaching someone else who is preparing for a negotiation. When a negotiation went poorly and you want to diagnose what went wrong in preparation.

How it can help

Before any negotiation worth more than $10,000 in value, complete this checklist in writing. The discipline of writing forces precision that mental preparation lacks. Share the preparation with a colleague for reality-checking—they'll catch assumptions you've overlooked. Pay special attention to item 7 (authority mapping): many negotiations fail because you're persuading someone who can't actually say yes. And item 9 (information gaps) should generate a list of questions to ask early in the negotiation. For entrepreneurs, this checklist applies to fundraising, key hires, partnership deals, and major vendor contracts.