Navigating the corporate world means you are always negotiating. You may be negotiating with a coworker about a project deadline. Or, with a client about how to resolve an issue. Or, you may be negotiating with your boss about a promotion or a raise. Whether you think about it consciously or not, you are always negotiating. And, because our goal is to help you be successful in your career, we want to spend 10 minutes with you this week teaching you one component of negotiation.
The concept we are going to be covering is called BANTA. It stands for Best Alternative to a Negotiated Agreement.
Negotiation always involves at least two people, and you are always one of them. Chances are good that you and the other person involved in the negotiation have different priorities.
This doesn’t even have to be dramatic. Its really only natural that 2 people will have different priorities. You both have different interests as well. They don’t necessarily have to be competing interests, but if you are negotiating with someone, you are really, by definition, in a place where you don’t currently have agreement.
Entering the Negotiation
So, as you enter into any negotiation, you should be aware that, at the start of the negotiation, you have a gap to close. There are two parts to closing that gap:
As you think about your personal priorities, you are going to come up with a list of your demands:
You need to be clear on these things so that as you get into the negotiation, you can remain more calm. You will have already thought through the possible outcomes and you aren’t having to think on your feet when the heat is on.
BANTA takes you to the next step
Again, BANTA stands for Best Alternative to a Negotiated Agreement. It is your best course of action for satisfying your interests if you can not reach agreement with the other side.
It is about being clear in your mind about what action you will take in the event the negotiation does not go your way.
The reason BANTA is important is because it is the emergency exit. When you don’t have an emergency exit, you panic.
You make rash decisions.
You may dig in.
Your mind shuts down and you lose your ability to think creatively. And, because you can’t think creatively, you rely on the goals and objectives you had identified as the only possible options.
BANTA is your exit plan. If a negotiation doesn’t result in the outcome you were looking for, you need to know how you’ll exit.
Having BANTA in your toolkit will help you reach a new ability to negotiate because it will help bring clarity to your negotiation.
If you are a Scale My Skills subscriber, we’ve sent you a worksheet to help you plan your negotiation, including your BANTA. If not, you can sign up here.
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