Next Best Alternative
This is a preview of a concept contained in The Personal MBA by Josh Kaufman, a book that will help you master the fundamentals of business, hone your business instincts, and save a fortune in tuition. The Personal MBA distills the most powerful principles of business and delivers them quickly and concisely. Order your copy now…
What is a “Next Best Alternative”?
“When others sense your willingness to walk away, your hand is strengthened… Sometimes you are better off not getting to yes.” — Robert Rubin, former U.S. secretary of the treasury
Key Points:
- Your Next Best Alternative is what you’ll do if you can’t find Common Ground with the other parties. Remember: the other party always has a Next Best Alternative as well.
- Understanding the other party’s Next Best Alternative is extremely helpful: you can structure the agreement to make it more attractive than the other option.
- In every negotiation, the power lies with the party that is able and willing to walk away from a bad deal. The more attractive your alternatives, the more you’re willing to walk away, and the better your deals.
Questions for Consideration:
- What’s your next best alternative to the deal you’re considering?
- What’s your next best alternative to the deal your prospects are considering?
- Is your offer better than your prospect’s next best alternative?
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True leaders aren’t made by business schools – they make themselves, seeking out the knowledge, skills, and experiences they need to succeed. Read this book and you will learn in one week the principles it takes most business professionals a lifetime to master. Buy The Personal MBA by Josh Kaufman now.
