Firms should always prepare an RFP document for business negotiations
A Request for Proposal document can smooth the negotiation process
Companies have been urged to prepare a Request for Proposal (RFP) document before entering business negotiations.
An RFP details a firm's needs from the upcoming negotiations and asks the other side how they might address any potential issues.
Richard Brody, a US-based sales executive, claimed talks will be hindered if an RFP is not drawn up before hand.
He wrote on ezinearticles.com: "A properly formed RFP is a thoroughly researched and thought out document, where the organisation determines its needs in as much detail as possible.
"When this is used, there is far less confusion down the road."
Organisations can send multiple RFPs to various potential sellers or buyers to ascertain the level of interest from parties before formal talks have begun.
Mr Brody added that professional negotiators should be employed to handle the RFP process from start to finish in order maximise the effectiveness of the discussions.