BATNA stands for “Best Alternative to a Negotiated Agreement.” It’s a concept from negotiation theory that represents the most advantageous alternative course of action a party can take if negotiations fail and an agreement cannot be reached. Understanding your BATNA is crucial as it gives you a baseline against which to measure any proposed agreement. Here’s a step-by-step guide to figuring out your BATNA:
Identify Your Options: Start by listing all possible alternatives you can pursue if the current negotiation doesnโt lead to a deal. Think broadly and creatively about all available options.