6 steps to strategic partnerships.
When setting up a strategic partnership I use this as a stepped approach:
- I look at areas within the business that have been problematic in getting staff or suppliers to operate effectively
- If you have a bottleneck or a stuck point in the business, what would be the difference to your business if this could be unblocked – through an effective partnership
- Track record is everything here. When looking at this approach you must be sure that the supplier has a proven track record in getting the outcomes that you are looking for
- Alignment and Fit are essential. This needs to be a partnership based on trust and mutual respect. Being aligned on values, approach, and business philosophy will provide a foundation to develop this.
- When you frame the arrangement have a short term – 3 monthly – review and adjust points to ensure it is working for both parties and make adjustments if required.
- You are aiming for a trust-based long term mutually beneficial relationship that delivers great outcomes and results to both parties.
Another approach is to look at strategic partnerships with businesses that are not your suppliers.
They may be your competitors, in a similar industry or totally different line of business. Most business owners do not put enough attention on this and looking at how it could help them scale their business. This is a simple process to start – just begins with some high-level conversations to explore the level of interest with businesses that you see could benefit from this approach with you.