How to Create Strategic Partnerships that are Successful
Houston Business Coaching
1. See beyond what's on the table. Imagine there is one chocolate chip cookie on the table but everyone wants a piece.
It’s warm, chewy and calling you by name. OK, now imagine there is another whole sheet of cookies baking in the oven. This is the best way I can describe the scarcity-abundance theory. The bottom line is that when we enter strategic partnerships, the dynamic plays out best when we come from a place of abundance.
Sure, when we come together to create new partnerships, we can feel anxious and exposed. Take a deep breath and believe that all parties will eventually have their needs met to put you in the optimal position for achieving a better partnership.
2. Be clear on your why. Often people enter into partnerships because they don’t feel they have enough value on their own. Coming from this place almost never creates a mutually beneficial relationship. The chance of getting burned is almost guaranteed.
3. Understand the why of your potential partners. Do not hesitate to ask a potential partner why he or she is seeking to connect and what he or she is hoping to gain. The answers are not always clear at the outset. Listen carefully to what the other party is saying. Do you have the right chemistry and a shared vision to make this relationship mutually beneficial?
4. Seek commonality and a shared vision. Do you see this partnership as boosting the vision of both sides? Do you share the same excitement and passion for what you do and how you want to grow?
5. Don’t rush the process. There is no need to hurry into a deal. Sometimes enthusiasm and excitement can blind you to red flags and foibles. Set a follow-up meeting to address next steps so as to be sure that both parties are on board and equally committed. A lack of follow-through by one party could mean stress and strain in the future. Judicious and thorough planning are key.
6. Expect to be uncomfortable. When hashing out details about what each party brings to the table, expect some push and pull. A lot of people become uncomfortable with disagreement. Don’t let that be you. By being prepared, you will be clear about where you stand firm and where you can give way. Negotiation is a dance and as the saying goes, it takes two to tango.
7. Write things down. Great partnerships require great protection. Seal all agreements in writing to avoid messy breakups in the future. This is one of the hardest conversations to have but by far the most important. Granting yourself some protection by signing on the dotted line is brilliance in action. Respect yourself enough to protect yourself and your ideas. Contracts preserve relationships not destroy them.
Source: entrepreneur
Patty Block, President and Founder of The Block Group, established her company to advocate for women-owned businesses, helping them position their companies for strategic growth. Charting the course for impactful, sustainable, profitable businesses, the beacon is control: of your strategic direction, your money, your time, your staffing, and your ability to bring in business. The Block Group brings together the people, resources and ideas that build results.
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