Strategic partnership development consultancy
Companies regularly seek partners with complementary capabilities to gain access to new markets and channels, share intellectual property or infrastructure, or reduce risk. The more complex the business environment becomes — for instance, as new technologies emerge or as innovation cycles get faster — the more such relationships make sense. And the better companies get at managing individual relationships, the more likely it is that they will become “partners of choice” and able to build entire portfolios of practical and value-creating partnerships.
What are the most common risks for strategic partnerships?
- Poor governance processes
- Poor communication practices among partners
- Partners’ disagreements on the central objectives for the relationship
- When the market or other circumstances change, partners inability to identify and quickly make the changes needed for the relationship to succeed.
The reality is: that successful partnerships don’t just happen. Strong partners set a clear foundation for business relationships and nurture them. They emphasize accountability within and across partner companies and use metrics to gauge success. And they are willing to change things up if needed. Focusing on these priorities can help partnerships thrive and create more value than they would otherwise.
The individuals expected to lead the day-to-day operations of the partnership, whether business-unit executives or alliance managers, should be part of negotiations at the outset. This happens less often than you think because business-development teams and lawyers are typically charged with hammering out the terms of the deal—the objectives, scope, and governance structure—while the operations piece often gets sorted out after the fact.
What are the top 5 tips for You to successfully build a healthy business partnership?
- Nurture the relationship / Connect socially
- Be transparent and keep everyone in the loop
- Emphasize accountability and metrics
- Recognize each other’s capabilities, cultures, and motivations
- Invest in tools, processes, and personnel, and sometimes be ready for a structural shake-up.
Magyar Business Consulting can help you establish a clear foundation for your partnership and train you to ensure your partnership lasts with your business.
Are you ready to build your foundation and become “partners of choice”?