Do you have strategic partnerships?

In a true strategic partnership, both parties commit to an analytical matching process that ensures compatibility before starting the partnership, and driven from the top: Senior executives empowered with setting and/or changing strategic directions must drive the partnership.

 

Fast Company: "How Finding a Business Partner is Awfully Similar to Finding a Spouse"

Fortune Magazine: "The one thing all great business partners have in common."

trade-show-blur(2).jpg
 
download.png

Ingersoll Rand at SecurityXchange: "IR actually has a very strong sales presence with a 450 person sales team. One third of these sales people call on end users to generate demand. That said, we don’t always get to the correct senior decision maker in an organization. SXE provides us with the opportunity to meet with decision makers at the highest level in a positive environment."

Harvard Business Review: "15 Steps for Successful Strategic Alliances (and Marriages)"--"Leader-to-leader relationships are important. Partnerships and network formation shouldn’t be turned over to third-party professionals, such as staff analysts, lawyers, consultants, or deal-brokers."

Providing immediate concrete value to each member of the partnership.

CGL jpg.png

"Why do I come here to meet? Because if your strategies are not going to be aligned, you're not going to be able to drive forward business. Second, I believe relationships pay dividends when there is a challenge. When a manufacturer has a challenge with a product being delivered on time, when they've got a challenge with product quality, you're not working with someone at the lowest level ... You can make a call and get that resolved quickly because now you have a relationship." -- John Nemerofsky, President, National Partnerships, CGL Electronic Security, Inc. 

Involve ways the two partners can create future value and opportunities together.

Lanehaven Farms at FarmFuturesXchange: "Meeting with their senior management team, specifically Eric Jackson, President, Ag Services, allowed me to get comfortable with the principles of the organization, and get a very clear understanding not only of how their systems could help me today, but where they were headed as a company."

Include big goals as well as smaller, more attainable ones in your partnership plan so that you can build trust, measure success, and make course corrections as needed.

Challenge the status quo. Is there a better way the attack your biggest business challenges? With the right partners, there is.

Ameristar Perimeter Security U.S.A. Inc. at SecurityXchange: Ameristar Perimeter Security U.S.A. Inc needed to find a better way of generating valuable leads, and they found it in SecurityXchange. "I would place the ROI we have seen from SX at an 80 to 1 ration, arguably the best we've ever seen."

Incorporate regular meetings (in-person at least annually) that allow the partners to collaborate, deepen mutual understanding of both operations, develop strategic plans, and course-correct as needed.

Harvard Business Review, "Building Deep Supplier Relationships": "Toyota and Honda believe they can create the foundations for partnerships only if they know as much about their vendors as the vendors know about themselves."

 

 

 

[1] https://hbr.org/2010/06/15-steps-for-successful-strate.html

https://hbr.org/2014/01/the-big-lie-of-strategic-planning