“If you want to go quickly, go alone. If you want to go far, go together.” ~African proverb
Partnerships move mountains. Through leading business development efforts in-house and as a consultant, one of the things that I’m always on the lookout for are powerful partnerships. Whether you’re working for a major brand or running a community based organization, there is power in partnerships. Just like relationships, not every partner is cut out for each other, for several reasons. Instead of focusing on that, we’ll focus on three key steps to creating powerful partnerships.
Step 1. Identify, Research, and Understand Your Partner
Millions of businesses and organizations exist throughout the world. Identifying key partners is the firs step. Instead of getting down to the nitty gritty, think about the larger pie first. If you want to work with investors, what kind of investors do you want to work with? Real estate, finance, social enterprises, etc.? Pick the macro industry. From there, research the players and subsections of that industry to see whose doing what and what interests you most. After you’ve drilled down, start to research specific organizations, agencies, companies, politicians, etc. and take the time to understand what their interests are. A meaningful partnership starts with shared interests after doing your due diligence to make sure there’s a good exchange.
Step 2. Don’t Be Transactional
Going into a partnership with a “what’s in it for me” mindset is not going to fare well. Unlike transactional sales, partnerships are about longterm value, alignment, vision, and shared execution. Partnerships transform industries, societies, and the what’s possible. Think about the mutual value, and the respective strengths and weaknesses of each organization. Where can you build each other up? How can you narrow the gap? What is it that you want to do and say you accomplished together?
Step 3. Set A Clear Vision And Go For It
Bringing the right people and ideas together takes work. Ensuring that you and your partners are crystal clear on what the expectations are of your partnership is critical to avoiding miscommunication that can send a partnership spiraling out of control. Clarity, combined with the right intention, action, and leadership will guide your partnership forward. Take the time needed to understand each other’s perspective, resource capability, goals, and vision. Get everything in writing for accountability and to have a reference point. As your partnership evolves, you’ll need to remain flexible, responsive, and adapt to the inevitable changes. Reference points and keeping accurate partnership meeting minutes will help everyone move forward, helping you avoid circular conversations.
Overall, partnerships bring more energy, resources, insight, and strategic vision to the table than working alone. Leaders can create meaningful partnerships through facilitating the exchange of perspectives and ideas, allowing everyone’s voice to be heard. Together, partners can move mountains and make the impossible possible.
If you have a great example of a partnership, share it in the comments below.
