How to save time on new partnerships, the recipe for resetting and why generosity matters
In partnership with 52 CONVERSATIONS.
Welcome to Partnership Wednesday! Here are 3 ideas from me and 1 question for you to consider this week to create partnerships you never thought possible, plus additional insight from the Partnership+ podcast.
3 IDEAS FROM ME
I.
Life is to short for sh*t partnerships.
People often nod in agreement when they hear this because while partnering with other organisations will have its ups and downs, a true partnership is built on a bedrock of trust and optimism to achieve a shared ambition. If a partnership causes more stress and anxiety than positivity and upside in a given year, it should be reviewed and reset. If the outcome of the review is partnership termination, that’s OK. Lessons will be learnt and new partners will come into view.
II.
A simple mental model to use when contemplating new partnerships is the 3M model: Mission, Money and Momentum.
Can my future partner genuinely align with a shared mission where we both stand to benefit?
How will money be made?*
How will we maintain marathon-style momentum through the life of the partnership?
* Some find this concept tricky. The making of money helps organisations remain sustainable to keep serving others. When is comes to revenue-sharing and commissions, lead with generosity. It’s a potent approach to align incentives.
III.
How you can rebuild trust and relationships after a partnership failure? I was this asked this question from the crowd this week. Here’s my answer:
Identify, objectively synthesise and over-communicate the lessons that led to the outcome. Lessons are the product and gift of undesirable outcomes no matter how difficult or unexpected. There is only failure when lessons are ignored.
1 QUESTION FOR YOU
What introduction could you make today that could lead to a new business partnership for a friend?
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Until next week,
Phil Hayes-St Clair - Partnership Expert
Partnership+
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