On reducing risk before entering a partnership, and resetting an existing one
Happy Partnership Wednesday!
Here are 3 ideas from me and 1 question for you to consider this week to create partnerships you never thought possible.
3 IDEAS FROM ME
I.
There is almost always an element of “we don’t know how this will play out” in new partnerships that seek to change the status quo.
II.
Conservative decision makers will pause or hesitate to sign off on a partnership if the outcome or return on investment lacks clarity - this is one of the most common reasons for partnership failure.
III.
The solution to an uncertain outcome is scenario planning. The worst-case, medium case and best case scenario (and there can be more than three scenarios) which include the ‘so what’ or outcomes for each party, are often straightforward to draft, agree and build into a partnership agreement. And they can be refined as time moves on.
1 QUESTION FOR YOU
A partnership can be reset at anytime. It could be that circumstances have changed, the partnership is progressing better than expected or it might be performing below expectations. One outcome can be to ‘end’ the partnership. Another can be to propose a new future by suggesting a reset.
With that in mind, today’s question is:
If you were to reset one partnership, which one would it be?
Pro-Tip: This can also apply to personal relationships.
Want to share this issue of Partnership via text, social media or email? Just copy and paste this link:
https://philhsc.com/partnership/11-october-2023
Until next week,
Phil Hayes-St Clair - Host of the Partnership+ Podcast, listen here!
Want to learn how to start and reset partnerships that deliver extraordinary outcomes?
Sign-up to receive 3 ideas and 1 question to create business partnerships that you never thought possible. Every Wednesday.
