On partnering again after you’ve been burnt, understanding potential and two questions to ask at the start
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.
Being burnt in a partnership, whether you’re a small business owner engaging with a large company or a senior executive who decided to partner with a smaller innovator, can make you fearful to re-commit to another partnership. Using a framework called P.A.G.E. (like, are you on the same page?) can help you rebuild confidence to lean back into partnerships. The video below covers P.A.G.E. in less than 7 minutes.
II.
Potential is not a matter of where you start, but of how far you travel - Adam Grant. This is a foundational truth in partnerships because it can take time for a partnership to yield its desired outcomes. The longer a productive partnership continues, the higher the chance of it uncovering unexpected opportunity beyond what it set out to achieve in the first instance. Be ready to go the distance when you enter into partnership.
III.
Two initial questions need to be answered by any organisation wanting to grow through partnership:
How do we want to ‘partner in’? Meaning what internal capabilities do we want to bolster through partnership to make our core capabilities stronger?
How do we want to ‘partner out’? Meaning what alliance and channel models do we want to create to increase customer growth and retention, and reduce the cost to acquire and serve those customers?
1 QUESTION FOR YOU
Which business partnership opportunity should you follow up with today?
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Until next week,
Phil Hayes-St Clair - Partnership Expert
Partnership+
Today I’m going to show you how you can start entering partnerships again after you’ve been burned by a partnership that didn’t turn out as expected or worse still, failed. And we’ll be doing this from two perspectives, in this episode we will cover the perspective of a small business owner or entrepreneur who has been burned by entering into a partnership with a larger company. In the next episode that comes immediately after this one, we’ll cover how you can rebuild confidence in partnerships as a senior executive if you partnered with a smaller company that didn’t go well.
The good news is that one framework can help you no matter which situation you’re in so let’s start there.
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