Why cultural compatibility matters, how to measure partnership progress and a zero-regrets tactic
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.
One of the most counter-intuitive elements of building partnerships is the need to have some overlap in core competencies. Think of this overlap as a translator. It helps to ensure mutual understanding and effective collaboration so when resourcing a partnership team, consider having people on your team who can play the role of translator.
II.
Powerful partnerships often hinge on cultural compatibility. In addition to strategic and financial alignment, cultural compatibility is built on a foundation of shared values, curiosity and communications styles. These factors can significantly influence a partnership's longevity and success. A very useful first exercise to undertake with a potential partner (prior to entering a formal agreement) is to co-design a statement for how the partnership will be communicated and promoted inside and outside the partner organisations. This is a zero-regrets exercise that provides a first glimpse at a partner’s values, curiosity and communications style.
III.
How can you achieve fairness and objectivity in evaluating the performance of a partnerships? I was this asked this question from the crowd this week. Here’s my answer:
Focus on progress and contribution. These two categories of measurement help leaders make the most of partnerships.
Progress focuses on the north star objective of the partnership. This quantifiable result is widely known by leaders and teams connected to the partnership, and the lion's share of effort is dedicated to achieving that outcome.
Contribution focuses on how team members are exercising their skills and curiosity to not only achieve that outcome, but finding ways to make their partner successful. Incentivising contribution often results in the partnership building additional streams of value beyond achieving the current north star objective.
1 QUESTION FOR YOU
What role could partnerships play in enhancing your company’s reputation and credibility?
Want to share this issue of Partnership via text, social media or email? Just copy and paste this link:
https://philhsc.com/partnership/15-may-2024
Until next week,
Phil Hayes-St Clair - Partnership Expert
Partnership+
Tap the tile below to see a critical lesson in leadership and partnership from Tom Gleeson and Chris Huet, former F-18 Fighter Pilots.
FROM OUR PARTNER
According to Bravely, 70% of employees avoid hard conversations at work, and every time they do, it costs $7500. Those costs add up quickly. Now, with 52conversations, there’s an easy way to help your team embrace the conversations they’ve been avoiding, saving you time and making life a lot less stressful!
Every great conversation starts with a powerful question, and that’s especially true in teams. But it’s not always easy to know what question to ask, and it can be hard to find the ‘perfect’ time to ask it. A deck of 52conversations cards puts the powerful questions in the palm of your hand.
As a Wednesday Partnership reader you can get 10% off your next 52conversations order. Just head over to 52conversations.com and use the word PARTNERSHIP on checkout.
Don't know where to start with partnerships?
The Wednesday Partnership Newsletter includes 3 ideas and 1 question for you to create business partnerships that you never thought possible.
The latest issue is sent to leaders in Fortune 500 companies, entrepreneurs, educators and small business owners. Join them by entering your email and signing up for free right now.
