A system to solve uncertainty, the importance of shelf-lives and why partnership can lead to acquisition
In partnership with GREENSPAN
Before we dive into this edition, some exciting news. Partnership+ has been nominated for the Listeners' Choice at the 2024 Australian Podcast Awards!
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Now, 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.
Business-to-business partnerships have a shelf life. They are not designed to, nor should they, operate in perpetuity. Rather than aiming for permanence, they are most effective when designed to adapt and eventually come to an end.
II.
Acquisition frequently emerges as the outcome of a successful strategic partnership, as both organisations have the chance to immerse themselves in each other's complementary strengths prior to making a significant commitment. This process fosters a deeper integration of capabilities and cultures, paving the way for more cohesive and impactful alliance.
III.
You're navigating a shifting partnership landscape. How can you ensure everyone stays on the same page? I was this asked this question from the crowd this week. Here’s my answer:
To ensure a strategic partnership or JV stays aligned, I follow three steps: reaffirm shared intent, present scenarios, and answer questions.
Uncertainty can push teams to focus on fear and short-term fixes. Consistently reminding everyone of the partnership's purpose keeps the vision clear.
Presenting best, medium, and worst-case scenarios provides perspective and shows strategic thinking, while adapting as new information arises.
Answering questions honestly, or following up when needed, encourages open dialogue and addresses concerns, fostering trust and collaboration.
One last thing. In uncertain times, favour over-communication. Limited opportunities for a team to understand the situation erodes trust and confidence.
1 QUESTION FOR YOU
What’s stopping you from bringing a strategic partnership to an end?
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Until next week,
Phil Hayes-St Clair - Partnership Expert and Host of Partnership+
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FROM OUR PARTNER gREENSPAN
Every time I step into ‘The Lab’, my 5x2m home podcast studio, beautifully designed by Greenspan, I’m reminded of the power of great design. Since 1976, Greenspan has been transforming lives, crafting everything from garden rooms and studios to rural barns and cottages, all while ensuring top-quality construction and council compliance.
Now, I’m excited to partner with Greenspan to offer new customers $500 off their next project! If you're interested, reach out to me here.
In the meantime, check out the team that sets the standard for customer success at Greenspan.
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.
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