On avoiding partnership failure, signalling intention, and filling the funnel
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.
A lack of shared language is the number one reason partnerships fail. Hint: if everyone involved in one of your partnerships can clearly express the definition of success for both sides, you have shared language.
II.
What types of market challenges do you think could work against our partnership being successful? This open question sends two important signals to a potential partner. First, you are interested in their market and the strategic challenges they face. Second, you are entering this partnership with eyes wide open and planning to be there for the long term.
III.
Large businesses don’t run at the same pace as small ones looking to form partnerships (because their life doesn’t depend on it). For small businesses trying to grow through partnership, build systems that help you have at least five new partnership opportunities at the top of your funnel at any given time.
1 QUESTION FOR YOU
What’s one inspirational business partnership that you’d like to recreate for your organisation?
I’d love to hear about it, send it here :)
Want to share this issue of Partnership via text, social media or email? Just copy and paste this link:
https://philhsc.com/partnership/22-november-2023
Until next week,
Phil Hayes-St Clair - Founder @ PHILHSC and Host of the Partnership+ Podcast, listen here!
PS, What book will you take on vacation with you? Love to hear your suggestion here.
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