Collapsing the time to trust, elevating suppliers to partners and uniting a partnerships team
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.
Trust decreases transaction costs - General Stanley McCrystal, Retired US Army.
Wondering if you can trust a new partner is a rational fear. There can be a lot at stake if a business partnership fails but that fear can be addressed. Ask any potential business partner how they plan to establish trust with your organisation during the first six months of the relationship. While trust is a two way street, their explanation will help you gauge their interest in the partnership and how your team can meet them half way to create a robust and high-trust relationship.
II.
Unexpected value and innovations come from elevating suppliers to trusted partners. Resident within most suppliers are experts driven to exceed their customer’s expectations but rarely are they invited into the early stages of new product developments. Look to the long term and consider this formula to elevate suppliers to trusted partners; Pay their bills before they are due to support their sustainability, forecast demand (for their products and services) as consistently as possible and invite them to join early product development conversations.
III.
How you can build robust and united teams in a partnership setting? I was this asked this question from the crowd this week. Here’s my answer:
Ask why each team member is on the team. It's important to understand how being on the partnership team will help them grow in their role and how they think being on the team will help them advance the partnership's mission. I start there because it creates a baseline for how they understand the purpose of the partnership and their role in it. From there, bringing the team onto the same page is made easier because I understand their context and approach to the partnership.
1 QUESTION FOR YOU
What is the most generous you could be when paying a commission for new business referred to you by a partner?
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Until next week,
Phil Hayes-St Clair - Partnership Expert
Partnership+
Today we learn how iconic organisations have used design thinking to innovate and grow thank’s to Mach 49’s Dave Blakely. Leave your questions in the comments section on YouTube and I’ll respond to you ASAP!
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