On valuing partnerships, the power of story and how to secure more resources
In partnership with FIVERR
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!
3 IDEAS FROM ME
I.
The strength of an enduring partnership lies in the power of its story and how often it's shared.
II.
When valuing a partnership, include objective metrics that quantify the impact on accelerating time-to-market and the speed of new product development (when compared to going it alone). These measures provide concrete evidence of how the partnership drives efficiency and innovation, highlighting its strategic value.
III.
You're facing limited resources in a joint project. How can you effectively manage expectations? I was this asked this question from the crowd this week. Here’s my answer:
There are two choices in this situation. Manage expectations based on the constraints or deliver a meaningful first win, re-communicate the partnership objective and ask for additional resources.
Option two is almost always the best path because when a partnership is initially allocated resources, that allocation is conceptual and based on a 'best known plan' at the time. As they say, 'No plan survives first contact with the enemy' which means the partnership plan can and should be revised as soon as it gets tested in the real world.
By delivering a meaningful first win that justifies additional resources you can re-communicate the partnership objective and make a confident ask for more resources based on the evidence of progress.
1 QUESTION FOR YOU
What is an example of a small, focused partnership with a niche player that you could form to tap into specialised expertise?
Want to share this issue of Partnership via text, social media or email? Just copy and paste this link:
https://philhsc.com/partnership/4-september-2024
Until next week,
Phil Hayes-St Clair - Partnership Expert
Partnership+ Moment
You can listen or watch full episodes of Partnership+ on your next commute or workout. Here’s a short moment that will give you a shot of partnership goodness. Subscribe to Partnership+ on Apple Podcasts, Spotify and Youtube!
FROM OUR PARTNER FIVERR
The place on the internet to get high-quality freelance help is Fiverr. I've used Fiverr over 120 times to design new brands, edit podcasts, produce explainer videos, create book covers and conduct market research and that's just the beginning!
If there's a creative project in the back of your mind and you need some help to get moving, visit Fiverr, search for top rated experts, strike up a conversation and then prepare to be amazed.
Here's a guide to get you started, it's called 15 Mistakes To Avoid When Hiring Online Freelancers.
Your time is now, let's get after it!
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.
