Building And Managing Strategic Partnerships

Building And Managing Strategic Partnerships

The past year, due to disruptive changes brought about by COVID-19, has had many companies looking for fresh ways to engage in strategic partnerships to boost business growth. And this was the plight of Timmy, a young Nigerian who just started his Fintech company and recently overcame a huge Cash-flow management crisis that would have crippled his business.

How does he go about building strategic partnerships that will enhance the growth of his business? With all the troubles that comes with partnerships, how will he be able to manage these partnerships? Are these questions similar to the worries you have about moving your business to the next level?

In today’s hypercompetitive environment, strategic partnerships are often an ideal way to build brand traction, expand your audience and customer base, access additional resources and talent, and stimulate revenue growth. This article shows us how to strategically and effectively build and manage partnerships.

Define Mutual Value, Vision and Principles.

Understand the value you both bring, how that value is enhanced, and what additional customer-centric value is generated through the partnership. Create a written vision statement and principles to guide everything you do together.

Create Partnership Parameter.

This will bring structure and meaning to the partnership. It will also minimize any misunderstandings that could derail the value you are trying to create. Parameters should be in the form of an agreement that describes the roles and responsibilities of each partner. It should also list goals, success metrics, and timelines to achieve certain milestones.

Train, Assess and Communicate Regularly.

Don’t relax and assume that the tactics you have prepared is guaranteed to go as planned. The better approach is to invest in training each other’s teams to understand the brand benefits on an individual and mutual basis. When a part of the plan isn’t working, regular communication and assessments can prove invaluable to help pivot as quickly as possible.

At Knight & Bishop, we help entrepreneurs and business owners build, manage and maintain strategic and profitable partnerships. Let’s get talking today.