To quote Stephen Covey, I also recommend to, “begin with the end in mind.” When it is all said and done, we choose to enter into strategic partnerships so that we are better positioned to achieve results that will help our organization prosper. Without meaningful results, no business, no partnership, and no relationship will sustain.
Achieving strong results does not happen by accident. It is never automatic, and it is rarely effortless—especially in business. Achieving significant results take time, discipline, planning, nurturing, management, leadership, and a couple bouts of good luck along the way. There is no doubt that our actions and abilities not only influence results, they determine our results.
According to a recent CMO Council study of C-Level Officers, 85% of respondents view business partnerships as either “essential” or “important” for their company’s future. However, only 33% of these respondents indicated that they have a formal strategy for partnerships. Many times we get into the daily grind of operating our business only to find that our business is operating us. Strategic partnerships can unlock opportunities that will our company to grow significant profits, but is has to be intentional; there has to be a disciplined strategy in place.
The CMO Council’s report offers the following recommendations to business leaders:
- Companies must have a leader who develops the structure, processes, and measurement systems for how the company will approach, form, develop, manage, and assess partnerships.
- A failure to think through the objectives, align on win-win outcomes, agree on resourcing and responsibilities across the parties, and decide on key milestones and checkpoints can lead to a relationship that languishes over time.
The CMO Council’s research and recommendations are spot-on. Countless studies have been published in recent years that validate the growing need for effective strategic partnerships and also a growing concern that strategic partnerships are not being structured or managed effectively, causing high-failure rates (upwards of 75%).
Just as we create business plans and business cases to help manage our organizations, we too must have the same structured discipline to incorporate management principles into our strategic partnerships. As a matter of fact, I would argue that having a definitive plan with a strategic partner is more important than a plan for our own firm. After all, we have direct influence and oversight of those whom work for our company, but we have much less control over our partners' employees.
To learn more about the art and science of developing successful partnerships check out Dr. Brigman's book PARTNERNOMICS on Amazon and visit FidelisOne.com to sign up for free content and to read more Fidelis One Blogs.
Topics: Strategic Partnerships