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How to Establish a Win-Win Strategic Partnership

There is no need to rush to an agreement. Sometimes, passion and excitement overwhelm you.

I often instruct my coaching clients how to engage in strong conversations with potential partners so that they can understand what they want and what they can offer.

The ability of business developers to establish strategic partnerships, whether it is business partnerships, joint ventures or short-term alliances, is crucial to achieving sustained financial success in an ever-changing and competitive environment. Here are some tips:

1. Look at what’s on the table; Imagine a chocolate biscuit on the table, but everyone wants to have it. It is warm, chewy, call your name. Well, imagine there’s another whole tray of cookies baked in the oven.

This is the best way I can describe; the theory of scarcity-abundance. The bottom line is that when we enter strategic partnerships, we play the best dynamics when we come from rich places.

Of course, when we get together and build new partnerships, we feel anxious and exposed. Take a deep breath and believe that eventually all parties will meet their needs and keep you in the best possible partnership.

2. Clear your reason. People usually build partnerships because they feel they do not have enough value. Almost never come from this place to create a mutually beneficial relationship. Burns almost guaranteed chances.

Clearly the value you bring to you. Honestly, why are you interested in creating a partnership and what you bring in. Write down the following answer: “Why does this relationship benefit my professional and personal growth?” And “What do I expect from this partnership?

This is not a time to upset your business plan or mission and vision statement. If you do not have a clear answer to these questions, you will not be able to establish effective contact.

Do your homework. Do not pass “go” until you have these answers covered.

3. Understand the reasons for your potential partner. Do not hesitate to ask a potential partner who he or she is seeking to connect with, what he or she hopes to gain.

The answer is not always clear at the beginning. Listen carefully to each other what to say. Do you have the right chemistry and common vision to make this relationship mutually beneficial?

If you feel conflicting or lack clarity, postpone your decision until your question is fully answered and you are convinced that the relationship is mutually profitable.

4. Seeking common ground and a common vision. Do you think this kind of partnership has promoted the vision of both sides? Do you have the same excitement and passion for what you do and the way you want to grow?

Of course, everyone has different strengths and weaknesses, but the best partnership is effective because the vision and values are common, but also passion and passion. These can cooperate through any key points in the negotiations. Keep in mind that best partnerships can work best when the strengths of each partisan are able to establish a common successful relationship.

5. Do not rush to this process. There is no need to rush to an agreement. Sometimes, passion and excitement overwhelm you. Establish a follow-up meeting to ensure that both parties have the same commitment. On the one hand, lack of follow-up means pressure and pressure in the future. Wise and thorough planning is the key.

 

6. Look forward to uncomfortable. When the details brought by each side are excluded, look forward to some push and pull. Many people are not comfortable with disagreements. Do not let that be you. By preparing, you will know where you stand and where you can make ends meet. The negotiation is a dance, as the saying goes, tango needs two.

Adhere to a positive result, promised to break through the elegant and witty point. Looking forward to a win-win relationship. The initial enthusiasm opened the door but insisted it sealed well.

7. Write it down; Great partnerships need good protection. Sign all agreements in writing to avoid future chaos. This is one of the hardest conversations but by far the most important.

How many times have you heard of such a partnership that was initially red and divided with a heavy feeling and expensive result?

A good way to explain this is to say: “I am very excited about this partnership and I think we will have great success together. Because I attach great importance to our relationship, let us reach an agreement in writing, how can this sound to protect our interests and ensure our growth as partners? ”

Giving yourself some protection by signing on the dotted line is a glorification of action. Respect yourself and protect yourself and your thoughts. Keeping the contract is not destroying them.

If a potential partner signs any document in writing, thank him for your lucky star and walk away. Integrity includes the clarity of principle. Written agreements are closely related and provide an invaluable level of security and fairness.

 

 

 

One comment

  1. The thing is number of boardroom members are away of implementing such behaviors, especially in the UK. I’ve passed with couple of experiences that had lots of things.

    Liked by 1 person

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