For all sectors, increasing competition, margin erosion, currency challenges and growing business pressures is pushing many companies to breaking point. The challenges of Brexit, globalising business and both attracting new business, and expanding into new markets is becoming ever more challenging.
There is however, an opportunity for innovative companies to take advantage of these changes, an opportunity to implement aggressive and competitive strategies that will enable their business to develop, improve and grow. It is becoming clear that to capitalise on these opportunities, there is an increasing requirement to develop effective alliances, and fully understand the Power of Partnership and Reciprocity.
The relationship is key. Ideally, you should position yourself to be seen as a trusted adviser, both to your proposed partner, and to the companies that intend to target together. How do you know that the relationship is positioned correctly, and what are the signs that you should look for?
- They regularly ask for your advice
- They smile, treat you well and are happy to see you
- They pay your bills – without question
- The ‘give you the benefit of the doubt’
- They are ‘reasonable’ when mistakes are made
- They give you insight into possible difficult situations
- They bring you in on more advanced, complex and important issues
So, what takes beyond the area of partnership, to be seen as a trusted adviser?
- The adviser places a higher value on maintaining and preserving the relationship Itself than on the outcome of a current transaction
- The adviser makes substantial investment in the client, without a guarantee of return, before The relationship generates any benefit, any income, or any profit
So, how should companies view the possibilities of an effective partnership, how should reciprocal business be nurtured, and what are the key elements that need to be considered?
- POSITIVE ATTITUDE – Know what the challenges are, get the most out of every meeting
- PERFORMANCE DRIVEN – Agree joint targets and focus ‘jointly’ on achieving them
- PASSION – Be passionate about the ‘joint’ activities. Be committed to the success of the venture for both parties
- REALISTIC – Set realistic goals and be realistic about your joint expectations
- TEAM WORK – You both know what your roles are, now pull the team together and play to your joint strengths