One Strategic partnership could change the course of your business in ways you never imagined through sector disruption, a pivot or turnaround, an opening to a larger and newer market or even a re-branding process.
When companies come together in partnerships, they would effectively do more together than if each one did the same thing separately; this is the case and justification for partnerships- the combined effect is a leap over hurdles supported by the springboard of the partner’s base. Thus, both parties must be open to the vulnerability of sharing their networks, resources and even their human talents with the other party.
Prejudices, poor perception and distrust are the leading cause for fall outs in Partnerships talks and interactions, but more than anything else, we are finding that poor understanding and execution of Partnerships is the major issue today. This would be revealed in how the parties manage:
Communication- focus groups, style and content
Conflicting reporting systems
Third parties engagements
Blind spot on drivers
Absence of strategic key persons to mediate in cases of conflict
Insufficient buy-in and/or support
What are the steps to take when seeking strategic Partners
Do you choose to engage a partnership deal solely based on the chemistry you feel with the other person
How do you navigate the murky waters of collaboration and Partnership?
Can you protect yourself in the event of conflict and misalignment of objectives?
What part does culture play in smoothing out the frictions during negotiations?
Attend the Ingressive EDG event themed “Built to Last in Africa- Real time collaboration and Partnerships”
Register here to learn about collaboration and partnership. Engage with Partners live in a Deals Day offer!