How can you ensure that your partnerships are having a positive impact on your business?

This is probably one of the most important things, maybe THE most important thing. Companies tend to be very good at understanding what they themselves will get out of a partner relationship. And they may even think that they understand what their partner gets. A very candid discussion on these points is the key to not only getting off on the right foot, but also sustaining the relationship over time. Successful partnerships are rooted in balance and to create that balance both parties MUST clearly understand what's in it for everyone, not just themselves. This mutual understanding and agreement underpins proper alignment.

Picking the right partners and agreeing time committed to the partnership is key at the outset. Both partners must understand that is needed to make it a success whether that is time for meetings, ongoing social media engagement or simply highlighting the partnership to clients when meeting them. The partnership should be adding value to each business and therefore part of the business sales & marketing strategy.

Aligning your goals is important, of course. However, I've found it useful to also assess how much effort and time will be required from both sides to initiate and maintain the partnership. I had an experience where a very large global enterprise wanted to partner with us. This partnership could be hugely beneficial, and our goals and expectations were fully aligned. However, supporting them required a very high effort on our side. Imagine conducting 30 demo calls for global offices in two months, and then dealing with various queries. This, in turn, jeopardized other partnerships. So, aligning goals is one thing, but it's also crucial to understand the amount of effort required to sustain the partnership.

When a partnership is agreed and "launches" both parties have, at that point in time, committed to it. It is vital therefore that agreement is made on how often to meet and what will be discussed during these meetings as this ensures continued commitment to the partnership. It's easy to monitor "performance" and ensure the partnership stay on track and mutually beneficial, rather than 1 sided.

One thing I've found helpful is to divide tracking into time sections. When a partnership is just beginning, it's important to communicate more frequently (e.g., weekly) and adjust the strategy as needed. As the partnership becomes more established, the communication intervals can be extended (biweekly/monthly). It's also important not to overwhelm the relationship with KPIs right away. It's best to introduce them as the relationship grows. Start simply, with leads and sales. Once tracking is established and there's a mutual understanding, add more KPIs. Moreover, KPIs are there to help guide and adjust the strategy. This means they must be actionable and should enable us to identify the root causes of issues.

You can highlight achieving an important milestone with your business partner by communicating it to your stakeholders through emails, newsletters, or during team meetings. You also can publicly acknowledge your partnership's success on social media, in press releases, or announcements on your company website. If you want to celebrate together with your partners, you can organize events such as dinners or informal get-togethers. If you want to personalize your appreciation, consider using handwritten notes, personal calls, or custom gifts. Another option is to offer tangible rewards for significant achievements, like performance bonuses, gift cards, or other incentives that align with your partner's values and your business policies.

In my experience, celebrating achievements is important so that other stakeholders can also see the results of their organizations working on a partnership, not just the people involved in the project. Beyond just celebrating, it's also a good opportunity for a retrospective on where the partnership began and where it stands now. Usually, the best reward in a partnership isn't bonuses, discounts, referrals, or recognition, but rather more profitable business together. Therefore, after all the celebrations, it is an opportune time to discuss how we can elevate the relationship to a new level.

Focus is key. Once you understand the partnerships that are driving real value for both parties, it's time to prioritize your time, budget and leads. When I see partners prioritizing support from partner managers (ie/ dedicated coverage vs self service), JMF funding, direct access to sales, lead flow, etc. that suggests they've made some tough but important decisions.

Typically, a partner is also interested in your success and is willing to share honest feedback about the business, processes, and product, which might be difficult to obtain from customers. Additionally, partners may offer unique insights into markets that you might not have, or on the use cases of your product that you had not realized. Partners are exceptionally strong in helping to enter new markets with limited investment from the company.

In my experience, the secret sauce of any successful partnership is a consistent communication flow between the two sides, at different levels. Partnerships pros need to ensure that from field to C-level both sides are learning from their execution and getting better as they grow. That also serves as an opportunity to leave behind some things planned that no longer make sense for the future and incorporate new opportunities that may drive better outcomes for both. Long live to M/Q/Y business reviews!

Partnerships can be a key to business growth and client retention for any business. Having the right partnerships enables you (and your partners) to add value to client relationships and potential become a "go to" when clients require additional services that your business doesn't directly offer. A great example of this is an accountant partnering with an IFA, a bookkeeper, a finance broker, HR service company, IT company and web designer, not because they need these services directly but because their client may do and the accountant can add value to their relationship with their client. Ensuring all partners understand this from the outset results in better performance.