What is the best way to prioritize partnerships that reflect your strategic objectives?

1 Define your objectives

Before you start looking for potential partners, you need to have a clear idea of what you want to achieve with your partnerships. What are your short-term and long-term goals? How do partnerships fit into your overall business strategy? What are the key benefits and challenges of partnering with others? By defining your objectives, you can narrow down your options and focus on the most relevant and impactful partnerships.

2 Identify your ideal partner profile

Next, you need to create a profile of your ideal partner. What kind of organization or individual do you want to partner with? What are their values, vision, and mission? How do they complement your strengths and fill your gaps? What are their expectations and requirements for a partnership? By identifying your ideal partner profile, you can filter out the partners that are not a good fit for your brand, culture, or audience.

3 Evaluate your partnership opportunities

Once you have a list of potential partners that match your profile, you need to evaluate them based on your objectives. How do they align with your strategic goals and priorities? How do they add value to your customers and stakeholders? How do they enhance your competitive advantage and differentiation? How do they share the risks and rewards of the partnership? By evaluating your partnership opportunities, you can rank them according to their potential impact and feasibility.

5 Review and refine your partnership strategy

Finally, you need to review and refine your partnership strategy regularly. How do you track and monitor your partnership progress and results? How do you adapt and adjust your partnership plans and actions based on feedback and data? How do you celebrate and acknowledge your partnership achievements and learnings? How do you identify and pursue new partnership opportunities or end existing ones? By reviewing and refining your partnership strategy, you can optimize your partnership performance and outcomes and achieve your strategic objectives.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?