What is the partnership lifecycle and how can you manage it in business development?

Identify Potential Partners: Define criteria and use research to find partners aligned with your goals. Qualify Partners: Assess compatibility, reputation, and willingness to collaborate. Engage in Relationship Building: Initiate contact and focus on understanding mutual needs. Negotiate Terms: Discuss roles, responsibilities, and benefits to create a win-win agreement. Formalize Partnership Agreement: Draft and sign a clear agreement. Implement Collaboration Strategies: Develop joint initiatives and communication channels for effective teamwork. Monitor and Evaluate Performance: Track KPIs and address issues to ensure partnership success. Adapt & Evolve: Regularly review and adjust strategies to maintain alignment with changing priorities.

Three main things: 1. Study the market, industry and competitors to identify organizations with complementary offerings. 2. Make the list of firms you want to partner with, prioritise them 3. Before entering a partnership, conduct due diligence to evaluate the potential partner’s reputation and operational capabilities

The partnership lifecycle refers to the stages of development and management of partnerships from initiation to termination. It typically includes stages like identification, negotiation, implementation, maintenance, and exit. To manage the partnership lifecycle effectively in business development, it's crucial to establish clear goals and expectations, maintain open communication, regularly assess performance and progress, and adapt strategies as needed to ensure mutual benefit and longevity in the partnership.

1. Conduct a comprehensive assessment of industry-specific risks. 2. Engage key stakeholders to gain insights and perspectives. 3. Stay updated on industry regulations and compliance requirements. 4. Analyze the competitive landscape to identify potential risks and opportunities. 5. Utilize technology for risk monitoring and analysis. 6. Evaluate supply chain resilience and implement contingency plans. 7. Adapt risk management strategies to evolving customer preferences. 8. Foster collaboration and knowledge sharing within the industry.

1. Primary step would be to evaluate your company’s goals - short term (say, for a fiscal) and long term (for the next five years) 2. Goals would be based on - - Which industry you plan on targeting for BD? - What are the kind of services you can cater in that particular industry? - What is the target revenue size? 3. Mapping it to the right set of tech/business partnerships 4. Finding the reputed partners that can be right fit considering all of the above 5. Evaluating the viability & fitment as per your vision and requirements.

Conecte-se! Pessoas vendem para pessoas, e nem sempre é um produto, pode ser você mesmo que está se vendendo! Nada substitui o modelo presencial quando estamos falando de conexão com sereshumanos, a energia, o olho-no-olho, o tom de voz, as percepções são muito mais ricas e as interações mais verdadeiras. Aplique-se em direcionar esforços para se conectar verdadeiramente com pessoas e não somente de forma online/ remota. Quanto mais ricas as interações, mais fácil fica de indetificar quem entra e quem sai do nosso circulo de relacionamentos.

Start with the initial contact through various channels, then invite for a comprehensive call or meeting. Establish trust and discuss the mutually beneficial partnership. Set clear timelines for your interactions. Outline the next steps.

Selecting the right person within the organization is crucial for successful partnership development. Look for individuals who hold decision-making authority or influence over the areas relevant to your partnership goals. This might include department heads, managers, or executives responsible for the specific initiative you're targeting. Additionally, consider factors such as their level of engagement with external partners, their past involvement in similar collaborations, and their receptiveness to new opportunities. Once you've identified potential contacts, prioritize those who align best with your objectives and are likely to be receptive to your outreach efforts.

Observing the market Checking the business development potential Creating a network Strenghtening & prioritizing contacts within your network This is the order of tasks which are ahead of you once starting a business development project from a scratch. Once creating the network, make sure it is relevant to your targets and goals. Only relevant people in your network can create a basement for a meaningful partnership. This would not be possible without creating strong bonds, discovering similarities and enriching each other with the benefits of the partnership.

Negotiation comes into the place, once you are depended on each other, once you have mutual interest, but see certain things different (have a conflict). Negotiation is about creating a reciprocity scheme, which allows both parties to take their benefits while utilizing the mutual relationship. Therefore, bear in mind that negotiaion is not beating someone up, but it is all about strenghtening a partnership.

Adapting & evolving within a partnership is crucial for its sustained success. Regular reviews of the partnership agreement and collaboration strategies ensure alignment with evolving business goals and market dynamics. Open communication fosters a feedback loop where both parties can share insights, concerns, and suggestions for improvement. Flexibility is key, allowing adjustments to partnership scope, resource allocation, & agreement terms as circumstances evolve. Embracing innovation drives the exploration of new opportunities, technologies, and markets, keeping the partnership dynamic and competitive. Treating the partnership as a journey of continuous improvement, both parties can navigate challenges & capitalize on emerging trends.

Partnerships in the business are about benefits. It does not have to be necessairly a profit-generating partnership, but there is always some benefit included. As long as we mutually share benefits, it is all fine. May you be in the position that you are not gaining anything with the partnership, or even worse, your partnership leads to losses, it is better to terminate such a partnership. Attention - be humble and respectful. You never know, when you might need your partner in the future again. If there is an agreement on separating, make sure it is done in a professional and peaceful way.