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How can you use your organization's relationships to identify strategic partners?

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Strategic partnerships are vital for any organization that wants to grow, innovate, and achieve its goals. But how do you identify the best potential partners among your existing relationships? And how do you nurture and leverage those relationships to create win-win scenarios? In this article, you will learn how to use your organization's relationships to identify strategic partners, and how to apply the principles of business relationship management (BRM) to foster and sustain those partnerships.

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1 What is a strategic partner?

A strategic partner is an external entity that shares your organization's vision, values, and objectives, and that can provide complementary resources, capabilities, or expertise to help you achieve them. A strategic partner can be a customer, a supplier, a competitor, a research institution, a non-profit organization, or any other stakeholder that can offer mutual benefits and value creation. A strategic partner is not just a transactional or contractual relationship, but a long-term and trust-based collaboration that aligns with your organization's strategy and culture.

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Ekow Arthur (CDFP)

Certified Digital Finance Practitioner || Growth & Strategy || Financial Inclusion ||Tech || Account Management || Project Management || Partnerships ||
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Leveraging your organization’s existing relationships can be a powerful way to identify strategic partners. Here’s how: Network Analysis: Evaluate your organization’s network to identify entities with shared goals or complementary resources. These could be customers, suppliers, or even competitors. Stakeholder Engagement: Engage with stakeholders (employees, customers, investors) to understand their connections and potential partners they might recommend. Past Partnerships: Review past successful partnerships for potential repeat collaborations or referrals to other potential partners. Industry Events: Use industry events to meet potential partners and learn about their capabilities and interests.

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2 Why do you need strategic partners?

Strategic partners can help you overcome challenges, access new markets, improve your products or services, enhance your reputation, or generate new sources of revenue. Strategic partners can also help you cope with uncertainty, complexity, and change in the business environment, and provide you with insights, feedback, and innovation opportunities. Strategic partners can also help you achieve a competitive advantage, by creating synergies, economies of scale, or differentiation in your industry. Strategic partners can also help you fulfill your social and environmental responsibilities, by aligning with your sustainability goals and values.

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LJ Thomas

Seeking shows for global distribution (MDTV network). Author, Publicist, Grfx designer, and business consultant. TV shows: Purely Positive Show, South Carolina Gets Lit, Positive Business, and Art, Arts & mo' Artz.
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Working with a strategic partner is beneficial, generally for both parties. This kind of collaboration helps not only reveal new or even hidden resources, but it also opens up a world of experience. Look to partner with someone who knows more than you and work to acquire and benefit from their knowledge and experience.

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3 How do you identify strategic partners?

To identify strategic partners, you should begin by mapping out and analyzing your existing relationships with different stakeholders. Evaluate the potential for strategic partnership using criteria such as trust, commitment, communication, alignment of vision and values, complementarity and compatibility of resources, potential for value creation and mutual benefits, and risks and challenges. Additionally, tools such as SWOT analysis, stakeholder analysis, or network analysis can help you identify strengths, weaknesses, opportunities and threats in relation to your relationships. This will enable you to prioritize and categorize them according to their strategic importance and relevance.

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4 How do you nurture and leverage your relationships?

To nurture and leverage your relationships, you need to apply the principles of BRM. BRM is a discipline that focuses on building and maintaining effective and value-adding relationships between an organization and its stakeholders. This involves establishing rapport, trust, and mutual understanding with your partners, understanding your organization's strategy, culture, and value proposition, managing your relationships as a portfolio of assets, and measuring and communicating the value and impact of your relationships. By applying these competencies, you can nurture and leverage your relationships to create strategic partnerships that are mutually beneficial, sustainable, and adaptable.

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LJ Thomas

Seeking shows for global distribution (MDTV network). Author, Publicist, Grfx designer, and business consultant. TV shows: Purely Positive Show, South Carolina Gets Lit, Positive Business, and Art, Arts & mo' Artz.
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A strategic partner who is open to developing a business relationship that build rapport, trust snd clear communication in sincerity is important. There are many qualities necessary for a successful partnership and a few of the foundational ones for me include communication, trustworthiness, and honesty. A person’s character is important when building business relationships anc forming strategic partnerships.

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5 How do you manage your strategic partnerships?

To manage your strategic partnerships effectively, efficiently, and ethically, you need to follow a lifecycle approach that consists of four phases. Initiation requires defining the purpose, scope, objectives, roles, responsibilities, and expectations of each partner. Planning entails developing a partnership strategy, plan, and agreement that outlines the activities, resources, timelines, and deliverables of the partnership as well as the governance, communication, and evaluation mechanisms. Execution involves implementing the partnership plan and monitoring and controlling the performance, quality, and risks of the partnership while resolving any issues or conflicts that may arise. Lastly, review involves reviewing and assessing the results, outcomes, and value of the partnership to identify lessons learned, best practices, and improvement opportunities.

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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?

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How can you use your organization's relationships to identify strategic partners?

1

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3

4

5

6

1 What is a strategic partner?

2 Why do you need strategic partners?

3 How do you identify strategic partners?

4 How do you nurture and leverage your relationships?

5 How do you manage your strategic partnerships?

6 Here’s what else to consider

Business Relationship Management

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How can you use your organization's relationships to identify strategic partners?

1

2

3

4

5

6

1 What is a strategic partner?

2 Why do you need strategic partners?

3 How do you identify strategic partners?

4 How do you nurture and leverage your relationships?

5 How do you manage your strategic partnerships?

6 Here’s what else to consider

Business Relationship Management

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