How do you align your BRM strategy with business goals?

1 Understand your business goals

The first step to align your BRM strategy with your business goals is to understand what they are. You need to know the vision, mission, values, and priorities of your organization, as well as the key performance indicators (KPIs) and metrics that measure success. You also need to understand the challenges, opportunities, and risks that your organization faces in the market and the industry. By having a clear picture of your business goals, you can identify how your BRM role can contribute to them and communicate them effectively to your stakeholders.

2 Assess your current BRM maturity

The next step is to assess your current BRM maturity level and capabilities. You can use a BRM maturity model, such as the one developed by the Business Relationship Management Institute (BRMI), to evaluate how well you perform the four core BRM disciplines: demand shaping, exploring, servicing, and value harvesting. You can also use a SWOT analysis to identify your strengths, weaknesses, opportunities, and threats as a BRM. By assessing your current BRM maturity, you can determine the gaps and areas for improvement in your BRM strategy and plan your actions accordingly.

3 Define your BRM objectives and outcomes

The third step is to define your BRM objectives and outcomes that align with your business goals. You need to set SMART (specific, measurable, achievable, relevant, and time-bound) goals for your BRM activities and initiatives, and define the expected outcomes and benefits for your stakeholders and the organization. You also need to establish how you will measure and report on your BRM performance and value delivery, using qualitative and quantitative indicators. By defining your BRM objectives and outcomes, you can align your BRM strategy with your business goals and demonstrate your value proposition.

4 Engage and collaborate with your stakeholders

The fourth step is to engage and collaborate with your stakeholders to implement your BRM strategy and achieve your BRM objectives and outcomes. You need to identify who your key stakeholders are, what their needs and expectations are, and how you can build trust and rapport with them. You also need to use effective communication, negotiation, and influencing skills to convey your BRM vision, strategy, and value, and to solicit feedback and input from your stakeholders. By engaging and collaborating with your stakeholders, you can foster a culture of partnership and co-creation that supports your business goals.

5 Monitor and adapt your BRM strategy

The final step is to monitor and adapt your BRM strategy as needed to ensure alignment with your business goals. You need to track and evaluate your BRM progress and performance, using the KPIs and metrics that you defined earlier. You also need to review and update your BRM objectives and outcomes, based on the changing needs and priorities of your stakeholders and the organization. By monitoring and adapting your BRM strategy, you can ensure that it remains relevant, effective, and valuable for your business goals.

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?