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How can you diversify your partners and avoid over-reliance?

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Diversifying your partners is a smart strategy to reduce the risk of over-reliance on one or a few sources of revenue, expertise, or support. However, finding and managing multiple partners can also be challenging and time-consuming. How can you balance the benefits and costs of diversifying your partners and avoid over-reliance? Here are some tips to help you.

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1 Identify your goals and needs

Before you look for new partners, you need to have a clear idea of what you want to achieve and what you need from them. Do you want to expand your market, access new skills, increase your credibility, or achieve a social impact? What are the specific outcomes and expectations you have for each partnership? How do you measure and communicate your success? Having a clear vision and criteria will help you find the right partners and align your interests and values.

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Morenike Jupi Igbeka

Storyteller | Executive Director @ Geoscape Limited | Business Development, Marketing, Strategy and People Development.
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1. It helps to set timelines for reviews. If the partnerships are fed from single pipelines of business such as term contracts, review the profitability/viability/feasibility of the alliance as each cycle renews.

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2 Research and network

Once you have your goals and needs defined, you need to do some research and networking to find potential partners. You can use online platforms, databases, directories, or referrals to identify and contact organizations or individuals that match your criteria. You can also attend events, webinars, or workshops related to your field or topic to meet and interact with potential partners. Be proactive and curious, but also respectful and professional.

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3 Evaluate and select

After you have a list of potential partners, you need to evaluate and select the ones that best fit your goals and needs. You can use a simple matrix or scorecard to compare and rank them based on various factors, such as their reputation, expertise, resources, compatibility, or commitment. You can also conduct interviews, surveys, or site visits to get more information and feedback from them. Be transparent and honest about your expectations and requirements, and listen to their concerns and suggestions.

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4 Negotiate and formalize

Once you have selected your preferred partners, you need to negotiate and formalize the terms and conditions of your partnership. You can use a partnership agreement or contract to outline the roles and responsibilities, goals and objectives, deliverables and timelines, resources and costs, communication and reporting, dispute resolution and termination, and other relevant aspects of your partnership. You can also use a memorandum of understanding or a letter of intent to establish a preliminary or informal partnership. Be clear and concise, and seek legal advice if needed.

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5 Manage and monitor

After you have formalized your partnership, you need to manage and monitor its performance and progress. You can use a partnership management plan or tool to assign tasks, track milestones, share updates, provide feedback, solve problems, and celebrate achievements. You can also use a partnership evaluation or review process to measure the impact, outcomes, and satisfaction of your partnership. Be flexible and adaptive, and seek feedback and improvement.

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Morenike Jupi Igbeka

Storyteller | Executive Director @ Geoscape Limited | Business Development, Marketing, Strategy and People Development.
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Benchmarking options is also quite helpful to: -Re-assure your strategic perch with your partner(s) or -Re-arrange the relationship to improve your position -Truncate the partnership to change course

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6 Learn and improve

Finally, you need to learn and improve from your partnership experience. You can use a partnership learning or reflection session or report to identify the strengths, weaknesses, opportunities, and threats of your partnership. You can also use a partnership exit or renewal strategy to decide whether to end, continue, or expand your partnership. Be open and constructive, and seek new opportunities and challenges.

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Morenike Jupi Igbeka

Storyteller | Executive Director @ Geoscape Limited | Business Development, Marketing, Strategy and People Development.
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It helps to direct some energy towards learning some of what your partner(s) do(es) to: 1. Improve your synergy in delivery 2. Improve your chances at continuity for the causative opportunity of the partnership(s) in the event that the partner(s) exit unexpectedly

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7 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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Morenike Jupi Igbeka

Storyteller | Executive Director @ Geoscape Limited | Business Development, Marketing, Strategy and People Development.
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It is important to be professional and cordial regardless of seemingly terminal partnerships or alliances. You never know how referrals from past relationships can boost bigger picture opportunities for your business or reputation in the future. Keep as many relationships “warm” as possible.

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How can you diversify your partners and avoid over-reliance?

1

2

3

4

5

6

7

1 Identify your goals and needs

2 Research and network

3 Evaluate and select

4 Negotiate and formalize

5 Manage and monitor

6 Learn and improve

7 Here’s what else to consider

Partnerships

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How can you diversify your partners and avoid over-reliance?

1

2

3

4

5

6

7

1 Identify your goals and needs

2 Research and network

3 Evaluate and select

4 Negotiate and formalize

5 Manage and monitor

6 Learn and improve

7 Here’s what else to consider

Partnerships

给文章评分

感谢您的反馈

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