How do you define your ideal strategic partner?

1 Define your partnership goals

Before you start looking for potential partners, you need to have a clear idea of what you want to achieve from the partnership. What are your business objectives, target markets, and value propositions? How can a partner help you enhance or complement them? What are the benefits and risks of partnering with someone else? Having a clear and specific vision of your partnership goals will help you narrow down your search and focus on the most relevant and promising opportunities.

2 Identify your ideal partner profile

Once you have your partnership goals, you need to define your ideal partner profile. This is a set of criteria that describes the characteristics, capabilities, and values of your preferred partner. For instance, you should consider factors such as industry and market fit, expertise and resources, culture and values, and commitment and trust. Specifically, you should evaluate how well the partner's industry and market align with yours, what skills, knowledge, and assets they bring to the table, how compatible their culture and values are with yours, and how committed and trustworthy they are. Additionally, you should assess if they have a strong reputation and credibility in their field, access to resources or networks that you don't have or need, a shared vision and mission, and a track record of delivering on their promises and respecting their obligations.

3 Research and evaluate potential partners

Once you have your ideal partner profile, you can begin researching and evaluating potential partners. You can use various sources and methods to find and assess them, such as online platforms and tools to search for and learn more about potential partners, such as social media, industry directories, blogs, podcasts, webinars, or online events. Additionally, you can use online reviews, testimonials, case studies, or awards to evaluate their reputation and performance. You can also leverage your existing network and relationships to find and vet potential partners, such as asking your customers, suppliers, peers, mentors, or industry associations for referrals or recommendations. Additionally, you can use online forums, groups, or communities to ask for feedback or opinions from other people who have worked with or know the potential partners. You can also reach out to potential partners directly and initiate a conversation, such as using email, phone, or social media to introduce yourself and your partnership goals, and express your interest in working with them. You can also use events, conferences, or trade shows to meet and network with potential partners in person.

4 Select and negotiate with your partner

After you have a shortlist of potential partners, you need to select and negotiate with the one that best matches your criteria and goals. To do this, you should validate the fit by conducting due diligence, checking references, asking questions, or requesting a proposal or a demo from the partner. You can also test the fit by doing a pilot project, a trial run, or a proof of concept with the partner. Additionally, you need to define the terms and conditions of the partnership, such as the roles and responsibilities, the scope and deliverables, the timeline and milestones, the budget and revenue sharing, the risk and liability, and the exit and termination clauses. It is important to make sure that the terms are clear, fair, and mutually beneficial for both parties. Finally, you need to formalize the partnership agreement by signing a contract or a memorandum of understanding (MOU) that outlines the terms and conditions of the partnership. You should review the agreement carefully and consult a legal expert if needed, and document any changes or updates that occur during the partnership.

5 Manage and grow the partnership

Once you have established the partnership, you need to manage and grow it effectively. To do this, you should communicate regularly and openly with your partner, keeping them informed of your progress, challenges, feedback, and expectations. Additionally, you should monitor and measure the results and outcomes of the partnership, and compare them with your goals and expectations. Celebrate and reward the success and achievements of the partnership, and use incentives, bonuses, or recognition to motivate and reward your partner. Finally, review and improve the partnership regularly, and explore new opportunities and ways to grow and expand the partnership.

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?