How can you develop your strategic thinking skills for BRM?

In my experience, creating a human connection with business partners and service providers is essential in establishing trust and advancing the discussion. I start with: 1. Sharing a personal story 2. Asking about their interests 3. Finding a common hobby It often takes time to establish a trusting relationship where parties can be honest and open in communicating with one another. However, the reward is well worth the effort.

1) Begin by mapping the value chain of each business: examine the financial statements, diagram capital inflows/outflows and how they contribute to cash balance, debt &equity (the 3 drivers of enterprise value). 2) Use this to determine the basic needs of each business systematically (resource control, time efficiency, cost control, ability to alleviate key operational and financial constraints etc). 3) Now you use those needs to validate which service requirements really matter. Use this to cerate a 'register of market demand' 4) Then create a register of known service providers and cross-match the 2 registers to match-make supply & demand. This forms your short-list of transaction opportunities + value positive partnerships. 5) Mobilise

We should thoroughly evaluate the environment and context before analyzing strategically. As business relationship managers, we must carry out this analysis, identifying the external and internal factors that influence or could influence the behavior of the market, our products, suppliers, services, and the entire value chain until reaching the end client. Complete the strategic analysis once these factors have been identified with their expected occurrence. We can use different tools or processes (such as SWOT analysis, etc) to assist with this job.

Be humble and understand you cannot out-think all scenarios before they arise. In a sales pitch, through negotiation, closing, and the ensuing relationship, listen to the other side's fears and needs. Thoroughly listen. Don't try to argue with their objections one-by-one. Instead, say something like, "I hear that. What else?" While they're spilling guts about why their misgivings, think about how your product or POV actually alleviates their root problems. Like Ogilvy said, keep a telephone line open to your unconscious so you can creatively solve those problems. If you can't think of ways to address the other side's fears with your product or POV, well, also as Ogilvy said, sell a better product (or POV).

To develop your strategic thinking skills for Business Relationship Management (BRM), focus on understanding BRM principles, industry knowledge, Banking Products, Business Acumen, relationship building, data analysis, and SWOT analysis. Additionally, work on strategic planning, critical thinking, scenario planning, risk management, continuous learning, and effective communication. Networking with peers and analyzing case studies can also enhance your skills. Continual learning and adaptation are key to becoming an effective BRM professional

It is critically important that your strategy is an extension of the business strategy. The organization should be able to clearly understand (& believe) how your strategy supports and enables their strategy and drives meaningful value that moves the overall needle.

To develop your strategic thinking skills for Business Relationship Management (BRM), focus on understanding BRM principles, industry knowledge, business acumen, relationship building, data analysis, and SWOT analysis. Additionally, work on strategic planning, critical thinking, scenario planning, risk management, continuous learning, and effective communication. Networking with peers and analyzing case studies can also enhance your skills. Continual learning and adaptation are key to becoming an effective BRM professional.

Do what you say, and say what you do. One of the most important things that you can do to be an effective Business Partner is to earn trust, set clear expectations, and deliver on your commitments. Even the best strategy will quickly become irrelevant if you aren't accountable and dependable.

BRMs must demonstrate dependability and consistency, crucial elements in building trust with business partners. Tailored communication also keeps the relationship hyper-personalized providing the client with the content and insights they need to know instead of what they already know. By fostering exceptional experiences and utilizing CRM systems, BRMs can consistently prioritize partner satisfaction, further solidifying trust.

There is always a learning curve. Each client is unique and have their own thought process, needs and financial goals. Being able as their BRM to portray their journey on a canvas and guide clients through it will foster a strong relationship. Both parties will have their acceptance levels of what they are willing to learn and evolve while they work on securing their growth and financial freedom.