No person is an island. It takes a team to make an impact, especially in business. Leaders must partner with various stakeholders to achieve their goals.

A collaborative approach is necessary, but the strategy must be worked out over time. Leaders with roadmaps will establish strong partnerships that allow them to progress. They must cultivate processes to develop mutually beneficial relationships that promote forward growth.

Identify Your Stakeholders

Leaders must start by identifying the stakeholders to add to their team. They may partner with employees, vendors, and leaders representing complementary companies. They must determine which partners will help them add value to their company.

However, partnerships should be mutually beneficial. You must determine what you bring to the partnership, whether it be financial assistance or expertise. Present yourself as someone of value when initiating the partnership.

Establish the Partnership

Partnerships should be established based on a common goal. The partners may focus on an industry problem that requires solving or seek solutions that help both companies prosper. Goals may vary, but partners should be clear on the relationship’s focus to avoid stress and confusion.

Focus on Transparency

Transparency should be a pillar in every relationship. Partners who are clear about their goals will develop a level of transparency. Ongoing, data-backed reporting and communication further develop a sense of trust.

Learn to Negotiate

Tension typically emerges in every relationship, and business relationships are no different. Leaders can overcome tension with smooth negotiation skills. Focusing on common goals and interests leads to smoother negotiations. Be flexible and open-minded as you explore options that can benefit both parties.

Connect Socially

A professional relationship must be nurtured, and that often means connecting socially. Not all business relationships develop on a personal level, but those that do tend to endure longer and show higher levels of transparency.

Have lunch meetings with partners who are involved in personal matters. Send social emails and holiday greetings to develop deeper personal relationships.

An energy sector executive with extensive experience in professional relationship development said only 30% to 40% of partner meetings should discuss business. The rest should be devoted to developing the personal relationship aspect.

Keep Everyone in the Loop

Ongoing communication does more than promote trusting relationships; it ensures optimal efficiency.

Once business partnerships are developed, the partners may need to realize how their company’s internal affairs can impact their partner company. They may launch a project without consulting their partner, but the detriments will be apparent once that project gets off the ground. They may need to restart the project from the ground up.

Assign Tasks Based on Strengths and Weaknesses

Each partner in a business relationship should bring their soft and hard skills to the table, and these skills should be considered when tasks are assigned. For example, one partner may have a strong math mind, making them better financial leaders. In contrast, a leader with exceptional reading and writing skills may be tasked with communication-based responsibilities.

Location is another consideration in task assignment. Partnerships may be developed across the country or the world. Partners may then assign tasks based on who is advantageously located and who can best overcome communication and cultural barriers.

Invest in Collaborative Tools

Partnerships typically develop beyond the two partners. Each partner has a team, and each team member deals with various tasks. Organization becomes more challenging as members are added.

The right technology will keep teams on the same page. Companies may consider investing in shared workspaces, which allow members to update progress, share concerns, and keep everyone in the loop. They may also utilize metric measuring tools, which provide data-driven insights that can be shared to boost transparency.

Create Alliance-Management Teams

In some instances, alliance management teams may be formed to track and review the partners’ progress and compare it to defined metrics. These teams can vary in size and duties. Some teams monitor activities and flag issues so they can address them before they develop. Other teams provide insight for decision-making purposes.

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