Sayning I do is just the beginning

Success factors for a STRONG Partnership

No, this isn’t us! Just a stunning couple we spotted in Italy.

One of the things I love most about weddings is the positive energy. Newlyweds share the same dreams, have big ideas for the future, and hold great expectations of their life together. That’s also how many business partnerships start.

There are many parallels between a marriage and a strategic alliance. In a marriage, each partner has their own background and culture, a separate career, sometimes a different name but they collaborate when it comes to household and kids. In a strategic alliance, two or more companies continue to exist as separate entities but they decide to collaborate on a certain topic or project. So, let’s have a look some of the success factors for a STRONG partnership.

Strategic Fit |           There needs to be a match between the strategic goals and long-term objectives of you and your partner. If there’s no strategic fit, your partnership risks being short-lived.

Total Picture |         When evaluating a possible partnership, it is essential to have a clear view of the complete ecosystem and understand how a partnership would influence this. You don’t want to harm existing relationships or jeopardize better opportunities.

Relational Fit |         There also needs to be a fit on a relational level. You need to talk to the right people and those involved need to trust each other. Talking with the wrong people can make you lose a lot of time (and money) 

Opportunity |           It is necessary to know what this partnership will bring for both you and your partner. If you are not able to create value that is greater than what both of you could achieve alone, the game is simply not worth the candle.

Need |                        You also need to make sure that there is a need for the partnership you are building. Will there, for example, be a market for your jointly developed product? If there is no need, you risk that your venture will be irrelevant and a giant waste of money.

Governance |           And last but not least, once you have identified how you can collaborate, you need to formally agree on how you will put those ideas into practice. You must design and manage your alliance in a way that enables you to actually create the joint value.

Curious how your partnerships measure up? Do they tick all the STRONG boxes? If you’d like an outside perspective, I’d be happy to connect.

Just like marriage, partnerships need to be cared for to succeed. It’s about finding ways to get around dilemmas and disagreements, about sharing the highs and the lows, learning from failures, and celebrating successes. This week my husband Wim and I are celebrating our 10-year wedding anniversary, cheers to our successful partnership!

Greetings from Silicon Valley