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Improving the management of complex business partnerships
Summary
1. Partnerships are beneficial for companies, but they can be complex to manage. 2. Companies should establish a clear foundation for their partnerships, including common goals and measures of success. 3. Partnerships should be nurtured with activities such as socializing and maintaining communication. 4. Good governance is critical for successful partnerships, and companies should use tools and metrics to ensure accountability. 5. Partnerships may need to be restructured over time, and companies should plan for this possibility.
Q&As
What are the main problems associated with managing business partnerships?
The main problems associated with managing business partnerships are disagreements on objectives, poor communication, poor governance, and inability to change.
What are some measures that partners can take to avoid these problems?
Partners can take measures to avoid these problems by connecting socially, keeping everyone in the loop, recognizing each other's capabilities and motivations, investing in tools and personnel, and emphasizing accountability and metrics.
How can companies structure their alliance-management teams?
Companies can structure their alliance-management teams in different ways, depending on factors such as the number and complexity of partnerships, executive support, and the experiences and capabilities of team members.
What are some basic rules of thumb for considering changes in partnership structure?
Some basic rules of thumb for considering changes in partnership structure are to acknowledge that the scope of the relationship is likely to shift over time and to avoid blind spots.
How can an emphasis on clarity, proactive management, accountability, and agility help companies create outsize value and productivity in their organizations?
An emphasis on clarity, proactive management, accountability, and agility can help companies create outsize value and productivity in their organizations by extending the life span of partnerships and joint ventures, and by helping companies build the capability to establish more of them.
AI Comments
👍 This is a great article that offers valuable insights into improving the management of complex business partnerships.
👎 This article is a waste of time and offers nothing new or innovative when it comes to managing complex business partnerships.
AI Discussion
Me: It's about how to improve the management of complex business partnerships.
Friend: That sounds like it could be really helpful. I'm always looking for ways to improve my business partnerships.
Me: Yeah, it's definitely a helpful article. I think the main takeaways are that you need to establish a clear foundation for the partnership from the start, nurture the relationship, and invest in tools and processes to help manage it.
Friend: That makes sense. I definitely need to work on establishing a clear foundation for my partnerships. I'm also going to start investing in some tools and processes to help me manage them better.
Action items
- Establish a clear foundation for business relationships, including common goals and measures of success.
- Nurture the relationship by investing in tools, processes, and personnel, and by keeping everyone informed.
- Emphasize accountability and metrics, and build a dynamic partnership that can adapt to changes.
Technical terms
- business partnership
- a formal agreement between two or more businesses to work together on a project or to jointly manage a business
- joint venture
- a business arrangement in which two or more companies agree to share resources and profits
- alliance
- a formal agreement or partnership between two companies or organizations
- risk
- the possibility of suffering harm or loss
- metrics
- a standard of measurement