I’ve touched on engaging with prospective clients here. Today, let’s focus on responding to partnership requests.
Partnerships looks differently depending on your industry. For me, a partnership is working with someone or an entity to oversee a project for a client.
Being co-investigators on a research study, co-designing and leading a program evaluation, designing or updating a program’s curriculum, or co-facilitating a webinar series are what typically come to mind as partnerships for me.
As I’m approaching the 5th year anniversary of running my business full-time (!!!), I’m taking stock of where I’d like to see my business go in 2021 and in the next 5 years. I’m thinking about my personal goals and the shifts I’m making, and I want my business structure to reflect these changes.
As a result, partnerships have been heavy on my mind.
There are many reasons why you may want to move into a partnership, including:
- Having a thought partner (similar to having a co-worker)
- Increased capacity to take on larger, more complex projects
- The chance to work with someone with a skillset, resources, and expertise you can leverage (and vice versa)
Prospective partnerships come to me similarly to how prospective clients find me, and my reasons for declining a partnership request aren’t far off from how I decline a client request.
What makes my process for agreeing to (or requesting) a partnership differs from a client request based on the prospective partner’s reputation AND if I’ve gotten to know this partner over time. I’m more likely to agree to a partnership when there’s already an established connection and rapport, if the partnership makes sense, and if the opportunity feels like an “absolutely yes!” moment.
Still, building relationships are paramount when accepting or declining a request. Along with what I’ve shared, I have other criteria that are top of mind when accepting or declining a partnership request. Use the questions below to determine whether to consider a partnership or approach a potential partner :
Does this partnership make sense? Is there a strong rationale for working together?
- How does this partnership align with my business’ mission and vision, and with the mission and vision of this partner?
- How does this partnership align with my business goals?
- Am I being asked to provide expertise that I readily have?
- Does this prospective partner have expertise they can readily use?
Do I already have a relationship with this partner?
- How long have I known about this partner?
- Am I familiar with their work?
- Is this a “out of the blue” request, or have I gotten to know this partner over time before this partnership request?
- If we decide to partner, can I see myself partnering with them again in the future if this works out?
What have I heard about this partner?
- Do I have any colleagues or current partners who have worked with this partner?
- What do I know about their organizational culture? Does this align with my business’ driving principles?
- What have they heard about me? Who gave the referral?
- What would their most respective champion AND critic say of this partner’s strengths and areas of growth?
What will we get out of it?
- Do we each have skillsets or expertise areas we can leverage?
- How will partnering increase our individual capacity levels?
- How will this partnership elevate our individual profiles?
- How can this partnership meet our individual needs and address our challenges?
- Will this partnership help deliver strategic priorities and fit with our individual inclusive business goals?
- Will this be mutually beneficial, both financially and in increasing our knowledge base?
Trust your gut
- Does this partner sound interested in getting to know me and my goals, or are they focusing solely on their agenda?
- Is my intuition signaling right off the bat that something isn’t right?
Key Takeaway
Before jumping to work with a partner, pause and assess the opportunity. While partnerships have the potential to bring in significant value, they can be risky especially when entered into without intentional thought.
The questions above should serve as a starting point for you. Feel free to include other questions that work for your context. Assess the value, risks and implications of a partnership so that you can confidently move forward, take more time to negotiate, or turn down the request.
Raise Your Voice: What do you consider when requesting, accepting, or turning down a partnership? Share below in the comments section.
