Building a Diverse Partnership Portfolio

The right partnership can 10x your business growth. The wrong one can set you back years. My firm has had dozens of successful partners over the years. It's one of the reasons we've been in business for 20 years. We actually built our business early on through partnerships.  This got me thinking about how these partnerships are formed and why they succeed or fail. As a result, I've come up with five critical elements.  I'm sure more can be added, but if you can get these right, you're chances for a successful partnership go way up. 1. 𝗦𝘁𝗿𝗮𝘁𝗲𝗴𝗶𝗰 𝗔𝗹𝗶𝗴𝗻𝗺𝗲𝗻𝘁 𝗙𝗶𝗿𝘀𝘁 Don't chase brand names or surface-level synergies. Look for partners whose long-term vision matches yours. The best partnerships amplify both companies' strengths while filling critical gaps. 2. 𝗗𝗼𝗰𝘂𝗺𝗲𝗻𝘁 𝗖𝗹𝗲𝗮𝗿 𝗘𝘅𝗽𝗲𝗰𝘁𝗮𝘁𝗶𝗼𝗻𝘀 Excitement about the potential isn't enough. You need to define: • Specific goals and metrics • Resource commitments • Decision-making process • Exit scenarios 3. 𝗦𝘁𝗮𝗿𝘁 𝗦𝗺𝗮𝗹𝗹, 𝗦𝗰𝗮𝗹𝗲 𝗦𝗺𝗮𝗿𝘁 Begin with a pilot project. Test the working relationship before going all-in. The most successful partnerships I've seen started with a 90-day trial period that proved the concept. 4. 𝗕𝘂𝗶𝗹𝗱 𝗧𝗿𝘂𝘀𝘁 𝗧𝗵𝗿𝗼𝘂𝗴𝗵 𝗧𝗿𝗮𝗻𝘀𝗽𝗮𝗿𝗲𝗻𝗰𝘆 Share both wins and challenges openly. Regular check-ins aren't just about progress reports, they're about building relationships that survive tough times. 5. 𝗖𝗿𝗲𝗮𝘁𝗲 𝗠𝘂𝘁𝘂𝗮𝗹 𝗩𝗮𝗹𝘂𝗲 The best partnerships aren't 50-50. Both parties should feel they're getting more value than they're giving. That's when magic happens. A partnership is like a marriage. The courtship is easy. The long-term success depends on how well you handle the daily challenges. What's been your experience with business partnerships? Anything I'm missing?

Working in partnerships teaches you that strategy looks very different depending on where you’re standing. At American Express, partnerships were all about being selective and strategic. With Amex’s brand reputation, we attracted a steady stream of potential partners. But every opportunity was rigorously evaluated to ensure it aligned with our brand’s high standards and operational scale. Partnerships with major retailers and airlines was about keeping pace and elevating the brand’s value across multiple customer segments. Now contrast that with my time at SumAll, a scrappy startup trying to make a name for itself. The challenge wasn’t filtering through partner interest, it was generating it. I vividly remember the hustle it took to position ourselves as an indispensable partner to industry leaders like Square. Success wasn’t about being a household name, it was about aligning OUR solution to THEIR customers’ needs, like helping small businesses measure the impact of social media on their sales. In both cases, the foundation of partnerships is the same: Deeply understanding your partner’s needs and finding ways to create mutual value. Whether you’re at a global giant or a nimble startup, building partnerships requires adaptability, creativity, and a relentless focus on solving problems for your partner. Start by creating a simple “Partner Value Map.” List your potential partner’s goals and pain points, then align your strengths to how you can help them succeed. This clarity will make your outreach and partnership conversations more compelling and strategic.

"If you want to go fast, go alone; if you want to go far, go together." Early in my career, I worked for Mayor Kay Barnes of City of Kansas City, MO. She is renowned for building coalitions - both formal and informal - to transform KC's urban core. Leaders with this ability always impress me, especially when they bring non-traditional partners to the table. A recent Public Affairs Council piece by Francoise Stovall reminds us that building a successful coalition requires innovative thinking and a willingness to look beyond traditional allies. Here are three key insights I took away: 🌈 𝗗𝗶𝘃𝗲𝗿𝘀𝗲 𝗣𝗮𝗿𝘁𝗻𝗲𝗿𝘀𝗵𝗶𝗽𝘀 𝗗𝗿𝗶𝘃𝗲 𝗜𝗺𝗽𝗮𝗰𝘁: Traditional partnerships are essential, but the real magic happens when you engage non-traditional allies. By collaborating with a broader spectrum of organizations, you can amplify your message and reach new audiences. Think outside the box and seek out partners who share your values but may not be in your immediate network. 🌳 𝗖𝗼𝗺𝗺𝘂𝗻𝗶𝘁𝘆-𝗖𝗲𝗻𝘁𝗿𝗶𝗰 𝗔𝗽𝗽𝗿𝗼𝗮𝗰𝗵𝗲𝘀: Successful coalitions are grounded in the communities they aim to serve. Engage local leaders and grassroots organizations to ensure your initiatives resonate on a deeper level. By prioritizing the needs and voices of the community, you build trust and create more sustainable change. 🤝 𝗟𝗼𝗻𝗴-𝗧𝗲𝗿𝗺 𝗥𝗲𝗹𝗮𝘁𝗶𝗼𝗻𝘀𝗵𝗶𝗽 𝗕𝘂𝗶𝗹𝗱𝗶𝗻𝗴: Building a coalition is not a one-time effort. It's about fostering long-term relationships that can adapt and grow over time. Invest in ongoing communication and collaboration with your partners. This not only strengthens your current initiatives but also lays the groundwork for future projects. Building effective coalitions is about more than just numbers. It's about creating meaningful, strategic partnerships that can drive real change. #PublicAffairs #CoalitionBuilding #CommunityEngagement #StrategicPartnerships