Typically, establishing the ideal partners requires nurturing relationships within your ecosystem. The best time for this is during the pre-funding phase of a startup. Leaving yourself with enough time to be selective and understand which partners are important for your business can help reduce risk, make wiser decisions, and avoid costly mistakes.
Partner lifecycle is crucial as the success of an engagement is based on the long-term relationship between two parties. It involves identifying, securing, nurturing, and transforming relationships to create value for yourself and your business. It is essential to have a workable process in place to handle partnerships before they happen. Here are tips to help you get your partner’s lifecycle management right.
The first step to identifying a good partner is to examine your startup’s objectives and the potential partner’s capabilities. Think about your startup’s size, risk appetite, and domain. Only then can you determine the problem in your intended market that needs solving – and if the solution is yours. If many possible partners with similar expertise are available, then evaluating their ROI and capabilities is necessary.
Identify partners who have all the right experiences, skills, products, or services needed by your business to turn it into a success and meet its goals. Also, watch out for team members with similar experiences, skills, products, or services. Before selecting a potential partner, keep in mind how they operate towards others.
2. Recruit and Onboard
Gaining the right team members is a critical step in the startup lifecycle. The right people with complementary skills can push your business forward, build it, and make it what you envisioned when you started. The recruitment process should be straightforward and fast so that the startup doesn’t lose potential partners. This will also help you get the best team members to help your business grow.
The onboarding process should be precise and timely. Recruiters should strongly focus on screening candidates and understand that the onboarding session is essential to the selection process. The employees should be introduced to their boss within 48 hours after they join, which means you will know all about their history, work experience, skill sets, and professional strengths as soon as they are hired.
You can simplify the onboarding process by automating manual tasks, such as job descriptions, payout, contracts, and interview questions. Also, seek a solution to automate the hiring process.
Committing to an open partner engagement and communication strategy is one way to have your partnership going. You can achieve this by developing responsive content and brand-focused promotions.
It is essential to have transparency in communication, and you should keep it ongoing. This can help you to exchange information about work progress, agreements made, and changes in team roles.
The engagement process is when the relationship begins and ends, so clear rules should be set during the first stage of the lifecycle. It needs to be clear what partners are expected to provide for each other during the partnership period. Partner lifecycle management is about making the strongest possible connections with your partners and committing to a long-term partnership that benefits both parties.
Once you’ve found a potential partner, the next step is cultivating the relationship by building trust and establishing rapport to create the right environment for partnership. A good way to prepare your startup is to set clear expectations and document all business processes so that both parties know their respective roles during the collaboration.
Evaluate how you and your potential partner can benefit from the partnership. Partner management tools can help you track key performance indicators like deal size, activity frequency, and revenue.
Once you’ve established a flourishing relationship, it is time to optimize. You need to understand your business’s strengths and weaknesses. Once you have identified these, use your platform for growth to increase revenue and profit.
Also, evaluate if the partner can help you improve particular parts of your business model, such as customer acquisition strategy or innovative imaging techniques. Reinforce the partnership by showing commitment to each other, which means sharing the same goals, vision, values, and resources with a spirit of loyalty and friendship.
Understanding each other’s key performance indicators helps businesses measure success in partnership engagements. With the available partnership management program and partner engagement software, you can manage every aspect of your partnership.