Every year, I picked a theme word. Having an anchor and reminding myself what to focus on has been helpful. The 2024 theme is “partnership”.
So far this year, I’ve been in more partnership discussions than all the prior years combined. I have learned a thing or two worth noting.
A partnership is not a deal. I used to think a relationship built upon collaborating on a deal made a partnership. Sure, there are such opportunities, and we should seize them timely. However, a repeatable value proposition takes time to discuss and arrange. Aim for a more long-term partnership in which both sides grow.
Partnership saves time. Customers expect a complete product done in record time. Building specialized expertise takes time.
Partnership requires relationship skills. Don’t leave it to chance. An entrepreneur friend did a coaching session with me today. She told me that I’m still a beginner in business relationships. She shared that she used to be similar until she realized it was crucial and doubled down on improving that skill.
Go for a more experienced partner. First, we looked for partners who could help us reach new markets. When pushing into new markets, we do not have enough resources to deliver if we do the work ourselves. We would explore potential partners who have experience doing work outside our expertise. By talking to potential partners for incoming opportunities, we also gain insights into the kind of staff they hire to handle partnership work.
Last but not least, great partnerships evolve. We have discussed partnerships that can be done in phases, such as annually. Make it safe to renew or withdraw. Different times require different partnerships. I thought all these partnership discussions had been distracting until recently, when I decided to change my mindset and focus on working on my relationship management skills.
So, perhaps this proverb is true not just for individuals but also for entrepreneurs and businesses.
If you want to go fast, go alone. If you want to go far, go together.
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