3 Core Habits Every Strategic Partnership Should Have

As consumers, you might have noticed some collaborations that your favorite brands have created with their partners. It could be special prices, exclusive programs, new products, and many more things. These innovations are the results of strategic partnerships, which require two or more parties to cooperate and bring positive impact to each other. This is why strategic partnerships are one of the most common growth strategies business owners have.

Unlike the business development team, which usually reaches customers directly, the strategic partnership team will reach out to potential business partners. Both will discuss the opportunities their businesses can explore and how to make their plans work. Even though the steps to present a collaboration are simple, there are various considerations each party should take. Let’s learn from Julianto, our strategic partner, about the habits that will strengthen strategic partnerships!

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Set a measurable goal

Before beginning collaborations, the strategic partnership team must define the collaboration goal precisely. Therefore, it is necessary to get to know the company you work for first. Talk to other departments, such as marketing, finance, IT, and operations, so that you will find out what the company needs and expects from its partners.

In addition to speaking with internal teams, the man that is usually called Juli meets his prospective partners to get to know each other. Before making final decisions, he can use the discussions to explore business opportunities and provide insights. He is also in charge of every partnership aspect, like product, IT, and legal documentation. By being involved in these steps, Juli and the other members of the strategic partnership team are able to measure their achievements.

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Improve interdepartmental communication

Communication might be one of the most common aspects of our daily lives, but it can also be one of the most challenging things, especially when you communicate with other departments. According to Juli, this problem can be caused by a lack of communication between departments. Furthermore, some people may feel awkward asking for confirmation or clarifying unclear instructions.

To improve interdepartmental communication, Juli usually sends updates about partnerships to the related departments. Although he knows whom he should contact, he avoids reaching out to Cashlezians personally because it can make others miss the current updates. Moreover, as part of a strategic partnership, he has to work with various departments such as IT, product, finance, risk, BD, and legal.

Bring more value to partners and merchants

The strategic partnership team is responsible for assessing the projects in order to support a dynamic relationship. To ensure the effectiveness of the projects, this team prepares official agreements that contain the services, terms, signatures, and collaboration durations. Juli and his colleague also maintain their connection with their partners by presenting the progress based on the collaboration schemes.

In his daily routine, Juli might mainly interact with the company’s partners. His contributions, however, have a positive impact on Cashlez Merchants. They can bring their businesses to the next level by providing various payment options as well as joining business programs offered by Cashlez partners.

Strategic partnership has become a prominent plan in business since it enables both parties to gain mutual benefits. Moreover, it also expands business to reach new markets. To implement long-term commitment in partnerships, the strategic partnership team plays a significant role. The working habits can determine their project’s effectivenesses.