The below is taken from my new book “Progressive Partnerships – The Future of Business”. For a free copy, please see below:
What is your vision of the FUTURE?
As you have probably figured out by now, whether you are launching a new product or a new business, you are going to be using progressive partnerships as a methodology for building credibility and momentum to get things going. You need to place your value ladder on solid ground and start with the correct first steps. There are several key ideas to remember in the right order to ensure it’s a success.
I use the acronym FUTURE, not least because without a vision of the future there is nothing to start the conversation. Your vision of the future is the most valuable thing you have.
Focus: Start with your focus on one small deal and over deliver value. The best first deal is any deal you can get done. This is not the time to be talking about long-term strategic partnerships nor complicated joint ventures. Look for a deal that is impossible for a partner to say no to and will move you forward in some way, however small.
Understand needs. Part of doing these first deals is to learn more about the actual wants and needs of your target partners. If you are ever going to create real value for them you need to be crystal clear about the problems they are facing and the needs those problems create. Dig deeper, ask one more question. Even if you don’t get the deal, you get the learning!
Traction. At this point any deal is better than no deal. There is always another deal around the corner, so get any egos out of the way and get the deal done even if it is not going to make a huge difference in the long run. It is merely a stepping stone to the next deal.
Uplift. Now that the deal is done, it’s time to leverage off that deal and bounce up to the next partner in your list. With a deal under your belt the second deal should be easier. However, even though it is an uplift from the first deal, you still need your partners more than they need you so remember to focus on value.
Refine. With some early deals under your belt you are making real progress. Now is the time to refine your approach. What have you learnt from those deals? Can you refine your pitch even more? Soon you will reach a point where you are offering so much value through the partnerships you have created that people will start approaching you.
Expand. Once you’ve reached your goal it is tempting to pat yourself on the back and relax. You have proven that you can create massive value by leveraging other people’s value, so this is the time to explore expanding and work on your exit strategy. Could you replicate your model? Could you sell investment in what you have created? Could you sell the whole deal?
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This article was originally published here: https://www.linkedin.com/pulse/future-methodology-behind-progressive-partnerships-callum-laing/