12 Components Of Trusted Strategic Partnerships

“But how do you KNOW they’ll do it, if we don’t put it in the contract?” I looked at him assuredly, “because they told me they would.”

But what if they DON’T? “If they don’t do what they say, we’ve got much bigger problems than this metric. That would be a breach of our trusted partnership.”

Don’t get me wrong, I’m all for writing great contracts. Over the last few years, I’ve learned the intricacies of this fine art. But I also know the minute you have to refer to the contract explicitly you’re in trouble.

To achieve results create deeply connected, transparent, mutually beneficial relationships.

What Makes A Partner Trustworthy?

The Trust Across America built a quantifiable business case for trust, aggregating data based on FACTS

  • Financial stability and strength
  • Accounting conservativeness
  • Corporate governance
  • Transparency
  • Sustainability

What was not included in the model was my favorite part of their crowdsourced book, Trust Inc: Strategies For Building Your Companies Assets, Be Thoughtful.

“If your company is serious about increasing trustworthiness, consider engaging all of your stakeholders in rich thoughtful conversations. Don’t approach them as constituencies to be maneuvered, managed or massaged. Instead, view them as vital contributors to a better organization by letting them into the conversation. To be a thoughtful company with a thoughtful strategy, trust for stakeholders must be thoughtful.”

When I spoke with Barbara she shared that leadership is “tough to measure.” But leadership and relationships will make or break a company’s success. Trust translates to contracts, winning the deal and new business.

As leader of a Strategic Partnership Channel (formerly known as the vendor management organization) I offer big, un-written, and un-articulated rules that work best in our strategic partnerships. These norms apply to both sides of the relationship. I start and end relationships based on trust.

12 Keys to Trusted Strategic Partnerships

  1. Really understand one another’s business
  2. Invest in connecting as human beings beyond the business role
  3. Know how you each make money
  4. Tell the truth (even when it’s awkward, embarrassing, or could cost you business)
  5. Don’t commit to more than you can do well (repeat this one 3 times)
  6. Don’t play games… EVER
  7. Don’t wine and dine… the best deals are done over chopsticks or a long walk
  8. Lose some battles, admit when you’re wrong
  9. Let logic prevail, even when contracts are on “your side”
  10. Don’t sweat the small stuff
  11. Think long-term
  12. Reward trusted partnerships with more business/effort

This list applies to business partnerships and just about any partnership you can think of. Please share your views.