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5 mistakes to avoid when building corporate partnerships

Remarkable Partnerships

So, here are our five recommendations of mistakes to avoid when building corporate partnerships: 1. The goal of a first meeting is to secure a second meeting, so sending a proposal stops the opportunity to build a strong relationship, and to truly understand the potential of a long-term strategic partnership.

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ASKING QUALITY QUESTIONS

Be Partner Ready

Let’s look at a few, in relation to corporate partnerships. Q “WHY do we want corporate partnerships?” It’s critical that a corporate partner is aligned to your Vision, Mission & Purpose, not just a ‘donor’ that puts money in the bank.

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Your worst nightmare could be your best prospect

Stellar Partnerships

When non-profits look for new corporate prospects, they look for things they have in common. Unlike dating, opposites don’t attract in corporate partnerships. When you’re struggling with a cancer diagnosis, the last thing you want is a heavy-handed response from your bank about your mortgage repayments.

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THE QUESTION OF RECESSION

Be Partner Ready

Also, governments and central banks often implement measures to stimulate the economy, which can lead to long-term benefits. Recently you may have seen news coverage that corporate profits are driving inflation [3]. When considering your corporate partnerships strategy, focus on the facts, not scaremongering.

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Time to spring clean your partnerships

Stellar Partnerships

February is traditionally prime pitching time for new corporate partnerships. Refresh your evidence bank. Do you have an evidence bank? We encourage the participants in our Partnership Acquisition Skills program to build one and keep it updated. Here are some tips to make sure you’re ready in sparkling form.

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Rethinking the costs of partnerships

Stellar Partnerships

He helps schoolkids with their maths and earns fees that are giving him a nice little nest egg in the bank. When non-profit leaders set partnership targets at the end of each financial year, they’re invariably about income. Probably not- so why are you waiting to explore corporate partnerships? The hidden costs.

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What to do if your partner has no budget

Stellar Partnerships

Here are some ways to get the impact you both want without breaking the piggy bank. Staff giving Cancer Council’s Biggest Morning Tea is only one example of getting untied income from corporate partners. Some companies choose the match the funds raised but in general the bulk of funds come from staff fundraisers, not the company.