You need to build your own business case for partnership. But, did you know that all business cases are typically built on one of six premises? When you know WHAT premise your business case is built upon, it becomes so much easier to write a stronger and more persuasive business case. Read on to help you identify what premise your business case for partnership will be based upon.
The 3 steps to creating your Business Case for Partnership
Creating a cast-iron Business Case for partnership typically involves these three steps; building the business case, writing your business case and finally pitching your business case to your partners. Unfortunately many people naively make the mistake of thinking that their Business Case is something that they write in a weekend ready to be pitched at a later date. To avoid being one of those people who make that mistake, download our guide to creating your business case for partnership.
The reality is that creating a cast-iron Business Case for partnership normally takes a few years whilst you transition from having all your work handed down to you from your partner through to being able to win and service all your own work.
The six premises every business case for partnership is based upon
Most business cases are typically built on one of these six premises:
- A partner is retiring and the department needs a replacement partner. This premise for a business case for partner is normally very obvious to everyone concerned. In fact, this partnership vacancy is normally known about for years in advance. If this is going to be your business case for partnership, it’s typically a fairly strong business case. However, if your practice or the department’s as a whole is struggling to win work, then be aware that despite the strength of your business case, not every partner will want to invest in it.
- A part of the firm is growing and needs another partner-level person to help service this part of the business. This is normally the strongest business case there is to be had. It’s also a pretty easy business case for partner to evidence and get alignment too from your partners.
- You have personally built a profitable partner-sized client portfolio, which your partnership cannot afford to lose. This is the most common type of business case for partner and it is the weakest business case. There is often a big perception gap between what you think makes you too valuable to lose and what your partners think is too valuable to lose. Unless you have the backing of some pretty heavy-weight partners and they can clearly see how your practice is adding in incremental revenue to the firm, you may struggle to get this business case for partner across the line.
- You have a great network of trusted contacts, which you can use to open doors for other partners in the firm. People recruited in at partner level who have been in industry are normally hired for this reason.
- You have strong relationships within, and deep knowledge of one particular client that your firm would like to increase its business with. This is often a strong business case for partnership. Your partners fear losing this, normally big and, really important client. They see that making you partner would help cement the relationship with the client AND tie you into the firm.
- There is an opportunity to enter a new marketplace or offer a new service stream that you can build into a profitable client portfolio, which in turn will justify your admission into the partnership. This business case for partnership only work if you also need Partner on your business card to build this new revenue stream for your firm.
Any well-organised partnership will be identifying where there is a Business Case for a new partner many years in advance. They will then work with a selection of candidates to build a Personal Case for partnership. This then gives the partnership choices about who will be the best candidate for the new partner role.
Use our guide to writing your business case for partnership to improve your prospects of making it through to partner, regardless of what premise your business case is based upon.