Channel Management and Partner Portal—Adding a Business Plan in the Equation

Like all other businesses, a company that is dependent on channel management strategies and partner productivity should be prepared for the future by having thorough and detailed plans for profit and growth. High-performance partners, effective strategies and applications like a web-based partner portal are all well and good, but what would you do how would you manage them so that they can contribute to your business’ success in the long run?

An effective business plan should be able to illustrate your vision as to where you want your company to go. This means it is necessary to invest in adequate time, substantial resources and laborious efforts in order to achieve anything of value. A common denominator among enterprises that continue to grow and become profitable is their clear vision of their business. These kinds of companies go the extra mile to design a process for the development of their business plan to allow them to carry out plans and evaluate their progress effectively.

In order to guarantee success for your business you would need to use proper channel management strategies, recruit suitable and highly qualified partners, provide support and development programs for new affiliates through a partner portal, and the execution of a successful business plan. Such a plan would need at least four essential elements:

(1) Definition of goals – It is important to define both business and personal goals. Basically, this is already establishing your vision for yourself and your business. Usually, the formulation of goals and objectives usually focuses on financial metrics. However, the proper way to go about this is to develop philosophical beliefs that will assist you in the improvement of the overall performance of your organization. These beliefs can be based on your ideal workplace culture, participation and client care methods. Well-defined goals become the foundation of tactical sales plans. Remember that the point is to be outcome-oriented, so keep track of revenue growth, partner recognition, customer satisfaction, and so on.

(2) Evaluate environment – Assess the business environment and identify the drivers that contribute positively like increase in revenue or reduction in expenses. Other things to consider in the evaluation are market opportunity, required capabilities in achieving goals, current and desired market position, and so on. Marketing opportunity is vital in setting sales objectives.

(3) Work with Your Teams. Involving your management and sales teams in evaluating your business is helpful. Ask them questions regarding performance, business assumptions, key metrics and other business opportunities for success. The purpose of doing this is to assess the probability of achieving goals, identify important positive factors, and build loyalty and commitment with them to achieve the company’s vision.

(4) Validate assumptions. The development of plans needs to be within the constraints of reality. When validating assumptions, do not forget to factor in economic or vertical trends within your geographic area, your competitors’ standing and position, required resources to achieve success like people and capital, and ability to stand out.

It’s about the big picture. A successful business plan is a critical component in any business for it outlines the organization’s progress and future. Always include channel partners in this plan and define their roles clearly and firmly.