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Renew, revise or conclude a business partnership

Learn how to assess the partnership and confidently decide on your next steps.
  • Author: Creative Australia

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Make sure you start early 

Before the partnership agreement ends, consider what you’d like to happen next. Don't wait until the final week of an agreement to discuss the future. Discussing this early is particularly important if you’d like to renew the partnership.  

 

Step 1. Evaluate the current agreement 

Analyse the current agreement by looking at: 

  • what’s been delivered 
  • whether the partnership has met agreed goals 
  • what worked well and what didn’t 
  • any feedback you’ve received 
  • if the rights and benefits have been used or realised 
  • the costs of servicing the partnership. 

 

Step 2. Decide your next step – renew, pause or exit 

Based on your evaluation, decide whether you will: 

  • renew: if the partnership worked well and goals are still aligned 
  • renew with changes: if partnership worked well, but rights, benefits, pricing or focus need updating or negotiation 
  • pause: if the timing, budget or capacity isn’t right for now, but the relationship should continue 
  • exit: if the partnership is no longer a good fit, costs too much or creates risk. 

 

Make sure you exit well 

If you or the business decide not to renew the partnership, exit well. Make sure you: 

  • thank the partner 
  • deliver any final obligations 
  • seek feedback  
  • maintain goodwill where appropriate. 

 

Step 3. Provide a report  

At the end of any partnership period, even if you're renewing, provide a report. The report should show what was delivered, what was achieved and what was learned.  

This may include:  

  • progress against the agreed goals and measures 
  • key activities delivered 
  • rights and benefits delivered to the business 
  • audience or participant reach and engagement, where relevant 
  • media and digital results, where relevant 
  • stories, feedback or quotes that show the partnership’s impact  
  • photos or other evidence, where appropriate 
  • what worked well and what could be improved 
  • opportunities or recommendations for the future. 
     

Numbers don't always tell the whole story. Use stories, feedback and other qualitative evidence alongside data to show the impact and value of the partnership. 

How to develop a business partnership portfolio 

If you plan to have more than one business partnership, learn how to structure them in a portfolio so they work together.  

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