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6. Manage strategic relationships

Key ideas

In today's highly connected business environment organisations have a multiplicity of interactions and dependencies on external entities through a range of business, regulatory, contractual and/or operational relationships.
To be successful, executive leaders must understand strategically who to develop and manage relationships with to achieve core business outcomes.

Overview

For any organisation it is important to understand strategically who to develop and manage relationships with to achieve core business outcomes. The challenge is to identify and prioritise these relationships with purposeful management and to allocate resources to those relationships of high value.

In the context of the Leadership Framework, a strategic relationship is essentially working relationships. Ad hoc planning and/or uncoordinated approaches to strategic relationships will not allow them to achieve their full potential and as a result may not achieve the required outcomes for either party.