Partner with Others?
are the foundation for
success. Partnerships is what enables many companies
continuous improvements. By sharing with others, you
can direct your resources and capabilities to projects
you consider most important.
80/20 Principle asserts that 80% of results come
from 20% of effort. Thus, to achieve more with less, you
must be selective, not exhaustive. In every important
sphere, work out where 20% of effort can lead to 80% of
returns. Strive for excellence in the few key areas,
rather than for good performance in many.
Focus your firm's
what you do best and what creates
sustainable competitive advantage and tap to the
resources of others for the rest. To decide why, when
and how to partner with others for complementary
resources, weight the small amount of cost savings that
doing non-core-competence tasks might bring against the
distraction and investment that will be required to stay
up to date over time.