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10 Key Features of Effective Business Partnerships
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The voluntary nature of
partnerships. The partners have clear and common goals based on mutual
benefit.
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Common interest. Partnerships is what enables many
companies to make
continuous improvements. By sharing with others, you can direct your resources and
capabilities to projects you consider most important.-
Synergy – the concept of value
added or the total being greater than the sum of its individual parts. -
The mutual dependency that arises
from sharing risks, responsibilities,
resources, competencies and
befits.
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Explicit commitment
or agreement
on the part of the participants.
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Working together. In the most
strategic partnerships, the partners work together at all levels and
stages, from the design and governance of the initiative to
implementation and evaluation.
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Complementary support.
Focus your firm's resources on 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.
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Shared competencies and resources
– partnerships are a mechanism to leverage different types of
resources and
competencies, including, but not only, money.
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Effective communication.
Communication between strategic business partners should be
regular, open, transparent, with accountable structures for joint
decision making,
problem solving, and
conflict resolution.
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Respect and trust.
Trust between organizations is
at the core of today's complex and rapidly changing
knowledge economy. It is one of the most efficient mechanisms
for governing innovative business partnerships. With trust as a
foundation, the companies can share their know-how to achieve
synergy.
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