10 Key Features of Effective Business Partnerships
The voluntary nature of
partnerships. The partners have clear and common goals based on mutual
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
on the part of the participants.
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.
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
Shared competencies and resources
– partnerships are a mechanism to leverage different types of
competencies, including, but not only, money.
Communication between strategic business partners should be
regular, open, transparent, with accountable structures for joint
problem solving, and
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