Understanding the Value of Partnerships

We can’t build things entirely on our own. Oftentimes, we need to employ the help of others and this may come in the form of strategic partnerships. During COVID-19, many of us found ourselves connecting with old friends and business owners. These connections have allowed us to re-engage with others and begin making new bonds and connections that have the potential to guide us towards additional growth and development.

Four Key Benefits of Partnerships

Quality

Partnerships provide you with the opportunity to ensure optimal quality. Quality is essential as it allows you to continue to deliver on your intended promises to ensure customer satisfaction. With combined resources, partnerships simplify this process and enable you to truly manage quality with ease.

Integration

When working with other existing business partners, you have the ability to share concepts, ideas, and plans in order to work together effectively. These relationships provide you with the opportunity to test out new ideas collectively and pull together resources to save time and money overall.

Perspective

Everyone has their own unique perspectives. Combined, these perspectives can provide you with the opportunity to lead and drive change. When you have numerous companies coming together with a unified vision and goal from different industries with unique processes and experiences, you gain a whole new perspective and competitive advantage.

Resources

Why work with limited resources when you can leverage the resources of multiple companies? With partnerships, resources become more plentiful as you can utilize other teams and experts in order to efficiently research and implement new concepts and ideas. This saves time and money in the long run as human resources are so very limited but crucial in establishing strong businesses.

Challenges with Partnerships

While partnerships provide numerous benefits, they also come with a few challenges. One of these challenges is geographical distance. With teams working from disparate locations, they may face difficulty communicating with one another especially considering the differences in time zones. Another challenge is the difference in laws surrounding work conditions and standards, which may make it difficult to collaborate on efforts. Culture is another challenge that may impact a team’s ability to effectively communicate and deliver exceptional results.

Final Thoughts

Overall, partnerships are a wonderful thing. They allow us to reach wider audiences and connect with networks we typically do not have access to. As you grow your business, it’s a great idea that you identify ways you can potentially engage with others within your community to establish partnerships.

Be sure to prepare yourself for the challenges you may face with partnerships by educating your teams and leaders.

Please follow Jeff and big on Twitter.

Educator + Entrepreneur who lives for the “aha!” moment. Co-Founder @theberkeleyinnovationgroup, @healthcarebydesign. Lecturer of Design Thinking @BerkeleyHaas.