Working together will help overcome obstacles, to achieve any goal. There are some great examples of successful partnerships among big times companies. Google is one of them. In fact, they didn't get along so well and arguments and disagreements among them were common. Yet by overcoming their differences and learning from each other, they built one of the largest multi-million companies.
It's interesting to mention that most of the very well known, successful companies, were established through a partnership. These include Microsoft, Apple, and Twitter too. Another great example is the Apple and IBM partnership. Apple with its friendly user interface and IBM with its enterprise level computing capabilities joined forces to create a new generation of software and apps for the use of big data and analytics by enterprise clients.
One of the latest successful partnerships is between GlobalVision and Esko. GlobalVision is a leading company in packaging and labeling quality control technologies and Esko known as Esko Arts is a graphic arts company that produces prepress software and hardware for packaging and labels. The integration provides an all-in-one quality assurance solution that runs as a smooth background process.
Beautiful partnerships can be formed, by taking the time to communicate and to consider each other as an equal no matter the differences. In one way or another, partners taking part in a partnership are both interested in succeeding in their mutual goals. Catharines businesses continue to leadchange! Susie Leca. More from this author ».
Team Dynamics May 8, Susie Leca. Clear Partner Roles In a partnership, no two people have the exact same role, again due to a different skill set each person will have a role suited to their strengths, and the same role needs to help each person work on their weaknesses. Goal setting A partnership is only formed when there is a goal to achieve between the partners. This team will serve as the bridge to facilitate relationship building and consistent communication.
Maintaining healthy partnership takes both time and capacity, so, it is important to appoint capable staff that can ensure success of the partnership. Regular assessment of the achievement of goals and the profit that is coming from the collaboration should be done.
Proper statistical data should be analyzed and any sort of issues should be resolved quickly and precisely. Constant analysis of the numbers can give a clear indication of whether the collaboration is profitable or not. A partnership that does not benefit anyone should not be continued any further. Two partners with the same type of skill set are of no use to either company.
One does not have to essentially have everything in common. Having a comparable relationship is what makes a business partnership successful. If you lack something and your business partner has that skill, they can provide you with assistance in that field and if you have a certain skill set that they could benefit from then you can assist them with it. It needs to be a healthy relationship where skills and knowledge can be equally shared. Each partner should realize the potential of the other and team up in a way that both can profit from it.
For any partnership to flourish every individual involved needs to know their roles with accuracy. If the roles are not clearly laid out work processes would become chaotic. It will be difficult to come to a conclusion if everyone starts acting like the head of the company. To avoid any commotion of this kind, clear roles need to be set for everyone and everyone should respect their tasks. Interfering in other work may cause disputes making the partnership suffer and often leading to its downfall.
Apart from keeping these in mind, working meticulously to reach the goals as put down during the establishment of the partnership will help in making the collaboration bear fruits of success.
Building a Successful Business Partnership is a long-term process. It can't happen overnight. As long as you progress, you will find different challenges and you need to overcome those to make your partnership successful. These are the important keys to successful business partnerships. I hope the above tips will help you to build a successful business partnerships. Share your thoughts on the comment section. The main objective of any partnership is to bring together the resources and skills of multiple business owners so that they can operate with more efficiency and can even reduce competition in the market.
For your partnership to succeed, however, you must give every employee and manager a specific title with clearly defined responsibilities. Clear and well-defined roles ensure there will be no overlap in offerings that could generate competition between you and your partner. Such conflicts are a significant reason why up to 80 percent of business partnerships eventually fail. It may temporarily delay the partnership, but you'll both flourish if you take time to thoroughly integrate each other into your teams.
That's the approach that Nike and Amazon are taking in their partnership to open a digital Nike store. The potential for overlap and other conflicts is substantial, so they're taking their time to iron out every detail first.
Your partnership, however, shouldn't be just about benefiting from the other company's technology or customer base. To make the partnership as valuable as it can be, it should be about learning, growing, and benefiting from each other's knowledge and experience, too.
Remember, you're not just pooling resources; you're also combining your abilities to scale as quickly as possible. Exago, an embedded business intelligence company that partners with Walmart and Autotask, explains that flexibility and extensibility are key in tech partnerships: "BI products, especially embedded ones, must be able to cover the full gamut of client needs -- even as they change or evolve over time.
From a technology standpoint, an application's extensibility is how capable it is of supporting custom programming, a potentially game-changing asset to its partner software.
From a business perspective, extensibility is a vital element in any partnership because both your partner's and your ability to extend resources can mean freedom for employees to innovate new products, customer engagement strategies, and more. A valuable partnership should be capable of sharing resources and adapting over time.
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