In any case, the objective is mutual benefit, for the benefit of customers of both entities. A few examples:
- A web designer in Ohio, for example, partnered with a brand development firm in Mississippi to offer additional services and value to clients of both.
- A natural science museum in Texas partnered with its local public television station to produce and distribute educational programming via satellite.
- A medical center in Illinois collaborated with a bilingual youth radio station to promote wellness messages to Latino youth.
- Successful entrepreneurs partnered with business coaches and a university in California seeking to attract students and increase its visibility and reputation to offer a three-day boot camp for new small business owners.
Beginning the Process
Before partnering with another individual, business or department, it is crucial to be clear on your ideas and visions. What do you want to achieve, and are you certain you cannot (or do not want to) provide that yourself with current resources and know-how?
Depending on your need, you may wish to start your search for the right partner locally, with such organizations as the Chamber of Commerce, Convention and Visitors Bureau, Rotary International and the local Small Business Administration office.
Nationally, a few good sources are Hoover's Online (www.hoovers.com), the Public Register's Annual Report Service (www.prars.com), FreeEDGAR (www.freeedgar.com) and the New York Times Business Connections (www.nytimes.com).
The Makings of a Strong Partnership
The Drucker Foundation partnership summit delineated some of the following principles of good partnership:
Partners must understand not only the values, goals, and constraints of the partnership itself but also the values, goals, and constraints of the other partners. It's not enough to ask, "How do we accomplish our agenda?" You must also ask, "How do we help our partners accomplish their agenda?"
Partnerships must translate broad goals into measurable, interim targets and time frames. All partners must be committed to the shared mission and objectives before taking the first step. Goals must be attainable but meaningful.
Different issues require different types of partnerships. Some are appropriately initiated by businesses and entrepreneurs, while others are more appropriately initiated by the social sector or government. Openness to the project's leadership needs is key. Equal partnership is the goal.
Partnerships rely not just on the clarity of mission but also on a mutual understanding of partners' roles. Unless there is agreement in the beginning about the definition of success and expected results trouble is likely.
Other Factors Influencing Partnership Success
Even the best laid plans must be adapted to shifting conditions, altered needs and preferences,
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experience of what isn't working, emerging opportunities and fresh thinking to improve outcomes. Partnerships are no different and clearly evolve in response to successes and partner's needs. Productive partnerships also include:
- Committed staff and program champions
- Mutual respect, understanding, and trust
- Members see collaboration as in their self-interest
- Ability to compromise
- Can-do attitude
- Members share a stake in both process and outcome
- Flexibility and adaptability
- Open and frequent communication
- Sufficient funds, staff, materials and time
- Review of both disappointments and achievements
- An exit strategy in place at the outset
- Encouragement to explore boundaries and to grow partnership
The bottom line: To see your business grow, consider building productive partnerships.
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Before allying with another, it's important to understand what you want and need from a partner, and what you have to offer. Consider reputation, scope of services, compatibility of style and culture, commitment, financial capacity, skills and resources. Following are 10 questions that may be helpful in this process:
- How might my company's mission, ethics and values attract and be compatible with this business? In what areas might they conflict with those of the business?
- How might an alliance with this business/department serve my primary customers and the community?
- What benefits might this alliance provide to help my business/department further its mission?
- Would this alliance help generate business? Enhance my company's image? Reach new markets? Strengthen company culture? Improve business and social conditions in the community?
- What assets and capabilities might be exchanged in this alliance? What might my company provide and expect to receive? What might this business provide and expect to receive?
- How will this alliance be incorporated into my company's operating plan? What costs might this alliance involve?
- How much leadership and management time would this alliance project require from each partner? What other investments of resources might be required?
- What risks might this alliance involve? What risks to each other's reputation? What financial risks? What is the benefit/risk ratio?
- What differences need to be addressed in any of the above?
- What resistance to change might create barriers, either in me, my company/department or in the other business?
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