Why Are Partnerships Important?
As a business is it really necessary to form partnerships? That could depend on what you are trying to achieve and how soon you want to achieve it. Developing Partnerships that want to work towards the same Goals is essential. Common objectives provide stability, ensure efficiency, provide clear messaging and are more likely to be successful.
Choosing the right partners is crucial. Firstly, it is important to look inwardly at your own company and the skills it has, the skills it lacks and the strategic plan you have in place, are you covering all bases? Do you have all the necessary skills and contacts that can move your strategic plan forward? If not, then it is at this point that you need to find strategic partners who can work with you, who want the same things and have the same morals, ethics and principles as yourself. Through these partnerships you may well see your business in a different light, saving you time and money.
It’s important to know which partners you want to engage with, do their values match yours and are they going to bring value, are they easy to collaborate with and is their work ethic the same as yours? Once you have determined and shortlisted prospective partners it is important to then test the field and negotiate. Collaboration is key, therefore, everyone in the business needs to be onboard with developing partnerships. It may also important to hold back on some of the key information until you get to really know your partners. Trust plays an important part of the collaboration so sharing unique information may not come until that trust is proven.
Partnerships are not just about collaboration with other organisations they are about the individuals within those organisations who you will be working with. Are they of the same mindset as you, are they trustworthy, what is the experience they can bring to the table, are they the right fit? Researching the people within the organisation can be just as important especially when sharing information and data, so find out how they will protect that information, are they confidential and do they take confidentiality seriously? (Source s.com/sites/forbesbusinessdevelopmentcouncil/2018/12/18/eight-important-elements-of-successful-business-partnerships/)
Once you have the right partners in place this will free you up to do what you do best. Accountability should be shared with clear goals being set and measured. It is important to maintain contact and ensure that information from all parties is forthcoming and organised. It may feel uncomfortable at first, you may feel you have given up control but if you have chosen the right partners, it is not that you have lost anything but gained in other areas such as experience and knowledge, shared resources, increased funding opportunities and prestige.You may also find that what may have taken your project 2 or 3 years to come to fruition, will happen faster. (Source: Rebecca Andruska 4 ways partnerships can benefit your organisation more than you even knew)
The WhatIf Group is currently working with and developing new partnerships. Without these partnerships we would not be progressing as successfully as we are. For example we have formed a successful partnership with Geraldine Kay and Keith Tallentire, on our Church of England Housing Association commission. Both Geraldine and Keith have vast experience in the social housing profession and share our values and this has been important in demonstrating our joint abilities.