No Organization Is an Island
Photo by Vlada Karpovich
Yes, I know the saying is really “no man is an island”, but I strongly believe the concept – especially as applied to business - is much broader.
Competition in any industry is fierce. Both B-to-B and B-to-C customers can be and are demanding, as their options continue to increase. Cost factors such as product development, production, transportation, talent, and marketing change rapidly. Those organizations which can pivot, adapting quickly to those changes, are much more likely to succeed.
A key component of a flexible and resilient organization is its strategic partnerships. Partnerships can take many forms, but all require leadership teams with shared skill sets and practices beyond those traditionally needed in vertical businesses.
Clear, well-defined visions which are aligned – all partners should have the same goal in terms of the product/service they are offering and how it is delivered.
Emphasis on equitable agreements – all partners need to benefit from the partnership for it to be sustainable.
Willingness to trust – each partner’s reputation can help lay the foundation for mutual trust at the onset of the partnership, but ongoing transparency is vital to maintain it.
Collaboration – starting at the top with the leadership team, then intentionally promoted throughout both groups. The positioning of alliance members as partners, not vendors, is a necessary component of both internal and external communication.
I had the opportunity to learn the value of strategic partnerships early in my career by managing and then leading product extension for Polo/Ralph Lauren. In the apparel industry – as in many other industries, no one company is skilled in the production of all products that comprise a successful brand. A clothing manufacturer is not able to craft shoes, jewelry, eyewear or fragrance, and vice versa. Skilled and experienced partners were vital to the success and growth of the global brand.
In preparing for my first partnership contract negotiations, I was instructed that if all sides could not “win” from the anticipated agreement, I would have failed. As I worked with our partners, I learned how true that was, as the efforts required to create and sustain each partnership would not have been the same, had one partner felt they got the short end of the stick.
I would love to hear about your experiences with strategic partnerships – please share your learnings!
“If you want to go fast, go alone. If you want to go far, go together.”
— African Proverb
~ Tracey
Fundamental of the Week #7: WORK IN PARTNERSHIP
We always work in partnership. Do what’s best for the client, even when it feels difficult or uncomfortable.
Momentum Consulting offers executive business coaching, top-level executive consulting, team training, and team off-sites to build and transform your business to the next level. Inquire about business consulting and leadership coaching today.
