- Tue, August 30 2011
- Filed under: Partnerships
Are you considering a partnership with a company or nonprofit?
Consider these tips for a happy healthy partnership.
1. FIT: Partner around mutual benefits or you won’t be partnering at all. Partnerships should yield clear wins for each partner and most important, a shared or complementary customer base.
2. SUITABILITY: In thinking about partners, instead of asking who is like us, ask who wins when we win. Don’t rule out potential partners who have different motivations for wanting the same success. We don’t need to share a mission to have a suitable fit.
3. SHARED AGENDA: Look for partners with a compatible agenda with respect to our audience and the potential for both parties to gain philanthropic fulfillment, financial benefits, enhanced image or expertise, access to new markets or marketing resources, greater efficiency, new products or services, competitive advantage or increased employee morale.
4. REALITY: Know that no partnership is perfect. The bottom line is to go into the partnership with open eyes, more positives than negatives, and a plan for compensating for weaknesses within the alliance. Shared, realistic expectations and a common vision for the degree of collaboration can go a long way to establishing and preserving a successful partnership.
5. COMMITMENT: Inevitably, the partnership will change over time, and one partner may perceive diminishing value. Effective partnerships require a consistent balance between the value each party derives from the relationship. Over time, it may be necessary to create new ideas and benefits if commitment is flagging on one side.