Two heads are better than one, so the saying goes. And that's certainly true in the business world, where a collaborative approach can hold the key to scaling innovation and solving complex challenges.
Creating partnerships involves identifying shared value and leveraging the combined strengths of each partner to achieve a level of impact that could not be accomplished independently. But unlocking their full potential means considering not just 'why to partner' but also 'how to partner'.
Although each partnership is unique, there are common threads that link the most successful ones. Setting a clear case for partnership from the beginning is critical to future success – establish the need for partnership and identify what's required for it to be successful.
The way in which partners communicate can make or break a partnership. Trust is crucial – open and honest conversations achieve partner buy-in and encourage commitment to the partnership at a deeper level.
It's important to set out clear objectives, a plan for how to achieve them and the benefits of doing so – both for the partnership as a whole and for individual partners. Clearly defined roles and responsibilities create accountability within the partnership and help to prevent misunderstandings.
Committing the appropriate human, financial and organisational resources up front can make operating through the life of the partnership more effective. Mechanisms to monitor progress, evaluate partner actions and enable accountability help to make sure the partnership is achieving its goals.
So if you get all these things right, what benefits can you expect to see from your partnership?
An obvious one is that your workforce expands overnight – you have access to an extended sales team to increase your market reach. Time to market can be reduced by leveraging a partner's resources, relationships and brand position. And the right partnership can enable you to enhance and extend your value proposition.
At GeoSpock, we are part of the Amazon Web Services (AWS) Partner Network. This means we can offer our own partners all the benefits of association with the global AWS brand as we help them grow their markets and take their businesses to the next level. A real win-win situation.