A well thought through partnership Model is an essential foundation for driving business performance.
A business partnership is an agreement to form and nurture an amicable business relationship and move forward on agreed goals. Predicting the future of business relationships based on a scientific method can be handy in various situations. While it is important to know each other well, it is equally important to know how make use of our mutual strengths to make your business strategy happen.
Key focus areas
How do we build stronger and better partnerships?
Do you want ease in doing business? You would always need partners who can enable our business. Businesses constantly require honing capabilities to build and strengthen relationships. And, Partnerships have a “life” of their own. Even if everything is functioning well in a partnership, it does so within a given context and for a given business situation. Whenever the situation changes, our mutual expectations from a partnership undergo many changes. All such changes have a tremendous impact on the work of a business professional. To know more watch this out.
What is the significance of building business partnerships?
Having the right partners, channels, dealers and distributors can create magnificent possibilities for a business. The contribution of challenges is mainly felt from a very myopic necessity. A partnership can fulfil many needs beyond business and operational requirements.
How do we build the right partnerships?
- By inspiring partners from time-to-time
- By partner-centric approach
- Building growth opportunities
- Recognition and reward
- By being customer-centric
- Allowing flexibility in the way of working
- Examine relevant policies
- Stay consistent at staying associated
What do great organisations do to build long-lasting partnerships?
Great organizations invest in building relationships with partners from time to time, ensuring that partners are not disrespected in any way and treated on par with employees. Organizations also train partners to build capabilities and knowledge about products and offerings. There is a strong emotional connection between the people and the partners, which happens through highly responsive customer-service practices. Organizations align their partners to the values of the organization.
Is personal chemistry essential for building partnerships?
Yes and no. Yes, in the sense, that it helps to execute things in a seamless manner. No, as, overemphasis on personal chemistry and harmony can dilute professional objectives. There is a need for balance between these two as the absence of personal chemistry can also give rise to innovation through conflicting opinions. It helps generally to balance yet find the right way to build momentum to make ideas work and derive results.