Partnerships are essential for businesses of all sizes. Unfortunately, more than half (60-65%) of strategic partnerships fail, with common reasons including unrealistic expectations, failure to agree on objectives and lack of trust or communication.
By working together, companies can achieve more than they could on their own. However, not all companies are created equal when it comes to being partner friendly.
Here are five ways to be a partner-friendly company:
- Be open and transparent.
Partners need to be able to trust you with their resources, their data and their business. Being transparent is essential to building trust. This means being open about your pricing, your terms of service, and your roadmap. It also means being transparent about your challenges and your goals. If 1+1 can equal 3, you need to be open about any internal challenges or competency gaps that partners can help smooth out.
- Don't have a build-it-all mentality.
No company can do everything. By partnering with other companies, you can fill in the gaps in your offering and reach a wider audience. There will ALWAYS be more developers / analysts / researchers, etc. in the ecosystem, than there will be inside the company.
- Be risk-positive.
Partnerships are inherently risky. But if you're not willing to take risks, you'll never achieve anything great. Be willing to experiment and try new things. The very act of establishing a partnership is a risk that you need to lean-into.
- Be clear on your strengths and weaknesses.
Know what you do well and what you don't. This will help you find partners who complement your skills and resources. 38% of managers blame failed partnerships on lack of trust and communication.
- Have a desire to move fast.
The world is changing rapidly. If you want to stay ahead of the curve, you need to be willing to move fast. This means being able to make decisions quickly and being agile in your approach. When a partnership has momentum, you need to keep this moving, and execute against the agreed opportunity.
By following these tips, you can create a company that is more partner friendly and that can achieve great things through collaboration.
In addition to the above, here are some other things that partner-friendly companies often do:
- They invest in their partners. This means providing them with training, resources, and support.
- They celebrate their partners' successes. This shows that they value their partners and their contributions.
- They are always looking for new ways to collaborate. They are not afraid to think outside the box and come up with new ideas.
- They are open to feedback. They want to know what their partners think and how they can improve.
If you want to be a partner-friendly company, start by following these tips. You'll be surprised at how much more you can achieve together.
"Humility isn't denying your strengths; it's being honest about your weaknesses." - Rick Warren
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