The importance of partnerships

At Sophisticated Systems, we receive several calls each week from companies seeking to establish partnerships with our firm. These calls are appreciated. And while we are often solicited for partnerships, we also, on a regular basis, reach out to others.
So, why are partnerships important? What defines a great partnership? And with so many opportunities available, how do you select the right ones?
Ask the right questions
Partnerships that have the greatest value are those that are, similar to individual organizations, laser focused on supporting the client.
When two or more organizations are considering a partnership, the first question should be: Do the organizations involved have similar values that allow the partnership to function in a synergist fashion? It needs to remain positive and productive through both successes and challenges, as the majority of partnerships, over time, will likely be tested. Through trials, partnerships either self-destruct or grow stronger.
Secondly, ask: Does the partnership enhance our collective value proposition to the client? Will the client truly benefit? If the partnership doesn’t provide some material and tangible value to the client, then the premise of the relationship should be revisited.
A third question is: Will each of the partnering organizations be strengthened either through knowledge transfer or capacity building within their entity?
Winning characteristics
Over our 24-year history, Sophisticated Systems has learned and benefitted greatly from partnerships. We also hope that we provided significant value to our long-time partners. The most important thing, however, is that as the result of our working with other entities, we served our clients better. After all, serving our clients is key to our mission, our success and our future.
As organizations work together to solve specific challenges or create innovative solutions, the best partnerships:

  • Represent a win-win-win. The first “win” is always for the client. The other wins are for the partners.
  • Are not focused on a single transaction, but rather a number of opportunities or engagements within or across multiple clients.
  • Create something significant of value in the marketplace.
  • Have the roles and expectations of the individual entities well communicated, understood and accepted.
  • Include a general understanding of how the future will be handled — in terms of pursuing additional opportunities as well as resolving issues should they arise.

 
As we seek new approaches to grow our businesses and deliver value to existing and new clients, collaborative-oriented, client-focused partnerships can be an important part of the strategic plan.

Our Central Ohio region continues to be branded as a community that is collaborative, innovative, inclusive, future-thinking and one with a global perspective, where partnerships at both the micro and macro level are working. This is true in all sectors — private and public. Just as this collaborative environment strengths our community, partnerships offer an important opportunity for the success and expansion of our companies.