How partnerships work and the benefits of forming them
A partnership is an arrangement between two or more groups, organizations or individuals to work together to achieve common aims. The term is now widely used, and sometimes it’s applied to situations where one powerful organization is doing no more than consult with others, or where one organization is simply buying something off another. But these are not real partnerships in the true sense. If they were, then every time your team asked another team for some information or advice, or ordered a product/service, these interactions would be described as partnerships! So what distinguishes such interactions from a true partnership?
Partnerships usually have the following characteristics …
• All the parties involved have some sort of personal stake in the partnership;
• All the partners are working towards a common aim;
• The partners have a similar ethos or system of beliefs;
• The partners work together over a reasonable period of time;
• There is agreement amongst the partners that a partnership is necessary;
• There is an understanding of the value of what each partner can contribute;
• There is respect and trust between the different partners.
Partnerships are often more successful than individual endeavours because one group isn’t saddled with the responsibility of doing everything within its own constraints of perception, knowledge, skills or other resources. And having access to a wider variety of ideas and being able to share the financial costs of achieving a desired aim also means that an organization could confidently tackle issues they had previously steered clear of.
Partnerships are also successful because …
• They share creativity, risk, responsibility and resources;
• Participants are able to feed off each other’s energy and enthusiasm;
• They can attract more funding from a diverse range of sources;
• They highlight different issues,...