Is A Collaborative Partnership Your Best Strategy In 2021?

Forming a strategic partnership should be part of your growth plan in 2021. They can leverage strengths, keep up with technology & create new opportunities


What are the best strategies to stay competitive and successful in 2021? 

There’s a new sense of urgency to this question, and whether you are a small business or a global organization, you’re looking ahead to make the best decisions.

Collaborative partnerships are increasingly popular to leverage strengths, keep pace with technology, and create new opportunities.

 

To Partner or Not To Partner

For many decades, strategic alliances were seen as an important option for growth. Important, yes. Crucial, well…not always. 

However, we live in rapidly evolving times. This is why we are seeing more and more companies forming partnerships to reach target markets, rapidly get to market, and align with capabilities beyond their current sphere.

As the landscape of partnerships has been shifting rapidly, the question is not only to partner or not. The question, according to experts at Deloitte, is to evaluate whether to build, buy, or partner. 

 

Build, Buy, or Partner

A recent report from Deloitte delves into the example of self-driving cars. 

I found it quite compelling because a lot of people are in the race to bring autonomous cars to market. It’s a race that is creating a whole new demand for self-driving cars and trucks. 

Deloitte describes how different organizations are taking unique approaches to solve this problem and utilize rapidly emerging technologies. Here’s a snapshot:

Tesla is building in-house AI chips, software, and technology. It is differentiating its offering, aligning with existing capabilities, and aiming to lead the way in self-driving vehicles.

General Motors is buying technology. It has gained technological advances such as laser imaging and AI, through company acquisition. These include Cruise Automation and Strobe.

Toyota is partnering and taking a different approach. It has formed a partnership and invested in Uber Technologies. With this alliance, there’s a combination of Uber’s self-driving system with Toyota’s suite of automated safety features.

Each example is using a different approach to gain a competitive advantage in the race to bring self-driving cars to the public.

 

What’s Right For You?

I bet you’ve been thinking about this example in light of your own business. Just about every organization has a unique blend of assets and capabilities. Every leadership team is looking at strategies to face the future. In the process, we are doing our best to envision the best outcomes. We are assessing market certainty, speed, strategy, and investments.

While there are many components, the bottom line comes down to a S.W.O.T. analysis. This is a powerful way to evaluate your company’s strengths, weaknesses, threats, and opportunities. 

In thinking about whether to buy, build, or partner, each option has its challenges and rewards. 

The choice to build in-house often comes from the belief that the solution will be essential to differentiate your company. This strength aligns with your capabilities and is critical to your strategy. It’s essentially what you are known for and will be known for.

The choice to buy arises when you want to have maximum control in a known market. Buying the solution offers a direct path to enhancing your existing capabilities. It’s an extension of what you are known for, perhaps showing up as an opportunity.

The choice to partner emerges when you want to rapidly get your solution to market. It may appear as a way to leverage a weakness into an opportunity. It often is linked to a solution that connects you to your target market, when market uncertainty is high, and when you want to move quickly.

 

The Process of Choosing Your Best Option

Many industries and companies are facing radical changes and the lines between industries are blurring, according to business experts. As deals continue to change the landscape, you may be deciding on the right path for growth.

Here are a few considerations that can bring you peace of mind. 

 

Assess Your Growth Initiatives

What are your aspirations and goals? Is your organization poised to be able to ‘go it alone’ or do you need to have a partner to achieve your goals?

While many professionals are keen to grow, it pays to find organizations that have the skills, experience, and strategic initiatives to get where you want to go.

 

Clarify Your Strengths

Going into a partnership, it is essential to know your strengths, assets, and capabilities. This enables you to genuinely offer resources and credibility to the partnership. Similarly, look for clarity from your partners, and choose partners who have a clear sense of their strengths.

It’s always easier to speak of strengths, yet is equally critical to know your weaknesses. Knowing weaknesses is a form of strength. You aren’t operating in the dark or avoiding the obvious. If you don’t have experience, you most likely have an entrepreneurial spirit. If you don’t have vast resources, you may be willing to make up for it in sweat equity.

By knowing what’s what, you can have an honest and open dialogue with potential partners.

 

Evaluate Your Values

It’s often said that the most successful businesses are values-driven. When you share your values with your partners, it’s like getting a green light on what matters most. 

You won’t get lost in difficult and time-consuming conversations about ethics, transparency, and professionalism. You’ll be of one mind, and it will show in your culture, discipline, and communications.

 

Assess Your Market

What’s going on in your market? Is there a vast amount of uncertainty and turbulence? How well do you and your senior team function in uncertainty?

Many businesses seek out partners that can offer resources that they don’t have. These may be financial, technological, or subject matter expertise. By knowing your market, and your ability to thrive in change, you’ll be in a stronger position to make strategic decisions.

 

Get Ready For Speed

One of the greatest advantages of partnerships is speed to market. When you partner with an enterprise that has the financial resources, your sparkly innovation can get to market with lightning speed. 

This is the primary driver in many partnerships—innovative ideas get off the ground and into the marketplace—fast.

 

Sum Up

Forming a strategic partnership may be part of your plan for growth in 2021. By examining your aspirations and goals, you can determine your best plan of action.

By starting with a collaborative mindset, you can join successful businesses that are shaping the market and realizing significant revenue potential. Partnership Co-Selling is how you can virtually qualify B2B sales opportunity. You can use this to boost sales, expand your network, and grow profitability.

Using a platform like CoSell is the simplest way to get your sales team on board. CoSell is a robust platform that makes it easy and fast to automate and scale collaborative co-selling across sales teams. 

If you’d like to explore how partnership co-selling can help you and your team boost sales and win major clients fast - check out our selection of free eBooks.

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