Partnerships and alliances in businesses helps in increasing the sales & market share. It certainly makes easy to tap a bigger market when two entities join their hands. In spite of all benefits, partnerships are considered as fragile units. One must be very careful in carrying out these kind of alliances. To ensure success in your partnership, follow the 8 ‘I'(s):-
Use individual strengths to harness the productivity of organisation. Both the sides plays pivotal role and that must reflect in terms of work too.
It is necessary that the partnership must matter strategically to both sides. It will be taken seriously when it’s important to both the parties.
One must understand that you need to be dependent on your alliance for some or other reason. Being interdependent must be taken as a healthy sign for better ideas, better processes etc.
It is advised to have a stake in investment as it brings seriousness for alliance. Once you invest an amount on some business, you start taking it more seriously.
Keep your working environment transparent in terms of information, deals etc. Transparency brings trust in relationship and hence results in unanimous actions and goals.
There must be numerous point where both the organisation are coming together and taking decision. Regular meetings (weekly/fortnightly/monthly or quarterly) are advised to share individual views on things. This help both the organisation to work together for one goal
Make a clean structure in organisation with the specific roles, this will certainly ensure that the partnership is working for both the sides.
Nothing works best than the trust on your partner. Be rooted to ethics for all the decisions taken during journey and reap the success together.