Collaboration Partners: How to Build Collaborative Partnerships

Collaborative partners are a group of at least two parties who share knowledge, budgets, and competencies to accomplish a shared goal. Collaborative work is a way to broaden a brand’s reach and benefit from the wisdom and resources of another company, ultimately enriching the sustainability, revenue, and face value of a company.

The collaborative partnership may be between stakeholders within the same industry, or those of different ones, leading to greater cross-promotion. For example, education programs may partner with local government, or disability health services may work with specific nonprofits to forward their mission, reach new audiences, and expand their brand.

Companies will seek out a few elements to smooth the collaboration process:

• Budget: Partnership agreements typically begin with how much each partner can contribute to a project or campaign. Inequities may exist if one company, such as a small public health company, partners with a titan, maybe as a San Francisco healthcare company. This disparity can influence how much each company can contribute. For larger companies working with nonprofits, their effort can sometimes be a tax write-off or a chance to create a philanthropic brand image.
• Resources: Partners may share technological, strategic, and human resources through partnership arrangements. Finding companies that can act as providers of needed resources to grow your company will be necessary for a successful campaign.
• Similar timelines: Working toward a goal on a similar timeline aligns company project management and streamlines the decision-making process. It also ensures both parties can punctually achieve success.
• Target markets: Finding new audiences is key to a company’s sustainable development. Companies should make strategic alliances with other companies that can offer access to and unlock a critical demographic that will boost a company’s sales and market presence.

Get the MasterClass Annual Membership for exclusive access to video lessons taught by business luminaries, including Sara Blakely, Chris Voss, Robin Roberts, Bob Iger, Howard Schultz, Anna Wintour, and more.