Partnerships are a big deal in business and business often depends on them. We hosted the Ideon CEO Network at Axis’ Headquarters and CGI who ran an interactive workshop on Strategic Partnerships. Axis introduces and describes themselves as a company where partnerships are key.
Roughly 60% of forged partnerships fail, says Patrick Lindquist at CGI. The pitfalls are many.
Common challenges include different levels of commitment, disagreement on goals, lack of immediate results or lack of trust and communication. Cultural differences may be in the way as well as forgetfulness about involving the whole team in negotiations.
But if 60% fail, 40% succeed in overcoming these challenges. CGI shares five key take aways on how to succeed with strategic partnerships:
Create a culture of Collaboration and Innovation
1. Create an open and inclusive environment. Aim for aculture that values diversity and inclusivity, where everyone feels heard and respected.
2. Encourage collaboration across functions. Strive to break down silos and promote knowledge sharing. It will lead to more innovative solutions and a higher degree of buy in.
3. Allow time for experimentation. Innovation also means experimentation and risk-taking. Give employees time and resources to experiment with new ideas and solutions.
4. Give opportunities for learning. Give your employees the chance to learn new skills, attend workshops and conferences, and collaborate with other professionals.
5. Celebrate success. Recognize and reward employees for their contributions and achievements. This reinforces behaviors that lead to innovation and a positive work culture.
We would like to thank all participants for sharing their experiences with strategic partnerships.
Next session for the CEO Network will be on October 16th. If you are a CEO and would like to join this network, please get in touch with us. Send an e-mail to Lotta Wessfeldt.
