What are the key factors in building and maintaining sustainable partnerships?

1 Align your vision and values

One of the first steps in building a sustainable partnership is to ensure that you share a common vision and values with your potential partner. This means that you have a clear and mutual understanding of what you want to achieve, why you want to work together, and how you will measure your progress and impact. Having a shared vision and values can help you overcome challenges, resolve conflicts, and align your actions and decisions. For example, Netflix and Spotify have a long-standing partnership based on their shared vision of providing personalized and engaging entertainment experiences to their users.

2 Communicate effectively and transparently

Another key factor in building and maintaining sustainable partnerships is to communicate effectively and transparently with your partner. This means that you keep each other informed, listen actively, provide constructive feedback, and address any issues or concerns promptly and respectfully. Effective and transparent communication can help you build trust, respect, and rapport with your partner, as well as avoid misunderstandings, misalignment, and missed opportunities. For example, LEGO and NASA have a strong partnership based on their frequent and open communication, which allows them to collaborate on educational and inspirational projects for children.

3 Share your resources and expertise

A third key factor in building and maintaining sustainable partnerships is to share your resources and expertise with your partner. This means that you offer and seek support, advice, and guidance from each other, as well as leverage your respective strengths, skills, and assets to create value and innovation. Sharing your resources and expertise can help you enhance your capabilities, efficiency, and quality, as well as learn from each other and grow together. For example, Starbucks and Conservation International have a fruitful partnership based on their mutual sharing of knowledge, practices, and funds to promote sustainable coffee production and environmental conservation.

4 Adapt to changing needs and expectations

A fourth key factor in building and maintaining sustainable partnerships is to adapt to changing needs and expectations of your partner, your customers, and your market. This means that you are flexible, responsive, and proactive in adjusting your strategies, plans, and actions to meet the evolving demands and challenges of your partnership. Adapting to changing needs and expectations can help you stay relevant, competitive, and resilient, as well as seize new opportunities and overcome potential threats. For example, Apple and IBM have a successful partnership based on their ability to adapt to the changing needs of enterprise customers and deliver innovative solutions and services.

5 Celebrate your achievements and learn from your failures

A fifth key factor in building and maintaining sustainable partnerships is to celebrate your achievements and learn from your failures with your partner. This means that you acknowledge and appreciate each other's contributions, efforts, and results, as well as reflect and improve on your mistakes, setbacks, and lessons learned. Celebrating your achievements and learning from your failures can help you foster a positive and productive partnership culture, as well as motivate and inspire each other to continue working towards your shared vision and values. For example, Google and UNICEF have a rewarding partnership based on their recognition and celebration of their joint impact on fighting Zika and other global health issues.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?