INSTANT MBA: Partnerships Are The Missing Link In Growth Models

Today's advice comes from Bill McComb, CEO of Fifth & Pacific Companies, Inc., via LinkedIn:

"Partnering is the fastest, most-effective, lowest risk way to solve for nimbleness and growth. It brings new knowledge, skills sets and opportunities to your organization fast. The catch, of course, is that you can’t just snap your fingers and create a lasting, productive partnership. Human nature – pride, confidence, success and skills — are exactly what gets in the way."

McComb says that many young businesses don't realize that partnerships are the missing link in their growth models, and that the list of areas that partnerships can benefit is extensive. Licenses, joint ventures, distributors, contract manufacturing, fulfillment houses, software developers, customer service centers, marketing agencies, and revenue affiliates are all types of partnerships that foster successful symbiotic relationships.

"Leaders need to ask themselves and their organizations tough questions ... How can we overcome the natural instinct to define 'our way' of doing things as the best? You will need a 'partnering' team to help identify the skills required, review opportunities, make the big decisions, and drive 'partnering' and alliance management as a way of being throughout your organization. Otherwise, your once great capabilities could become great liabilities."

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