When teaming up with a partner, you will both have your objectives for entering the partnership. For you the objectives will be based upon your company’s strategy or goal. For the partner it will hopefully be the same. However, for you together it is important to align the objectives. There is no need to have the same objectives, but they need to be in line.
In many cases objectives will be in line when companies start a partnership. Still there are many partnerships established for the wrong reasons. Think about the situations where strategic decisions do not drive the partnership, but were management drives the partnership: management that is on friendly terms with the other company and feels their companies need to work together. In these cases the objectives might not be in line.
Incompatible objectives will put the partnership at risk of at least slowing it down and in worst case leading it into a failure. Compatible objectives will strengthen the partnership and with that it’s chance for success.
Just as it is important to start a partnership with aligned objectives, it is also important to monitor alignment as the partnership matures. Circumstances may change and so might the objectives for each of the partners to be in the partnership. As we have seen in tip 9 it is important to measure and evaluate your alliance performance, and also for objectives it is essential to evaluate and adjust them where needed.
This article is part of a series of articles extending upon the 25 tips for successful partnerships & alliances article. These 25 tips have been rewritten and published in the eBook “25 tips for successful partnerships & alliances“. See this page to purchase your own copy of the ebook in Kindle, PDF and ePub format.