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The 4 components of successful partnerships

Having a shared vision is critical to success.

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This article was translated from our Spanish edition using AI technologies. Errors may exist due to this process. Opinions expressed by Entrepreneur contributors are their own.

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In a world of high uncertainty and vulnerability, we tend to create strategic alliances to stay in the market and grow. In fact, 63% of business leaders in 36 economies consider this to be a crucial action after the COVID-19 pandemic, where markets were restricted in all economic sectors.

However, no associations should be generated without considering the following four elements:

1. Long-term vision

Extending beyond the here and now will allow a more transparent and profitable work for both parties. It is the basis for a wide-ranging collaboration, the precise goals of which may not be known at first. In these circumstances, it is important to believe in the possibilities of the association.

This does not mean that we are not committed to achieving impact and value for ourselves and our partners. While it cannot be predicted exactly what form a breakthrough will take or when it might happen, if you know what challenges the association is trying to address and what opportunities you want to take advantage of. By putting support and oversight mechanisms in place, it is ensured that the expectations and results of both parties are properly managed.

2. Explore all participation opportunities

Collaborations can focus on talent, resources, consumer or influence networks, business know-how , specializations, resources, credentials, and more. Partnerships can turn new ideas and technologies into business realities.

3. Shared purpose

Having a shared vision is critical to success. Particularly when it comes to uncertain outcomes, it is vital that organizations are committed to the same goals at both the strategic and operational levels.

This is more important than ever as we try to tackle some of the world's most urgent and complex challenges like the global pandemic and the climate emergency. At the same time, huge opportunities are coming from the so-called Fourth Industrial Revolution.

New digital technologies, big data and AI will have a critical role to play in addressing many of the societal challenges we face and in boosting the country's economic competitiveness as we enter a post-pandemic recovery period.

4. Planning for success

Creating the conditions in which new ideas can flourish is also key to a successful partnership. Both partners can contribute to this by organizing networking events, building a consortium and sharing expenses such as using the same workspace or work utensils.

Planning also benefits from focus. Generating teams from diverse disciplines, backgrounds, beliefs and origins generates richer results by breaking a conventional business vision. Diversity is a substantial part of innovation, that is, a crucial element of being valid in the market and in life.

Another crucial point in planning is to encourage competencies among partners' collaborators, such as adaptation and teamwork.

In itself, we are entering an era in which collaboration and alliances are part of our own strength and possibilities for growth.