Issues Discussed in the Business Strategic Corporate Partnership Video
To make a growing company successful, partners should know how to create partnerships with other businesses. A strategic partner is beneficial in several ways. For example, a well-established company can provide a growing corporation with capital or let it use its brand name for exposure (Googins & Rochlin, 2000).
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In the video, Vanessa and Erica hold the opinion that there are three primary concepts of a strong non-profit corporate partnership. The three include flexibility, reciprocity, and a holistic perspective. Flexibility is an important attribute of partnerships (Martignetti, 2012). To succeed, the parties should be ready to accommodate each other. With regards to reciprocity, a strategic partnership should be a mutual relationship. On its part, a holistic approach should control all elements of the parties involved to ensure that all partners benefit equally.
Vanessa and Erica point out five steps involved in the building of strategic corporate partnerships. They include drafting value proposition and sustaining relationships. The others are the evaluation of gaps, creation of a list of options, and research.
The two interviewees provide five important strategies that can be used by fundraisers to build strategic corporate partnerships. They include talking to volunteers, networking, carrying out research, being flexible, and not expecting involuntary renewals. As a Saudi teacher, I can identify with these approaches. Fundraising is a non-profit venture (Martignetti, 2012). With regards to planning, the members involved should ensure that they have a common passion. The reason is to develop a strong relationship. Volunteers are the major stakeholders in fundraising (Googins & Rochlin, 2000). As such, it is important to talk to them to determine their existing connections to the corporate world.
A partnership is an arrangement where parties concur to cooperate and take part in a common task with shared interests (Googins & Rochlin, 2000). It can also be defined as a relationship between two or more persons who come together to carry out a specific business.
I am from Saudi Arabia. I have worked as a teacher, a trainer, and a school manager. As such, I have been involved in several partnerships. The affiliations include businesses and Teacher Quality Partnership Grant. The business partnership entails two or more companies coming together to work in a joint venture (Googins & Rochlin, 2000). Teacher Quality Partnership Grant is an association that aims at enhancing the performance of students by improving the teaching capabilities of newly recruited teachers.
Strengths of Partnerships
Partnerships help investors to fund a given venture with ease. The reason is that the partners pool their resources to start the trade. Also, they share the responsibility of running the business. Partnerships are also flexible and easy to manage (Googins & Rochlin, 2000).
Weaknesses of Partnerships
Partnerships have various weaknesses that can ruin the affiliation if not well managed. They include, among others, disagreements, liability, and profit-sharing. People in partnerships have different ideas (Googins & Rochlin, 2000). The differences in opinions may lead to disagreements. Also, these businesses are affected by unlimited liability and profit-sharing problems.
What I Like about Partnerships
Partnerships help people to share ideas and work together to attain a specific goal that is beneficial to all members.
Challenges in Partnerships
One of the major challenges in partnerships includes the wrangles caused by ideological differences.
Googins, B., & Rochlin, S. (2000). Creating the partnership society: Understanding the rhetoric and reality of cross-sectoral partnerships. Business and Society Review, 105(1), 127-144.
Martignetti, T. (Producer). (2012). Building strategic corporate partnerships [Video podcast]. Web.