15 Jun Will partnerships be the ‘new normal’ in a post-COVID world?
The coronavirus outbreak has sent ripples around the world, with companies across every sector feeling the impact in some way. This unprecedented challenge has led businesses to overcome organisational and sector boundaries and join forces.
Before the pandemic, successful partnerships were often built by companies and individuals working well together over time. Instead, many businesses have worked together and managed to move extremely quickly to find innovative solutions to the crisis. But what has been the key to their success?
- Think outside of the box
To establish creative partnerships, you should review where there is an unmet need or room for opportunity and explore how your company can get involved. A great example of this is Disney teaming up with the aid organisation MedShare to donate 150 thousand ponchos to nurses with a lack of PPE equipment. Although this type of partnership will not necessarily result in financial gain, it will highlight that your company is true to its ethical values and ensure your business strategies can be trusted going forward.
- Empower your employees
While building key partnerships, it is essential to develop the relationship you have with potential and existing employees. With many of your workers having to juggle full time work, home schooling and various other pressures, you should try to keep an open-minded approach. By taking the time to communicate and understand your employees, you can ensure the workforce is as productive possible given the circumstances.
- Prepare for the long run
Always think about the long-term plan when it comes to partnerships. Whatever industry you work in, maintaining a presence with your business partners and providers will enhance your chance of coming out of this crisis stronger than ever. Once organisations and the economy begins to recover, the partnerships you will have worked on during this time will enhance your chance of growing your business in the most efficient way possible.
One thing is clear: even after we return to normal after this crisis, we cannot go back to business as usual. We have seen the possibilities created by working together and repurposing products or services to help those in need. What is there to stop us from learning from this experience and building more sustainable and collaborative strategies for the future?