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Business Partnerships: Building Trust Between Organizations

 

  

 
Vadim Kotelnikov

Trust is a core element of innovative partnership in today's rapidly changing creativity-driven knowledge economy.

Vadim Kotelnikov, founder of 1000ventures - personal logo VadiK

Inventor

Author

Founder

 
 

Trust Between Organizations Defined

Mutual trust is a shared belief that you can depend on each other to achieve a common purpose.

 

Strategic Alliances

Benefits

  

 
 

Key Benefits of Trusting Business Partnerships

① Confidence

② Strategic Alignment

③ Predictability

④ Synergy

⑤ Mutual Creativity

⑥ Improved Performance

 		 

 
 

All-Encompassing Effort

Trust is not a matter of blind faith. Your must construct it – step by step. Further, building trust between organizations is all-encompassing. It involves your people, corporate culture, politics, practices, priorities, and structures.

 

8 Conditions for Trust Between Organizations

Getting People Issues Right in Mergers and Acquisitions

  

 
 

Achieving Synergy

The purpose of a synergistic strategic partnership is to get results that exceed what a transaction can do. Mutual trust helps achieve this as it allows the organizations that depend on each other to adapt as necessary and implement changes that cannot be planned in advance.

  

 
 

Enhanced Emphasis on Trust in the New Economy

"Trust is at the heart of today's knowledge economy." ~ Jordan D. Lewis 

Trust – both between individuals and organizations – is at the core of and delivers significant benefits in today's complex and rapidly changing knowledge economy.

It is one of the most efficient mechanisms for governing innovative business partnerships. With trust as a foundation, the companies – or teams within a company – can share their know-how to achieve synergy – results that exceed the sum or the parts.

 

Strategic Business Partnerships

10 Key Features of Effective Partnerships

Joint Ventures

Why Joint Ventures Fail

Franchising Opportunity: WEneurs

  

 
 

Interpersonal Relationships

Business partnerships have diverse forms that include, strategic alliances, joint ventures, and franchising.

Deep trust between counterparts is an essential ingredient for creating greater value and solving complex problems. Interpersonal relationships are a critical element of trust between organizations. They make the connection.

 

 
 

Successful business partnerships are strategically aligned and live through people – this is how all the parts come together. Interpersonal intelligence helps build deep cross-cultural trust that grows as interpersonal relationships strengthen.

  

People Skills

Building Relationships

Rapport

  

 
 

Trust as a Competitive Advantage

Trustworthy firms have competitive advantage when it comes to forming and using cooperative strategies. All operational aspects of a cooperative arrangement are impossible to specify in a formal contract. Confidence that its partner can be trusted makes a firm faster and stronger... More

 

Sources of Sustainable Competitive Advantage

3 Main Sources

People

Tacit Knowledge

  

 

 

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