Effective Business Partnerships
Developing relationships is vital to organizational success. These relationships ultimately benefit not only the organizations but the customers and shareholders. There is a process identified in the Strategic Alliances & Marketing Partnerships referred to the “Gibbs + Humphries Partnership types that can be used to help to create a successful partnership. These characteristics can be used to help determine the dynamics of the potential relationship. Additionally, Jerry R. Mitchell (Mitchell, 2004, p. 1) has identified a four (4) factors for use in “Creating relationships that produce meaningful result,” (Mitchell, 2004, para. 6). These factors will be used to determine if the partnership scenario, with only two (2) factors in place, can be successful.
The Partnership
The partnership of Health Tech Management Services (HTMS) and rural hospitals is the product of a company providing financial services, consulting services, supply chain solutions and revenue cycle products to struggling small rural hospitals. This type of partnership is effective while including three (3) of the four (4) factors. The “Shared Risk” (Mitchell, 2004, p. 1) is not present because the facility bears all the risk of the venture. “Shared Resources” (Mitchell, 2004, p. 1), are higher for the hospital than HTMS. Even though HTMS provides people and knowledge to the relationship the hospital provides the capital, technology and financial risk.
According to Allen et al (2010), the Cisco Company is a good example of failed partnerships. The company has suffered two failed alliances one with Motorola and the other with Ericsson. Both alliances failed because of the same reason: The partners in the partnership had turned into competitors because of acquisitions vision. Allen at al (2010), notes that the partnership in this case lacked shared rewards and shared vision. The partners in this case did not have clear guidelines on how to share the rewards and hence resulted into competion. the computer-network giant continued to work with rivals making the partnership to fail.
On the other hand, it would be difficult for a business partnership to succeed, almost impossible, without the four principles. For instance, a partnership between two companies that do not share a common vision would bring about conflict of interests. Consequently, it would be impossible for partners to conduct business together if they did not share resources and rewards. Resources in this case include information which is a key component in any business partnership (Gannon and Smith, 2011).
Gannon and Smith (2011), points out that the Human Resource business objectives are established with an aim to the attainment of the overall strategic organizational plan and objectives. Consequently, the tactical HR is deeply knowledgeable about the entire design of work systems upon which people succeed and contribute. This strategic aspect influences such HR services as the design of hiring; reward; strategic pay; appraisal systems; performance development; appraisal systems; succession planning; and employee development. Gannon and Smith (2011), argues that the HR personnel is a crucial component of the organization planning and is a strategic contributor to business success. In addition, the HR is supposed to do advocacy. This entails creating a work environment in which people are motivated, willingly contribute to organizational policies, and are happy. In this role, therefore, the HR manager provides talent management strategies such as employee development opportunities, gain sharing and profit-sharing strategies, employee assistance programs, organization development interventions, and communication opportunities.
According to Williamson and De Meyer (2012), another important role of the HR is the constant evaluation of the organization’s effectiveness so as to be part of the team that champions change. Both the knowledge concerning and the ability to undertake successful change strategies make the HR exceptionally valued. Knowing how to link change, in this case partnership, to the strategic organizational needs will reduce employee dissatisfaction and resistance to change. This will in turn help to create the most appropriate organization culture, monitoring, and employee satisfaction. Williamson and De Meyer (2012) notes that in this case it is crucial for the HR to take the rightful role as an advisor in such matters concerning these issues during the planning of the partnership. Shared resources may include the human task force and in this case considerable attention is crucial to the welfare and working conditions of the employees. The organization should also consider the risks involved in terms of employees. The vision of the partnership should be clearly laid out and the HR involved so as to sell the same idea to the employees who are to form the steering team of the same.
Williamson and De Meyer (2012) notes that the most important factors that would ensure a successful partnership would be the shared vision and resources both companies should ensure the partnership is based on a common and shared vision, and equally agreeable service principles. Both partners should understand and agree on the purpose as well as the outcome of their partnership. Williamson and De Meyer (2012) points out that everyone must have a shared vision as to why the partnership was developed and the objective such rewards it hopes to achieve. This will form the basis of a common purpose and a shared commitment. The partnership should also provide for the sharing of resources between the two business entities. For instance, expertise from one firm might be required to participate in exchange programs. However, there should be a clear guideline the govern such programs. Sharing of information is crucial between the two partners. Successful partnerships will not only benefit the organization, but will also boost customer satisfaction through enhanced services and goods.
References
Allen, N. H., Tilghman, C., & Whitaker, R. (2010). For Gain or Pain? Establishing Effective Partnerships with outside Organizations. Continuing Higher Education Review,
GANNON, M., & SMITH, N. (2011). An effective outline business case to facilitate successful decision-making. Construction Management & Economics, 29(2), 185-197.
James Williamson, P., & De Meyer, A. (2012). Ecosystem Advantage: HOW TO SUCCESSFULLY HARNESS THE POWER OF PARTNERS. California Management Review, 55(1), 24-46.
Mitchell, J. R. (2004). Strategic Alliances [White Paper]. Retrieved from http://www.jerryrmitchell.com/SearchbyCategory.aspx?cid=5027&name=Partnering
Last Completed Projects
| topic title | academic level | Writer | delivered |
|---|
Are you looking for a similar paper or any other quality academic essay? Then look no further. Our research paper writing service is what you require. Our team of experienced writers is on standby to deliver to you an original paper as per your specified instructions with zero plagiarism guaranteed. This is the perfect way you can prepare your own unique academic paper and score the grades you deserve.
Use the order calculator below and get started! Contact our live support team for any assistance or inquiry.
[order_calculator]