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Are Your Strategic Partnerships… Strategic?
CSSI Staff Post - April 29, 2020
Strategic partnership: Probably one of the most overused—and misused—phrases in our industry, or in any industry for that matter. To understand what makes a true strategic partnership, you have to break it down.
Strategic
Are you talking about your strategy or the strategy of your customer or supplier? Just selling or buying a high volume of a product does not make for a strategic relationship. For a relationship to be truly strategic, you must fully understand your trading partner’s strategic goals, and it is equally important that they understand yours.
Let’s face it, we are all in business to make money. Finding a fit that benefits both companies’ results is key to any strategic relationship.
Partnership
What defines a good partnership of any kind? First, it is a long-term relationship built on trust and understanding—a commitment to riding out the ups and downs together. A strategic partnership between a supplier and a customer must be more than a one-and-done proposition.
And for the (strategic) partnership to thrive, it is critical that both parties are on the same page. But what does that mean?
Requirements of a True Strategic Partnership
- Defined Individual and Mutual Value – The relationship is not one-sided; rather, both sides of the partnership have strengths that can be leveraged for the benefit of the partnership.
- A Shared Vision and Principles – Identify and understand what will set both sides up for success.
- Time and Effort – Strategic partnerships do not come easy. They require a substantial investment in time and resources to build and maintain.
- Consistent Communication – Sharing expertise, best practices and research/insights can only strengthen the effectiveness of the partnership.
Knowing that strategic partnerships require a significant amount of time and resources, organizations must determine how many relationships they can effectively and genuinely manage without compromising results.
How many customer/supplier partnerships does your organization consider to be truly strategic? If you need more than two hands to count them, you probably have too many. The list should be intentionally small. Trying to focus on too many strategic relationships can tax your resources and diminish the effectiveness of the partnerships that are critical to your business, namely those that deliver meaningful ROI. Identifying those long-term relationships requires careful consideration and alignment with the senior levels in your organization. These partnerships should be core elements in your company’s broader strategy.
In closing, let it be said: Strategic partnerships will never go out of style—they are the backbone of creating a successful business. True strategic partnerships are designed to deliver results not only in the present, but also in the years ahead.
Rachel Lake
Account Director
March 1st, 2023 We’re thrilled to introduce the newest addition to our culinary family: Chef Steve Madonna. Formally trained in both Italy and the United States, as well as having worked for Wolfgang Puck, Chef Steve brings an extensive set of connections and culinary knowledge to our already stacked chef roster. Featured in this month’s issue is one of Chef Steve’s favorite recipes for making memories at home with your loved ones.
October 19, 2022 Pumpkin pie is a nostalgic menu item and my personal favorite when it comes to fall and winter menus, as it goes hand in hand with a traditional Thanksgiving or Christmas feast. We elevate the nostalgia by turning this must-have holiday dish into a clarified cocktail that leaves your taste buds as curious as your eyes. We get adventurous as we replace expected visual elements with an ice-cold glass of clarified liquors infused with pumpkin pie. This cocktail defies all visual expectations, while leaving your sense of smell and taste immersed in a seasonally nostalgic experience.
October 19, 2022 Canada is well known for many things. Hockey, snow, maple syrup, and a few other stereotypical but somewhat accurate concepts may immediately come to mind. What you may not know, though, is how invested we are in the snacks that we consume. Compared to the U.S., sure, we are no match for the quantity and variety offered in the land of the free, home of the snacks. However, what we know in our hearts is that Canada has a long-standing, tried-and-true, flawed, yet beloved top-notch snack game. I’m talking about comfort foods that have become so integrated and so established that they are classified as cult-favourites—and no, I did not spell favourites incorrectly. You are about to see a lot more of the letter “U” in this article. Sorry! The great Canadian snack game is easy enough to understand. You think of a flavour and either slap it on a potato or pair it with chocolate. Snacking has always been a huge part of Canadian food culture, but it is only going up from here. To put it lightly, the past few years have been tough on everyone around the world, and Canadians have chosen to increase their spending on snacks by 67% as an indulgence or, personally, as a coping mechanism. In no way, shape, or form am I claiming to be a culinary expert somehow employed in the field of Finance, but I have eaten a lot in my life and right now, I’m the best and/or only Canadian guide you’ve got. Let’s get into the details:
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