Some of the advantages of organizational partnership include the chance to bridge the gap in expertise and knowledge, the potential for more cash, and a reduction in costs.

It can also open more opportunities, create a better work-life balance, and provide moral support, a new perspective, or many other potential benefits.

To ensure these outcomes, you want to identify the best possible partner. The following characteristics form the foundation of a great partnership –

• Trust. Without trust there can be no productive conflict, commitment, or accountability.

• Common values. Having common values is the very foundation of the successful partnership. This does not mean that partners are clones of one another, but partners need to agree on core values.

• Chemistry. How do you feel about your fellow partners? Would you still make them partners today?

• Defined expectations. The best partnerships set goals for each of the partners at the beginning of the year. And they don't try to make all the partners do the same things. They look to leverage each partner's strengths.

• Mutual respect. When partners have defined expectations and understanding of each others' strengths, they develop a mutual respect for each other. Respecting your partner in key areas is indispensable in making a partnership work.

• Synergy. Great partnerships create more than the sum of the whole. If you are a big-picture person, then you want to be partnered with a detailed person. If you are a strategic leader, then you want a partner who is a good implementer.

• Great two-way communications. The above elements of a good partnership won't make much difference if there is not good or great two-way communication; partners need to communicate frequently and effectively to make a partnership work.

All organizations need to look for the perfect strategic partnership that complements their activities as it is a sure way to grow moving forward. If you are missing any of the characteristics covered above, or if you merely need to improve in some areas, now is the time to start strengthening your partnership.