What makes a good partner and a successful partnership? This is a key question you should ask yourself each time you are evaluating partnerships for your organization. Here are five characteristics you should seek in a successful partnership –

Open Communication

Open communication is the backbone of any effective partnership. Each party depends on the other to keep informed; this can be achieved by offering regular status reports and/or scheduling a regular touch base. It is better to overcommunicate and be transparent than to keep one another in the dark and surprised or confused if an issue arises.

Accessibility

Signing a deal is only the beginning, implementation is when the heavy lifting starts.  Access to the right team members is the difference between a partnership that yields results and one that is just on paper.  Understanding how a new partnership affects everyone is critical to adoption and the overall success of the agreement for both sides. 

Flexibility

It is important to keep your overall goal front and center, but it is also good to acknowledge the likelihood of everything going as planned is unlikely. Being prepared and flexible is the key to overcoming curveballs in partnerships. Make sure both parties discuss what could go wrong and how to handle an unexpected situation.

Mutual Benefit

In a mutually beneficial partnership, each partner takes an active interest in the other, while working together to develop shared success. In the end, a mutually beneficial partnership can truly add up to more than the sum of its parts if each party stays focused on the end goal.

Measurable Results

Partnerships can create great outcomes but require commitment and resources. Measuring the value of these relationships helps assess the success of the partnership and should be included in every agreement. In all partnerships, data should be a critical component of what's agreed upon to help measure what matters. 

Every partnership is unique, but all partnerships should include the above qualities to ensure mutual success. Remember both parties should be communicative, accessible, flexible, provide mutual, and have measurable results. These qualities are crucial in optimizing your partnership agreements. Don’t overcomplicate these, as you can build on these throughout the partnership.