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Outperforming companies are 50% more active in partnerships vs lower performers

In the last 3 yrs, outperforming companies were nearly 50% more active in #partnerships 📈 compared with lower performers, according to McKinsey & Company. Partnerships is also named among top 5 business practices that are essential today to survive and thrive in recession.

Just yesterday we discussed in the live workshop with Allan Adler that organizations need to apply a 10X mindset to building their ecosystem ESPECIALLY in times of recession.

(comment below if you’d like a link to recording).

🚩 Today McKinsey eloquently explained that natural tendency for many companies to

“protect what they have and wait for a return to “normal”

- is in fact a high-risk strategy.

In a new era of higher volatility and disruptive tech/trends, merely trying to manage costs and raise productivity is unlikely to overcome the growth challenge that 7 out of 8 orgs face.

💡 Companies need to innovate to find growth while controlling costs at the same time.

Since the last crisis of 2008, companies that prioritized revenue growth while managing costs, delivered 34-41% higher shareholder returns compared to those who did only one of the two.

🎯 Partnerships are among 5 key initiatives that are “particularly important today” to deliver #growth.

Based on the research of 1140 business leader in 2021 and 1331 in 2022 McKinsey found that

“top economic performers have doubled down on investments in new partnerships”.

#Alliances and JVs can enable companies to rapidly scale new business models or offerings that would take a long time to develop organically.

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