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.