How to Make the Most of Your NFP/For-Profit Partnerships

Premium partnerships allow each party to focus on what they do best so that each one can leverage the synergy that is created when they cooperate, rather than compete. Such alliances allow each partner to achieve more than it would on its own and lets everyone make the best use of all their resources. This way less is wasted through the duplication of services or other assets.

The following strategies will help you and your partners reap the full benefits offered by collaborative relationships.

How Does the Partnership Serve Each Party’s Mission?

For collaborations to be worthwhile, they must serve the interests of each party. One way to ensure that everyone’s needs are being met is to look at each organisation’s values and mission. When creating the framework for your partnership, look for ways that the parties can cooperate and advance one another’s core objectives so that they are in alignment with each other's mission.

Take into Consideration What Each  Prospective Partner Has to Offer

Many corporate sponsors are content to provide cash donations to a nonprofit that they support, but, others wish to take a more hands-on approach. To make the most of this assistance, take into consideration how the for-profit partner is uniquely qualified to aid the NFP.

For example, they might lend the expertise of their staff to help with logistics, technical support, training or other similar assistance. If the company has products and services that the NFP or its members would find useful, it might donate hardware or software to help the nonprofit grow sustainably or improve its ability to deliver programs and thereby increase its impact in the community.

Use Branding and Messaging to Build Support for Each Partner

Each partner should provide high-resolution copies of their official logos, mottos and other brand messaging that can be used in public releases, news items and other communications so that each partner can benefit from the positive publicity and build their brand. Each party should share releases on their websites and social media channels. Designate key members of each organisation to act as community ambassadors that explain the work that the partners are accomplishing through their collaboration.

Create a Formal, Written Agreement

Make sure that your partnership gets started on the right track by creating a formal document that outlines the roles and responsibilities of each partner. Be very clear about what each partner will bring to the relationship.

Create a framework for managing the partnership. Designate contacts in each organisation that will be responsible for the management of the partnership. This document should define the purpose of your partnership, articulate your shared goals and outline your agreed upon policies and practices. It should include the guidelines that will be followed regarding leadership, communication and conflict resolution. Taking this approach from the very start will allow you to have more open and honest discussions and reduce potential confusion and misunderstandings.