Forging partnerships with other companies & organizations is a powerful way to supercharge the success of your company.
In short, partnerships are a strategic agreement between two or more entities that help everyone involved through mutually agreed upon benefits.
An example partnership might exist between a printing company and an ink manufacturer where the ink manufacturer provides ink at a steep discount to the printing company in exchange for free or discounted printed materials.
Or for example, if you are a development shop but need help with building a successful brand, you might offer your development services in exchange for branding service; this would be an example of partnership between your development shop and their branding agency!
In this sense, partnerships are inherently synergistic – combining skills and expertise of the business partners to help both advance in their own respective area.
Business partnerships can be incredibly formal, involving contracts and lawyers and shared revenues or as simple as friends helping one another out with simple things.