Data Presenting How Professionals are Using Partnerships and Community Building to Develop Stronger Enterprises.
Abstract:
Community can be characterized by a sense of belonging, mutual support, and shared identity among a group of people. They provide a platform for social interaction, collaboration, and collective action, fostering connections that contribute to personal well-being, societal cohesion, and organizational success. The significance of community and partnership cannot be overstated in today’s rapidly evolving business landscape and oversaturated health care industry. As enterprises navigate complex challenges and pursue ambitious goals, fostering strong relationships within their communities and forming strategic partnerships has become integral to their success. This synergy not only cultivates a sense of belonging and shared purpose but also drives innovation, enhances resilience, and amplifies impact. In this article, we delve into the transformative power of community and partnership in business, exploring how these collaborative efforts propel organizations towards sustainable growth while creating meaningful value for all stakeholders involved.
Introduction:
The community at TOSI University is empowering, warm, and inviting. At TOSI you learn insightful and researched backed knowledge as well as build your community in a supportive environment. The community at TOSI elevates post-op care as a certified source of safety and excellence. Building confidence in communication, dispelling misinformation, and mastering risk elimination using the TOSI Method is the vision of TOSI University. After taking courses through TOSI University, students have in-house marketing available to propel their career, including access to plastic surgeons that aim for the safety and well-being of all of their patients. Eighty percent of TOSI students have doubled their income by the third month of utilizing the TOSI Method. A diverse community of like-minded nurses, surgeons, therapists, and mental health professionals feel confident in their work, happy to be apart of the inviting society, empowered with the knowledge that they have gained, caring for their patients, and excited to implement the TOSI Method to support their clients through recovery.
Literary Review:
To build a community, one must meet individuals in their industry, geographic locations, or other individuals with similar values and passions as theirs. Partnerships can be employed as a means to excel an organization as well as build a stronger community. Partnerships assist an organization to be able to scale to new locations, open up new markets, gain competitive advantage, enhance business credibility and image, and reduce operational costs. Professionals should only consider a partnership if organizational value can be created to reach strategic goals. When two companies partner that do not share organizational values or organizational mission then the partnership won’t be beneficial. Partnership value creation is the ability to bring together diverse resources in ways that can achieve more together. When partnerships are implemented properly, they can be rewarding, drive innovation, and foster growth. Surrounding yourself with diverse intelligence and opinions that you trust is crucial to understand a situation or idea to it’s full potential. Individual perspectives are shaped by environment, upbringing, beliefs, educations, etc. and no matter how diverse that might be, there is still a blindside due to perspectives outside an individual’s view. A person may be too close to a situation and their blindside creates an environment to miss context. Bouncing ideas off of other people to get insight and feedback will evolve an idea because of the wealth of intelligence that exists in the minds of other people. We can go further and achieve more success with the right partner as Nkechi Oguchi explains after earning her MBA in Business (Oguchi, 2020). For instance, in 2016 GoPro’s revenue plunged nearly 50% in the second quarter, so the company was obligated to make serious adjustments to stay in business. The business needed to gain competitive advantage and increase brand visibility and image. In May of 2016 GoPro and Red Bull entered a strategic partnership. They successfully brought together diverse resources to gain organizational value for both companies. The two companies co-branded marketing initiatives to appeal to an overlapping target audience. The reason this was successful is because the companies share a vision of inspiring the world to live a bigger life. Six months after entering the partnership Red Bull had a 7% increase in sales while GoPro was starting to take over the majority of the market share in the action camera industry. Competitive advantage is amplified by this alliance. GoPro benefited from Red Bull’s global reach and marketing prowess significantly boosting its brand visibility while Red Bull’s branding power was amplified by GoPro’s technology. The CEO of Red Bull, Dietrich Mateschitz stated, “As partners Red Bull and GoPro amplify collective international reach, the power of their content, and ability to fascinate.” The synergy of the partnerships provides a significant boost to the awareness of both brands which ultimately has a positive effect to the commercial benefits for both parties. This strategic partnership helped both companies grow but more importantly the partnership helped the companies build a strong community of like-minded athletes, photographers, and entrepreneurs around the world. According to The Harvard Business Review, innovation-focused partnerships are often able to offset research and development expenses, accelerating timelines for new products and services. 94% of tech executives view innovation partnerships as necessary to their strategy. Innovative- focused partnerships can help ideas turn into reality such as the health care industry relying on technology integrations to streamline operations. Patients having access to health care professionals more quickly is beneficial to the patient and both the tech industry and healthcare industry. Building community is important to the community itself and the authenticity and success of a business, but having a positive cash flow in the business is just as crucial to the success of an enterprise. A successful business has sound financial management practices, pursues continuous improvement, is adaptable to technology and customer preferences, has a skilled and motivated team, and provides high-quality products or services. Not only can partnerships build a strong community and, open your business up to new markets or skills, but they can increase brands revenue. An excellent example of a partnership which increased brand revenue is Microsoft and their partner ecosystem. Their partner ecosystem, which grows thousands of partners per month, is responsible for 95% of Microsoft’s commercial revenue. Microsoft has a segment called the Intelligent cloud segment which consists of Microsoft’s public, private, and hybrid server products and cloud services that can power modern business and developers. “In the second quarter of fiscal year 2024, Microsoft generated over 25.8 billion US dollars in revenue from intelligent cloud service (Vailshery, 2024).” The reason Microsoft’s cloud service is so powerful is because of the 400,000 companies Microsoft partners with such as Citrix, Nutanix, and Cloud Software Group.
Conclusion:
Community is the foundation of any organization. Stakeholders, target audience, and partners build the community of a business so a collaborative vision, mission, and goals is critical to propel an organization towards sustainable growth. The right business partners create organizational value to reach a strategic goal. Fostering a strong sense of community and cultivating strategic partnerships are essential components of organizational success. Partnerships offer a multitude of benefits, including enhanced credibility, expanded market reach, reduced costs, increased revenue, and accelerated innovation. For instance, Cobra Beer from India acquired a new market when they integrated their beer into Indian restaurants in the UK. Cobra was able to penetrate the UK market by partnering with Indian restaurants and utilizing them as outlets for its market and the UK Indian restaurants got discounted deals from Cobra. Ultimately, embracing community and partnership not only enriches organizations with diverse perspectives and insights but also paves the way for ongoing value creation and continuous improvement.
References
BPI Network. (2024). Download BPI Network Study. Download Grow from the Right Intro | BPI Studies | Thought Leadership. https://www.bpinetwork.org/thought-leadership/studies/51
Kelly, Z. (2022). Every stat we have that proves the value of partnerships and ecosystem-led growth. Crossbeam. https://insider.crossbeam.com/resources/every-stat-we-have-that-proves-the-value-of-partnerships
Nutanix and Microsoft Azure Partnership: Customers and Partners reactions. Nutanix. (n.d.). https://www.nutanix.com/microsoft/nutanix-hybrid-cloud-azure-quotes
Managed solution client reviews. Cloudtango. (n.d.). https://www.cloudtango.net/providers/5821/managed-solution
Oguchi, N. (2020, April 29). How to leverage partnerships to better position your business. LinkedIn. https://www.linkedin.com/pulse/how-leverage-partnerships-better-position-your-business-nkechi-oguchi/
Stibbe, Reid, Gilbert, D., Stuart, Julia. (2019). Maximising the impact of partnerships for the SDGs. Maximising the impact of partnerships for the SDGs A practice guide to partnership value creation. https://sustainabledevelopment.un.org/content/documents/2564Partnerships_for_the_SDGs_Maximising_Value_Guidebook_Final.pdf
Vailshery, L. S. (2024a, February 5). Microsoft Intelligence Cloud Revenue Worldwide 2024. Statista. https://www.statista.com/statistics/508993/worldwide-microsoft-intelligent-cloud-revenue- by-quarter
Vailshery, L. S. (2024, March 27). Microsoft revenue by segment 2023. Statista. https://www.statista.com/statistics/273482/segment-revenue-of-microsoft/
Authors Biography
Samantha Franks is a social media content creator from Atlanta, Georgia. She earned her bachelor’s degree in business management from the University of South Carolina Beaufort which enriched her analytical research as well as her unique writing ability. Her passion for helping people in all aspects of their health, mentally and physically is shown through her work at TOSI University.
Keep in touch with Samantha via the web:
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