{"id":11541,"date":"2025-03-20T09:00:00","date_gmt":"2025-03-20T07:00:00","guid":{"rendered":"https:\/\/escp.eu\/thechoice\/?p=11541"},"modified":"2025-03-19T12:10:10","modified_gmt":"2025-03-19T10:10:10","slug":"the-power-of-partnerships-how-businesses-can-drive-change-by-teaming-up","status":"publish","type":"post","link":"https:\/\/escp.eu\/thechoice\/tomorrow-choices\/the-power-of-partnerships-how-businesses-can-drive-change-by-teaming-up\/","title":{"rendered":"The power of partnerships: how businesses can drive change by teaming up"},"content":{"rendered":"\n

If the last few years have proven anything, it\u2019s that businesses cannot afford to operate in silos. Global crises \u2014 from geopolitical conflicts to climate disasters \u2014 have made it clear that corporations alone can\u2019t solve the world\u2019s biggest challenges. Governments, businesses and nonprofits must work together to create meaningful, lasting change. For corporations, this is not philanthropy. Partnerships can amplify impact while aligning with business goals.<\/p>\n\n\n\n

\u201cThe latest World Economic Forum Global Risks Report<\/a> reinforces what we already know \u2014 there is less optimism today because of the tragic impacts of wars, severe weather events and economic uncertainty,\u201d says Ken Chan, a global executive PhD graduate of ESCP and partner at Optimus SBR, a Toronto based management consulting firm. \u201cIt\u2019s more essential now than ever for businesses to work collaboratively with governments and nonprofits to drive meaningful change in ways that build hope for the future<\/strong>.\u201d<\/p>\n\n\n\n

But how can businesses ensure these partnerships actually deliver results \u2014 and what are the pitfalls they need to avoid? We spoke with Chan to find out.<\/p>\n\n\n\n

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It\u2019s more essential now than ever for businesses to work collaboratively with governments and nonprofits to drive meaningful change in ways that build hope for the future.<\/p>\n<\/blockquote>\n<\/div>\n\n\n\n

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\"Ken<\/figure>\n<\/div>\n<\/div>\n\n\n\n

Key ingredients of a fruitful partnership<\/strong><\/h3>\n\n\n\n

A well-structured partnership is not about checking the CSR box, or handing over a donation and walking away. To drive real impact, businesses need to look for areas of mutual interest where both parties stand to gain.<\/p>\n\n\n\n

\u201cStart by exploring where there are areas of mutual interest and what leads to win-win outcomes<\/strong>,\u201d Chan advises. \u201cIt\u2019s important to see beyond the current year\u2019s objectives and consider what\u2019s past the horizon.\u201d<\/p>\n\n\n\n

Take climate action, for example. Had businesses and governments acted more decisively two or three decades ago, would we be dealing with the same frequency of extreme weather events today? \u201cLooking ahead, are there solutions that businesses can bring to the policymaking process that can help mitigate climate risks for years to come?\u201d Chan asks.<\/p>\n\n\n\n

Sustainability, human rights, social justice \u2014 these are massive, systemic issues that require long-term commitment. Companies need to embed partnerships into their core strategies and measure progress over time to ensure meaningful results, he says.<\/strong><\/p>\n\n\n\n

From words to action<\/strong><\/h3>\n\n\n\n

For businesses looking for proof that partnerships can create real change, Chan points to Open For Business<\/a>, a coalition of global corporations working to advance LGBT+ rights worldwide.<\/p>\n\n\n\n

\u201cWith the support of coalition partners, Open For Business has been researching the economic benefits of LGBT+ inclusion,\u201d Chan explains. \u201cIn recent years, reports have been published on the business case for LGBT+ inclusion in eastern Europe, the Caribbean and southeast Asia.\u201d<\/p>\n\n\n\n

These reports are not collecting dust \u2014 they are being used by local community groups, businesses and policymakers to advocate for more inclusive policies. The coalition has also produced the Investor Guide to LGBT+ Inclusive ESG Strategies, and a City Ratings index that ranks business environments based on their inclusivity.<\/p>\n\n\n\n

What made this initiative so successful? According to Chan, it was not just the financial backing from corporations \u2014 it was their active engagement along the way. \u201cYes, financial support is crucial, but so is the visibility of the coalition partners<\/strong>,\u201d <\/strong>he says. \u201cDon\u2019t underestimate the powerful impact of the voices of businesses.\u201d<\/strong><\/p>\n\n\n\n

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To truly make collaborative efforts work, building and maintaining lasting relationships with policymakers and nonprofit leaders is critical.<\/p>\n<\/blockquote>\n\n\n\n

The challenges of cross-sector collaboration<\/strong><\/h3>\n\n\n\n

If partnerships are so effective, why aren\u2019t more companies making them a priority? Two major obstacles stand in the way, according to our expert: time constraints and lack of expertise.<\/p>\n\n\n\n

\u201cBusiness leaders are typically preoccupied with running day-to-day operations,\u201d Chan notes. \u201cTo truly make collaborative efforts work, building and maintaining lasting relationships with policymakers and nonprofit leaders is critical<\/strong>.\u201d<\/p>\n\n\n\n

And the effort needs to go beyond networking \u2014 companies need people who understand how governments and civil society organisations work. There\u2019s a skill set involved in navigating cross-sector collaboration, one that many businesses lack internally. \u201cDoing it right requires dedicated resources and senior leadership buy-in<\/strong>,\u201d Chan adds.<\/p>\n\n\n\n

The foundation for impactful partnerships<\/strong><\/h3>\n\n\n\n

So, what\u2019s step one for companies looking to build meaningful external partnerships? According to Chan, it all starts at the top.<\/p>\n\n\n\n

\u201cThe tone starts in the boardroom,\u201d he stresses. \u201cThis means embedding external partnerships into corporate goals and ESG objectives, and carving out time on the board agenda to report on progress and risks<\/strong>.\u201d<\/p>\n\n\n\n

A successful partnership cannot be an afterthought. It should be an integrated part of a company\u2019s strategic direction. That means assessing whether there are dedicated internal resources to manage partnerships effectively. If not, companies should hire in-house experts or bring in external consultants who specialise in collaboration, Chan says. <\/p>\n\n\n\n

As businesses look ahead to a future shaped by AI, sustainability challenges, and evolving social norms, one thing is clear: the most successful companies will be those that don\u2019t go it alone. Instead, they will forge smart, strategic partnerships that create real, measurable impact \u2014 not just for society, but for their long-term success.<\/p>\n","protected":false},"excerpt":{"rendered":"

Businesses can\u2019t solve the world\u2019s biggest problems alone. By teaming up with nonprofits, governments and other organisations, they can drive real impact \u2014 if they do it right. But what makes a partnership truly work, and where do companies go wrong?<\/p>\n","protected":false},"author":1,"featured_media":11540,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[14],"tags":[16],"class_list":["post-11541","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tomorrow-choices","tag-strategy","category-14","description-off"],"acf":[],"yoast_head":"\nHow businesses can drive change by teaming up - The Choice<\/title>\n<meta name=\"description\" content=\"Businesses can\u2019t solve the world\u2019s biggest problems alone. 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