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.

Source