Forging partnerships with other companies and 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.
Let's say a printing company and an ink manufacturer decided to form a partnership. One way they could mutually help each other is if the ink manufacturer provides ink at a huge discounted price 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 services; this would be an example of a partnership between your development shop and another company's branding agency.
Partnerships are inherently synergistic, meaning they combine skills and expertise of the business partners to help both parties 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.