The importance of partnerships in challenging times
News The importance of partnerships in challenging times By Duncan Faithfull The word ‘partnership’ is thrown around a little bit during times when the business environment is straight forward. It is often referred to when writing strategic plans and PR, but the real meaning of partnership in business is only really established in times when we are challenged. It is easy to be a good ‘partner’ when the market is growing, and difficult choices are not required to be made. When markets struggle, as ours has for the last 12 months, it is a time for true partnerships to be tested, and where decisions have to be made which enable business to continue in the short term, but with an eye on future growth when markets ease. A great example of this is how our supply chain dealt with the sudden, and extensive, market closures of operators across the world. When our client ‘partners’ had sudden and severe cash flow challenges, meaning payment for our products could not happen, we were faced with two choices: firstly; to stop supply and to chase payment hard or, secondly; measure the impact on our own cash reserves if we kept supplying, and creating flexible payment solutions to allow our partners to keep manufacturing in readiness for the future. Neither of these choices would have been wrong, but our chosen path allowed our partners to continue to focus on creating great game content, safe in the knowledge that critical hardware would be available for these to be developed on when the markets reopened, enabling them to stay ‘ahead of the game’ in readiness for a brighter future. This is the essence of partnership. Working towards common goals and shared long-term objectives, even when there may be a [...]