Strategic partnerships can be beneficial for businesses with limited resources. When two companies that complement one another don’t have the funds to expand the way they would like to, or to reach the markets they wish to, they can form a strategic alliance to help accomplish their goals.
Here are recommendations to follow when considering strategic partnerships with your company:
1. Do Your Research
By carefully researching candidates for strategic partnerships company owners can assess how well the other company meshes with their business goals. This type of business alliance is an opportunity to enhance both companies by serving the same client base with different products or services. Business owners can greatly enhance their success opportunities by making certain that the partnership is a good fit before entering into a formal arrangement.
2. Identify Who Can Make Money With (or for) Your Business
Consider what businesses have the same target clientele, but offer different products/services. Also, as a business owner, consider what businesses working with your business can offer an enhanced product/service opportunity.
3. Clearly Identify What This Business Brings to Your Business Equation
Having a clearly written business plan in place, you know what goals you are trying to achieve. When considering a new strategic partnership, identify how this alliance can help you attain those goals. Also, you may find other goals become available from new emerging opportunities with this alliance. Then, take time to define the measurable contributions so that both are sharing equally in what is being brought to the table
4. Enter into a Trial Period
Even with the best laid plans, sometimes these strategic partnerships don’t turn out to be what you thought they would be. Before making a long-term commitment, try out the partnership for a trial period. Create a set of well-defined metrics that measure the results from this alliance so you can make a well-informed assessment. Be certain both parties are comfortable before the marriage.
5. Have a Way Out
Handshakes don’t provide the legal protection you need in the event that you determine this partnership is not working. It is best to develop a written contract with a walk-away clause. In addition, create a legal document that defines how information will be shared, revenue will be divided, and any assets assigned, before you begin working together. Strategic partnerships are wonderful opportunities for growing businesses if they are thoughtfully and purposefully created.
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