Sustaining strategic alliances for success requires short-term planning and planning over the long-term. You need to determine how to best use your available resources to ensure you have the infrastructure in place. An article posted on the Financial Post talks about building and maintaining strategic alliances.
“As companies enter into an array of alliances, the potential for achieving benefits can increase dramatically.”
There’s an interesting video on YouTube featuring former Google CEO Eric Schmidt. In it Schmidt explains the benefits of having a coach. He tells the story of his early years as CEO when a board member suggested that he find one. Though Schmidt felt there was nothing wrong – he was the CEO, after all – he took the board member’s advice and began to work with a coach. As Schmidt explains in the video, a coach helps give perspective to things we are unable to see ourselves.
As an Entrepreneur what is the one resource you wish you more of right now? I’d be willing to bet the answer is most likely time. If you’re running low on energy there’s always more coffee, right? But, if you find you just don’t have enough time in the day to get everything done what do you do? You can’t add more hours to the clock.
Think you know your target market? Most business owners will answer with a resounding, “Yes.” However, too often companies identify their demographics at the onset and then never look back.
Target Markets are Evolving
The 2010 white paper, “2010 America: What the Census Means for Marketing and Advertising,” forecast changes in the demographic make-up of the U.S. along with the resulting business implications. It suggests that too many entrepreneurs neglect changes to their current target market. The result: same old sales strategy, no increase in sales.
You scratch my back, I’ll scratch yours. When you form a strategic alliance with another company, you get the benefits of leveraging an expertise, product, service or asset that isn’t even yours. Yet, they call on the same customers you do.
Big businesses have been reaping the rewards of these relationships for years. Continue reading →