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.”
A portfolio of alliances Continue reading
Most people are very familiar with the idea of “win-win” in the development of joint ventures. This way of thinking has helped push old world business owners into thinking about the benefits of helping their business partners as well as themselves.
To strengthen business relationships, you need to focus on what would benefit both parties. The result creates more of a unified force. Asking yourself how you can help your business partner will truly make a huge difference in the long-term stability of your venture. A good way to start a relationship is to ask both parties for their Conditions of Success (COS). Then everyone knows what is expected at the end for joint success.
You’re a talented and innovative thinker planning to launch a ground-floor venture. Should you go it alone or bring in a business partner?
As we mentioned in our earlier blog, “Is it Too Much to Ask for the Perfect Business Partner?” a number of business pairings throughout the years have turned into great successes. Primarily because of the skills and traits each partner brought to the pair. However, a lot had to do with the actual relationship between the individuals involved.
Not Everyone Should Be Your Partner
This seems like an obvious statement. However, Continue reading
The traditional business paradigm encouraged companies to secure their assets by remaining isolated from other corporations. While businesses still must protect their products and designs, there is a sentiment today that appreciates the benefits that the world gains when all business subscribe to collaboration to solve global issues.
The catalyst for this shift is the fact that business collaboration is necessary in a socially sustainable world (from Mashable Social Media). The advent of the virtual world and the social media storm that ensued has demonstrated the revolutionary power that exists when people work together.
Certainly, businesses must operate with a certain level of autonomy Continue reading
Think of all the famous and successful business pairings there are and have been in the world. People like Ben and Jerry of ice cream fame or Warner Bros. moguls Sam, Jack, Albert, and Harry. There’s Bill Hewlett and David Packard; Richard and Maurice McDonald; and Steve Jobs and Steve Wozniak from Apple. So what makes a perfect business partner?
According to the Forbes article, “What to Look for in a Business Partner,” writer Melanie Lindner suggests five necessary traits to make a business partnership work. Continue reading
In a recent press release, Hallmark, the world’s leading greeting card brand, announced a strategic alliance with Shutterfly Inc., a leading Internet-based digital photo site. The goal is to have “exclusive Hallmark-designed customizable cards featured on Shutterfly’s new personalized greeting card site, Treat.com.”
According to Investopedia.com, a strategic alliance is… Continue reading
Successful businesses around the world understand the power of creating joint ventures to grow their business. Developing relationships with other companies gives you the ability to grow your revenues and has been used by corporate giants and small business owners. The principle works as it is based on strategic alliances.
A joint venture is essentially partnering with other businesses to create a partnership. Continue reading