Sometimes it’s tough to go it alone, especially if you’re a small business owner. Because of today’s fast-paced and constantly changing business environment, it’s critical to move quickly to take advantage of opportunities.
Consequently, many business owners are seeking alliance management professionals to help them achieve their business objectives rather than building or buying something new. Aligning with the right partner allows you to open new market segments, increase efficiencies, and fill offering gaps.
Embracing Alliances with Open Arms
No single company, organization, government agency, or association has all the time, talent, and resources to meet the demands of today’s global market. To manage new challenges, you have to be open to new relationships with other businesses and operations that complement and enhance your expertise.
Done correctly, an alliance nurtures innovation, offers resources, and shoulders some of the risk. However, done incorrectly and you waste time, money, resources and effort.
According to the Association of Strategic Alliance Professionals (ASAP), alliance management is a way of thinking. It requires specific skills, a defined vision, structure and goals, and metrics. Additionally, it requires the willingness to embrace an alliance and achieve a shared objective. Not always an easy accomplishment.
Choosing the Right Alliance Manager
When building a strategic alliance, it’s important to find a potential partner that offers a mutually beneficial exchange of something – clients, technology, capabilities. With the right alliance manager, it’s about choosing someone to be responsible for the effective governance of that relationship. Their goal must be to protect company assets while maximizing long-term value.
Alliance management is about focusing on collaboration and building a partnership with coordinated activities, flowing communication, well-thought-out decisions, and proper use of resources.
Key Partnering Skills:
- Communication skills: Conflict Resolution, Negotiation Skills, Financial Management, Relationship Management, Problem Solving & Decision Making
- Company Skills: Unique Company knowledge, Strategic imperatives of company, Industry & technical drivers, Organization & Functional Structure, Company Governance & Partnering Culture.
- Core Skills: Competencies of Alliance Management roles, Create strategic alignment, Governance, Value proposition development, Alliance metrics creating & setting.
The best alliance management professional has an extensive knowledge of business, superior negotiation skills, a deep understanding of relationships, and the tenacity to do a difficult job.
That’s where 3rd Eagle can help.
3rd Eagle is dedicated to finding successful partnering solutions that offer mutual growth. Let us help you create the right partnership. Browse our website, review our blog, and then contact us for more information.