Building a business in and of itself is one of the most rewarding and difficult feats any professional undertakes. Once a business entity is successfully set in place, there are still countless other aspects to consider to thrive. Creating strategic alliances is one such aspect to consider. Those seeking to make this step, let’s explore two important tips to help along the way for first-timers building strategic alliances.
Prepare For Two Extremes: The Long-Haul and Walking Away
Finding good partners becomes an art form. Plan for false starts. No one is perfect. Business professionals must be fully prepared to examine each prospective business. Research becomes important. Then decide if both parties are going to commit for an extended period of time—through the good and bad. At the same time, learn to know when it is time to walk away. Learn which other business entities are not the right ones for you.
Get Everything in Order
Your business may not be perfect before starting a strategic alliance. But there are several key things that need to be in order before taking the plunge. Be willing to show off the inner workings of your business. Ensure that certain aspects such as your finances, team, and vision are all solid. Sharing your vision is most important. Also, share your objectives for the alliances.
Alliances require balance. Sometime you topple over, so just pick yourself up, and try again. Strategic alliances take time and effort to create and grow. Companies that just meet once, shake hands and leave, don’t succeed. Plan for people to manage, monitor and grow the alliance. Th result is worth the effort.
The interpersonal steps in the establishment of an effective strategic alliance become very subtle and tentative. 3rd Eagle instructs, mentors and advises companies on how to structure, launch and manage strategic alliances that complements their corporate strategy. Please contact us to discuss your plans.