When it comes to building a strategic alliance, some obvious components are required. Such components include trust, communication, and compromise. However, what about things that business partners forget to consider?
In this post, we will look at three commonly overlooked elements that every strategic alliance needs.
- Culture: In many cases where strategic alliances are built, they contain more than just two people. If you are the CEO of a large company as is your new business alliance partner, you will both have plenty of employees underneath you. In addition, it is important to both acknowledge those employees and include them in the alliance. This promotes the culture within both of the separate businesses and helps the two create a combined culture as well.
- Patience: Patience is a virtue, but it is one of the hardest virtues to master and is often pushed aside by many people. Building a successful alliance will take time and both parties involved must recognize that nothing will be built overnight. In addition to coming to terms with that, both parties must learn to be patient with each other since there is no guarantee that everyone will see eye-to-eye all of the time.
- Excitement: Part of that excitement should include creativity and fun. Business is a serious profession, but there is no need to be serious 100% of the time. In fact, it is beneficial to dedicate time to building relationships and allowing all of those involved to relax and bond. Include the aspect of fun to promote greater excitement about the alliance.
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