Establishing and building a strategic alliance with another company is one thing. Managing that alliance for the long-term is a completely different animal. If you are planning to build an alliance with another business, you also need an alliance management plan set in place. Use that plan to monitor and grade the success of the alliance.
In this post, we will introduce three subtle, yet vital ways to successfully manage a strong alliance.
- Make Collaboration The Focal Point: Collaborating with another business in the beginning is exciting and novel. However, like new romances, that excitement can wear off if both parties fail to make collaboration a priority. Make a commitment to keep your eye on the ball. With all of the changing realities that come and go with running a business, be prepared for each of them and dedicate time and effort to collaborating no matter what new changes are made.
- Be Open to a Third-Party: In order to keep both parties accountable and take note of any improvements or adjustments that need to be made, it is worth considering bringing in a third-party. A fresh, outside perspective will be able to notice anything that should be removed, included, or changed.
- Be The Business Partner You Want to Work With: Being the ideal business partner is never something that will always be easy, but it is necessary in order to maintain a strong, flourishing strategic alliance. Commit to holding up your end of the deal and if you cannot, communicate that to your partner. Create an alliance that is filled with integrity. Make sure both sides are benefiting from the relationship.
When you create an alliance, start by determine what each party wants to achieve from the relationship in the next 3-4 years. These are your goals for the alliance.
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