Generating Strategic Alliances
Identifying your strategy is the first step toward successStrategic alliances are a quick way to help a small business grow beyond its known sphere. By leveraging an alliance with a key customer or even a competitor, you can jumpstart any area of your business. They are usually formed so that you can:
- Gain access to new markets.
- Develop new products or skills.
- Respond to changing markets quickly.
- Reduce risks and costs.
Define your alliance vision
Do your homework on potential partnersThere are many factors to consider when sizing up partners. Look for similar cultures, communication styles, business ethics, positive customer feedback, and reporting practices. Go after brand leaders to add immediate panache and value to your company, as well as entrée into new markets and strategies Also, make sure the company is profitable.
Use matchmakersMatchmakers can help you narrow down your short list, scrutinize candidates, and forge an alliance that works.
- Networking is a key factor in attracting partners. It's also an opportunity to discuss with others the kind of company you want to partner with.
- If collaborating with others isn't your forte, avoid alliances.
- Remember that a well-set strategy drives the process.
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