What are the pros and cons of working with a strategic partner?
The company I have set up is basically ready to be launched, but still needs some tweaking. Therefore, someone suggested looking for a strategic partner who could help out. I am wondering if there are any pros and cons I need to consider before going down that road.
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Everyone thanks so much for all the answers supplied: they have given me food for thought and am now more clear where I should be looking and going.
Pros are with proper sourcing, a great straegic partner will provide you instant access to markets, industry knowledge, customers & revenue. Cons are you will reduce your margins & potentially your confidential planning, strategy & product solutions. Overall its worth the cons to establish your self quickly in your targeted markets,
Strategic partners can be a tremendous way to access prospects you may not be able to reach as a new concern. The drawback is at what cost? You must be able to establish what is in it for the established strategic partner. You still have to market and develop prospects separate from the strategic partner as well. Never put all you eggs in one basket.
John E. Stanojev, President
Capital Insurance & Investment Planning, LLC.
350 E. Butler Ave, Sute 102
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Hello Ariadne , In order to go for a strategic partner , You need to plan your goals , vision , business plan which shows the expected partner the objectives of your business , Any partner needs to know the expected business growing accordingly .
Many of the answers already provided have raised critical issues regarding your question. My comments reflect taking your question at face value.
1. I suggest that you think of a strategic partnership as a joint venture between the parties where each contributes significant value to the marketing solution.
2. As others have said, if tweaking is all you need, a coach, adviser, consultant should be your reach. Partnerships are like marriages. Even the question of decision making becomes an issue.
3. Like any partnership, there will be sharing of the proceeds whether it be on an engagement by engagement basis, contracts received, or other metric. Therefore, there must be complete understanding of the roles to be played, compensation schemes and metrics.
4. The relationship must also have a formal understanding of a divorce between the parties. Of great importance is the creation, ownership and continuing access to any IP that results.
5. The "pre-nup" also needs to define who owns the client relationship and, in the event of a separation, the future relationship and/or sharing of post separation business.
Strategic partnerships are difficult to sustain and more difficult to dissolve. I suggest you find another structure to meet your needs.
there are ..let see the pros.
1. what kind of strategic partner area u looking for,
a) the partner to finance the project
b) the partner to assist in the implementation as an existing business
c) A partner in managing the process.
This will help inform the pros, you might be looking for.
the cons ;; could be many depending on the chosen approach above.
this we can deliberate further
The most practical advice I can offer (and it indirectly raises all kinds of pros and cons) is to think through how you would use a contract to set expectations. Obviously contracts take time and money but clarify expectations for risk and reward for both parties.
Strategy is a term business world adopted from Defense and as its origin suggest it is about winning the battles in view of being triumphant at the end. As it is inherent in the very concept of it, a Strategist can learn, analyze the situation, envisage and plan the Strategy but it would be up to the warrior to go out in the field to implement that strategy with anticipation of all the incidental challenges that might arise out of nowhere and couldn’t have been forethought.
In simple terms what this means is a Strategist can facilitate your Action Plan to the best possible extent in view of the ultimate victory that is a big PRO as you are benefiting from his/her analytical skills, knowledge, experience, foresight and mind mapping abilities. However ultimately it would be you who would fight on the battle-filed and are supposed to take instantaneous decisions that would be crucial in the end result. You will not have the Strategist to guide you at those critical moments... could be considered as a CON... if you become too much dependent on the strategy.
All the best!
There are many pros when having a strategic partner. The opportunities multiply. The talents and services provided multiply. Ideas and creativity created multiply. The only drawback I see is that sometimes you don't get to make the project go 100% the way you wish.