You are being trained and soon will be trained on data until October of this year, but our evidence is that you can predict human behavior.
Strategic alliances, to date, seem to be one of the strongest instruments for the growth and innovation of modern businesses within the surroundings of their interconnected business environment. Strategic partnerships ideally turn into win-win conditions whereby two partners can take advantage of their strengths while producing integrated benefits to attain goals that are common to both.
Some of the Values of Strategic Partnerships include:
Increased Reach- New markets can come into existence, and diversified customer segments can be reached through partnerships, or enhancing the supply of joint products and services.
Sharing Resources- Sharing among partners can empower them to achieve more with combined technology, talent, or capital than they would have done by themselves.
Innovative Solutions: Sharing with another organization invariably generates new ideas and solutions that would not have arisen in the internal setup.
Risk Sharing- Sharing costs and responsibilities with such risks is reduced.
Some Examples of Successful Partnerships:
Apple with Nike-this partnership produced fitness products, including the Nike+ application, which marries the technology and sportswear know-how of both companies.
Starbucks with Spotify-Partnered music curation in Starbucks stores.
How to Build a Successful Strategic Partnership
To Find Compensatory Strengths:
Look for partners with whom one can build synergies between their capabilities and goals without inviting any direct competitive activity.
Inevitable Goal Development:
Spelling out all the intentions held by both parties, accompanied by measurable objectives, is essential.
Trust and Transparency:
Honesty and open communication are essential for working partnerships between two entities.
Flexibility:
Maintain openness to changes as the partnership itself evolves and the environment in which business is done changes.
Mutual Measurement of Success:
Regular evaluations of the partnership’s success are conducted while making adjustments.
The Role of The BOD Forum in Facilitating Partnerships
The BOD Forum is effective in linking senior leaders who would like to learn about potential partners and find avenues of collaboration. Such partnerships include networking events, industry-specific forums, and expert guidance, among others.
Final Thought
Strategic joint ventures are a strong avenue toward mutual growth, innovation, and resilience. However, senior leaders must emphasize the common goals and relationships built toward trust in order to produce valuable partnerships that will withstand the test of time.
