Eight Steps Towards Creating Successful Strategic Partnerships
Step One: Create Strategy and Objective
Consider what is the strategy or objective of a partnership. Is it for any of the below? If so, then let that be the overarching focus.
Market access (define key markets)
Sector access (define sectors)
Step Two: Research Potential Partners
Researching and identifying the right partners in accordance to step one. Articulate key partnership drivers and benefits for both sides.
Step Three: What Can Be Shared or Leveraged
Evaluate what can be shared, traded or leveraged and what can be garnered. Norte which strengths/ capabilities have the potential to differentiate both companies in their efforts to market and towards growth.
Step Four: Define Opportunity
Quantify the size of the opportunity in order to reach a successful negotiation and implementation of the partnership. Be aware of possible responses of competition, customers and stakeholders to the partnership.
Step Five: Impact on Stakeholders
Conduct a thorough assessment of stakeholders concerns and potential impacts. Event he best of partnerships need the support of key stakeholders.
Step Six: Evaluate Bargaining Powers
a- Contribution of key capabilities and resources to reach success for each and the whole
b- How will the company’s core resources/IP be protected
c- Learn and review partner’s other partnership endeavors
d- Understand why your potential partner has an interest
e- Make decisions based on what other party is bringing to the table
Step Seven: Plan and Structural Integration
Create a plan to help the partnership function together. Structure the partnership to meet the needs of the partnership, rather than just partners alone. Manage the alliance
Step Eight: Implementation
The partnership needs to be nurtured and managed effectively from the start –not just with people, but also with consistent assessment tools and processes as well.
I hope the above eight steps help; they are a macro view to some of the highlights of what we offer Fire Up Consulting customers, in order to forge and/or evaluate potential partnerships for growth.
I wish your organization great success in your partnership efforts!
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