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.

Risk sharing

Scale economies

Market access (define key markets)

Sector access (define sectors)

Geographic access

Technology

Funding

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!

Kristina Messdaghi

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