Alliances: 5 sure-fire ways to form strategic alliances that work.Whether your business is small or large, developing strategic alliances - either domestically or internationally - can be a very effective and low-cost way for generating business growth. But many such partnerships either don't get off the ground or fail because entrepreneurs lack a solid framework. Global networking expert, author and speaker Robyn Henderson has used a partnering strategy as the cornerstone cornerstone Ceremonial building block, dated or otherwise inscribed, usually placed in an outer wall of a building to commemorate its dedication. Often the stone is hollowed out to contain newspapers, photographs, or other documents reflecting current customs, with a view to of her business since founding it in 1992. She shares her insider tips on how to make strategic alliances work for you: 1. Select your partners carefully. * Look for peers and even competitors who are like-minded, with similar values and ethics ethics, in philosophy, the study and evaluation of human conduct in the light of moral principles. Moral principles may be viewed either as the standard of conduct that individuals have constructed for themselves or as the body of obligations and duties that a . Trust is key. * Find something in the alliance for both of you, so it's a win-win situation. For example, your potential partner may have valuable contacts but lack the product knowledge you have. 2. Be clear on your desired outcome. * Identify the kind of alliance you envisage en·vis·age tr.v. en·vis·aged, en·vis·ag·ing, en·vis·ag·es 1. To conceive an image or a picture of, especially as a future possibility: envisaged a world at peace. 2. working for you both. * Calculate the amount of time you can genuinely commit to the project, who will do what when, and other commitments that could affect your financial situation. * Determine fears you may have about the business relationship and how much you can afford to invest and lose, should your alliance fail. 3. Never assume anything. * Clarify everything. What is obvious to you may be as clear as mud to your partner. * Keep good records. Take notes or have minutes of meetings recorded. * Agree to and document all action to be taken. 4. Set specific timelines This article or section contains self-references. For other uses of "Timeline", see Timeline (disambiguation). The following is an index of timelines found on Wikipedia. . * Set trial timeframes to get an idea of your partner's management style, attention to detail and true commitment. * Be cautious about taking things to the next level before testing this out. 5. Allow for exit clauses. * Decide upfront -- before anything goes wrong -- on an exit strategy that will suit you both. It's better to lose a partner in the early stages than to lose your good name in the marketplace. * Brainstorm possible best and worst-case scenarios worst-case scenario n → Schlimmstfallszenario nt . So, be bold
Be bold may refer to:
Based in Australia, Robyn Henderson is CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Networking to Win (www.networkingtowin.com.au) and a client of Westpac Bank. Canadian women entrepreneurs met her during the first Canadian Businesswomen's Trade Mission to Australia in June 2002, sponsored by RBC RBC red blood cell. RBC or rbc abbr. red blood cell RBC, n See red blood cell count. RBC red blood cells; red blood (cell) count (see blood count). Royal Bank and Westpac. For more of Robyn's tips on forming successful strategic alliances, visit www.rbcroyalbank.com/sme/women/growing_your_business.html |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion