Building a Great Business:

Strategic Partnerships

Effective Business Partnerships

10 Key Features

Vadim Kotelnikov personal logo Vadim Kotelnikov

Founder, Ten3 Business e-Coach Inspiration and Innovation Unlimited!

 

 

10 Key Features of Effective Business Partnerships

  1. The voluntary nature of partnerships. The partners have clear and common goals based on mutual benefit.

  2. Common interest. Partnerships is what enables many companies to make continuous improvements. By sharing with others, you can direct your resources and capabilities to projects you consider most important.

  3. Synergy the concept of value added or the total being greater than the sum of its individual parts.

  4. The mutual dependency that arises from sharing risks, responsibilities, resources, competencies and befits.

  5. Explicit commitment or agreement on the part of the participants.

  1. Working together. In the most strategic partnerships, the partners work together at all levels and stages, from the design and governance of the initiative to implementation and evaluation.

  2. Complementary support. Focus your firm's resources on what you do best and what creates sustainable competitive advantage and tap to the resources of others for the rest. To decide why, when and how to partner with others for complementary resources, weight the small amount of cost savings that doing non-core-competence tasks might bring against the distraction and investment that will be required to stay up to date over time.

  3. Shared competencies and resources partnerships are a mechanism to leverage different types of resources and competencies, including, but not only, money.

  4. Effective communication. Communication between strategic business partners should be regular, open, transparent, with accountable structures for joint decision making, problem solving, and conflict resolution.

  5. Respect and trust. Trust between organizations is at the core of today's complex and rapidly changing knowledge economy. It is one of the most efficient mechanisms for governing innovative business partnerships. With trust as a foundation, the companies can share their know-how to achieve synergy.

 

 

SMART Business Architect (Ten3 Mini-course)

 

Strategic Business Partnerships

Strategic Alliances

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Joint Ventures

Mergers & Acquisitions

Getting People Issues Right in Mergers and Acquisitions

Building Trust Between Organizations

8 Conditions for Trust Between Organizations

Mutual Creativity

New People Partnerships

Customer Partnership

Business Process Outsourcing