3 Laws for a Successful Strategic Alliance

You took then leap and chased your entrepreneurial dream. That dream is off and running but it is slowly turning into a nightmare. Your balance sheet is off kilter. Hitting those new customer goals is so far off that it is out of focus. Accountability confusion among mid level managers is causing conflict. You’ve lost focus on what your mission and vision should be. This is the picture of every small business in early conception.
Fact: Most partnerships eventually fail. Most small businesses within five years of conception. When the desk is stack against you, what steps can you take to increase your chances for success. Consider these 3 proven business strategies for a successful strategic alliance:
  1. Maintain excellent partnership communication.
  2. Be prepared.
  3. Keep a healthy business network for partnership potential.
It is often said that business people speak their own language. You either know what that means or you do not. Successful strategic alliances depend on expert level communication. There should be no room for misinterpretation between members. Be sure you clearly express your expectations and ensure that your complete understand the expectations of your alliances. Successful entrepreneurs are some of the busiest people you will ever meet. They manage every second of their day with precision. They are also often brutally honest when someone is wasting their time. Remember to come to every meeting prepared beyond everyone’s expectations. Your effort will not go unnoticed or under-appreciated. Finding and maintaining successful strategic alliances is a habit of the smart business strategist. It is also often game of quantity┬ánot quality. The more relationships you keep, the more likely you are to find the best partnership possible. It is also true that strategic alliances do not last forever. Keep a fat book of contacts and you stand a better chance at filling a spot when one suddenly arises. Remember that the goal is to create mutually beneficial relationships. Your successful strategic alliance is about the success of the interested parties and rarely about the corporation. No matter what business you are in, you are always in the “people business”. How do you surround yourself with great alliances? Please share your thoughts. Get more UPDATES from Bennett.            
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