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Add You - Successful Strategic Alliances - Three Key Activities To Prosper
Do you have a new small business that is in dire need of some customers? A great way to spread the news about your business is to let people know you are out there. You can’t just sit back and assume that the customers are going to come to you. What if they don’t know that you are out there? You need to create a customer base starting right now, but you can’t do that if no one knows that you have opened
Delivering that value to one another. This would seem straightforward but the challenge is in understanding what your partner considers valuable. Too frequently, one partner delivers value to another that the second partner did not consider to be of value. Guess what? The perception from the
In my experience, there are two kinds of small business owners: one that knows whom their market niche is and utilize it, and another who tends to waiver or not want to “set in stone” their target market. With the latter group, I always probe for more information: Why don’t you want to choose a specific target for your product/service? Time and time again, the response is the same “I don’t want to limit
In the August 2005 issue of Industry Week, there was an article titled, Collaborating To Grow. Mentioned in the article, was a March 2005 survey of U.S. executives taken by KPMG LLP. It appears that sixty-four percent of the responding executives plan to increase the use of strategic alliances during the next two years. What was not covered was how they were going to make these intended alliances successful.
Through my work with alliances, I have discovered that there are basically three key activities necessary for achieving successful alliances:
1. Finding others with whom you can create mutually beneficial value.
2. Delivering that value to one another.
3. Communicating to your partner the value you delivered.
While I realize you might be think the above is too simplistic, understand that a number of people spend their entire careers working on the fine details.
Finding others with whom you can create mutually beneficial value. Too many organizations never get past this first activity. In searching for another organization with which to develop a strategic alliance there must be complementary core competencies. This means that their circles of interest must overlap, as should their core capabilities. Inherent in the search for a compatible partner is the fear of having to give up a modicum of control. Giving up control is a huge hurdle for many executives.
Delivering that value to one another. This would seem straightforward but the challenge is in understanding what your partner considers valuable. Too frequently, one partner delivers value to another that the second partner did not consider to be of value. Guess what? The perception from the s
In today’s fast-paced and rapidly changing business climate, it is critical that organizations maintain flexibility, fast response time, customer focus and agility. The vital ingredient necessary to accomplish all of these is creative, imaginative, loyal, productive, motivated and well-trained employees.This rapid pace puts a great deal on the average manager’s plate, which often prevents him fr
Through my work with alliances, I have discovered that there are basically three key activities necessary for achieving successful alliances:
1. Finding others with whom you can create mutually beneficial value.
2. Delivering that value to one another.
3. Communicating to your partner the value you delivered.
While I realize you might be think the above is too simplistic, understand that a number of people spend their entire careers working on the fine details.
Finding others with whom you can create mutually beneficial value. Too many organizations never get past this first activity. In searching for another organization with which to develop a strategic alliance there must be complementary core competencies. This means that their circles of interest must overlap, as should their core capabilities. Inherent in the search for a compatible partner is the fear of having to give up a modicum of control. Giving up control is a huge hurdle for many executives.
Delivering that value to one another. This would seem straightforward but the challenge is in understanding what your partner considers valuable. Too frequently, one partner delivers value to another that the second partner did not consider to be of value. Guess what? The perception from the
Knowing how to successfully reduce freight costs is a required skill for every person who is about to open a dollar store. Freight costs add significantly to the cost of good sold. As fuel prices increase, freight costs tend to increase as well. Fortunately there are several steps that every business owner can take to help reduce freight costs for their business.Consider getting an agreement from
2. Delivering that value to one another.
3. Communicating to your partner the value you delivered.
While I realize you might be think the above is too simplistic, understand that a number of people spend their entire careers working on the fine details.
Finding others with whom you can create mutually beneficial value. Too many organizations never get past this first activity. In searching for another organization with which to develop a strategic alliance there must be complementary core competencies. This means that their circles of interest must overlap, as should their core capabilities. Inherent in the search for a compatible partner is the fear of having to give up a modicum of control. Giving up control is a huge hurdle for many executives.
Delivering that value to one another. This would seem straightforward but the challenge is in understanding what your partner considers valuable. Too frequently, one partner delivers value to another that the second partner did not consider to be of value. Guess what? The perception from the
Expectation sets the height of the bar, but it is regular inspection that resets the height of the bar so as to ensure it is achievable. The common notion is that what gets measured, gets performed. This is why it is useful to have key performance indicators. They serve to inform management which aspects of the business are performing according to its intended objectives or otherwise. They act as
Delivering that value to one another. This would seem straightforward but the challenge is in understanding what your partner considers valuable. Too frequently, one partner delivers value to another that the second partner did not consider to be of value. Guess what? The perception from the
Discover the Secret to LongevityIt’s a typical day at CMP where calls and e-mails are coming in from people looking to become contract processors. Most all of them sound confident that they have enough industry experience and knowledge to hit the ground running. A good majority of them take this confidence and jump ship. They dive deep and head for shore.Fast forward 18 months fro
Delivering that value to one another. This would seem straightforward but the challenge is in understanding what your partner considers valuable. Too frequently, one partner delivers value to another that the second partner did not consider to be of value. Guess what? The perception from the second partner's point of view is that no value has been delivered in this situation.
Communicating to your partner the value you delivered. Through my work in the area of alliances, I have discovered that about fifty percent of the alliances created are not successful. The primary reason for the lack of success in most cases was ineffective communication. There are a number of possibilities from basic to complex. Many of the successful communication methods are electronic centric.
Additionally, many follow up and feedback methods use the 360-team evaluation style of response mechanism. This allows perceptions of alliance performance in both the macro and micro to be known by all. Once challenges are discovered, repair strategies and tactics can be put into place.
To offer you a bit of help in the first area--selecting a partner, I will provide you with the first chapter of my book titled, Developing Strategic Alliances. This chapter will give you an idea of the possible types of successful alliances and the reasons for creating them. To access this and other helpful additional information at no charge, please visit www.rigsbee.com/downloadaccess.htm.
I wish you the best in your definitive actions of developing alliances to grow your business.
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