An excellent way to quickly gain capabilities your business lacks is through a strategic alliance. The sad fact is, however, that 60% of strategic alliances fail, which is enough to give pause to the most confident. However, this presents an opportunity. Excel in strategic alliances to beat out your competition.
Generally the management of the strategic alliance is at issue, not the choice of an alliance itself. So, learn how to manage the new animal effectively and win. It takes patience and understanding. The new alliance will have challenges and difficulties – let the new structure learn. Also essential is letting the strategic alliance team build strong relationships – providing the opportunity for face-time is essential here, as is encouraging understanding of the different cultures involved.
Finally, focus on the long-term, the pay-off or raison d’etre. This will help the team move through the daily storms and end up sailing in the right direction.
Photo credit: Yvonne in Willowick Ohio
Tove Rasmussen, your partner in business growth @ Partners Creating Growth, offers business expertise worldwide to help organizations grow, and disadvantaged regions thrive. Tove@PartnersCreatingGrowth.com