ArticleBliss Directory
Free Article Directory
 |
 |
 |
 |
 |
 |
 |
 |
Actions
Print Article
BookMark Article
Author Login 
Important
Existing members will have to use the lost password facility to get new username and new password
Welcome Guest! Please login or create an account.
If you do not have an account yet, you can register ( Here ), or you may retrieve a lost user/pass ( Here ).
Navigation 
- Home
- Privacy Policy
- Terms Of Use
- Submit Guidelines
- Learn More
- Top Articles
- Ebay UK Store
- Ebay US Store
Author Highlights 
Simran Chaudhary
Panchkula
Gabriele Gona
London
Richard Crandall
Salt Lake City
Other Websites 
Give Your Business A Boost With The Right Venture Partners
Author : Nina Kaufman
Copyright (c) 2010 Ask The Business Lawyer
Recently, while watching a documentary on disco, I recalled the popularity of 8-track tapes at that time. My friends and I leapt onto that bandwagon and we all had them. However, I soon found that they were not quite for me (I could not rewind my favorite soundtracks!) and so I bought stereo audio cassettes, which were the next popular thing.
Fads can be fun when there's not a lot at stake. But when it's your business, it helps to look before you leap. And little by little, I'm now hearing about the fallout from "strategic alliances" . . . largely because people rushed into them as the "next new thing" without thinking it through. How can you make sure yours succeed?
Plan your strategy with your end result in mind. Instead of asking if you should start an alliance, question if the alliance will serve your overall business needs, or help you achieve a specific result. Many business owners initiate strategic alliances "just because", rather than logically examining if the alliances will produce desired results.
What do you want for your business in the short run? Are you planning to be higher profile to get more clients? Are you looking for clients similar to what you now have, or you planning to find clients in a different marketplace? Are you planning to offer these clients your existing products or services, or are you introducing new ones? How you answer these questions will help you decide (1) if an alliance will work for you (2) if so, who should you team up with and (3) what is the best strategy to working with them?
Once you have concluded that an ally is best to get your business moving forward, your next step is to find suitable "power partners". Who are they? They could be people or businesses that can turbo-charge your company in a way you have not managed on your own. How to choose? Review your business goals, and ask yourself:
- Does this person/company offer products or services that complement mine (direct competitors are often not a good power partner choice)?
- How do clients regard this person/company (important to find this out before hand)?
- Is the person/company in a market sector that I want to be involved in?
- Is the person/company a larger (or smaller) business, and if so, will that make a difference in who controls the relationship?
- Is my alliance with this person/company enjoyable? What is the corporate environment like?
- What are this person/company's intentions in strategically partnering with me/company? Do we have the same goals?
Just like personal relationships, it's best not to get too heavily involved before you've had a chance to test the waters. Strategic alliances work best when they evolve naturally, over time, from successful collaborations . . . which is better than trying to force an alliance into being. Don't be afraid to start small.
It is important that the parties to a "strategic alliance" clearly define everything in writing. This should include expectations of each other, especially when there are financial transactions, intellectual property or clients who are jointly served. A clear understanding in writing creates a firm foundation for a strong alliance with your power partners!
Author's Resource Box
Nina Kaufman, Esq. demystifies legal mumbo-jumbo to save small businesses time, money, and aggravation. Shes an award-winning business attorney and columnist/blogger for Entrepreneur Magazine online. Go to GreatBusinessLawResources.com for her free Entrepreneurs Business Law Primer and to learn more about her user-friendly business law resources.
Article Source:
Articlebliss
Tags: strategic alliances, challenges of strategic alliances, strategic partnerships, joint ventures, co-marketing, partnering relationships contracts
Author RSS Feed
Category RSS Feed
Submitted : 2010-03-19 Word Count : 1 Popularity: 72 Times Viewed: 13
