>> Aug 22, 2016
Strategic business partnerships are essential yet delicate part of any strategic business plan for both small business entrepreneurs and corporate executives. However, most entrepreneurs and executives needs to remember that strategic business partnerships are never easy to form and there is no guarantee that such partnerships will always work. For any entrepreneur, an ideal strategic business partner needs to have a strong market presence in terms of either brands or products. Moreover, the engagement with the strategic business partner must be repeatable and capable of rolling out a sales force besides providing a unique opportunity to increase the present revenue of both parties.
According to Anura Perera, a prominent business partnership professional from Australia explains it is essential for all strategic business partnerships to meet the following guidelines to enhance their market penetration and revenue in the course of conducting the business of the strategic business partnership. The Anura Perera Australia office experts give you the following tips-
1. Business Alignment
The individual partners to a strategic business partnership need to visualize and define the strategic vision of the success of their business enterprise. The partners can only establish a strong foundation for their strategic business partnership once they have come to mutual agreement on what business success looks like for both parties and how they can benefit from their respective strengths.
2. Agreement and contracts
In any business relationship, it is essential document the details of the relationship in legal terms to avoid unnecessary misunderstandings among the respective parties during the course of running the business. Strategic business partnerships are not an exception to this rule and it is imperative that the partners to such a business relationship declare the nature of their relationship, mutual obligations, risks, duties, rewards and payments in the partnership agreement. Moreover, partnership agreement should also indicate the rules of engagement and service level agreements among the partners.
3. Business Planning
The individual partners to a strategic business partnership need to work together to formulate and implement an effective business plan. Moreover, it is imperative for the partners to ensure that their business strategy remains relevant of the objectives or the strategic business partnership over set time intervals.
4. Technical integration and interoperability
While pooling monetary resources, skills, ideas and entrepreneurial talent into a strategic business partnership, it is essential for the individual partners to ensure their products and services work impeccably together. Moreover, the clients of the individual partners should feel confident about the commitment of the individual partners to the joint solution.
It is imperative for the individual partners to a strategic business partnership to decide how they intend to review the monetary success of their strategic business partnership at regular intervals. These partners need to decide on:
- How often will these reviews occur in a financial period;
- When and how will these review meeting take place; and
- Will the individual partners opt for weekly, quarterly or monthly meetings?
Anura Perera further explains that for the individual partners a strategic business partnership is ongoing process and takes time to reach its full potential and it is not prudent for them to expect everything to fall into place in a day. If you wish to know more about your business, please visit the Anura Perera Australia office today!