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| A strategic alliance or partnership is a partnership agreement between two or more firms with involves the sharing of complimentary resources to their mutual benefit. |
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| Strategic alliances can benefit your growing business in many ways, a few of which are shown in the illustration. Keep in mind that alliances are mutually beneficial arrangements – therefore you must have something that potential partners are in need of. This can be tangible such as software or content, or intangible such as customer support models. |
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| The most important step is to understand your own vision. What ways are you looking to grow your business? In what areas will you require assistance in the form of strategic partnerships? Look at the big picture, and consider some of the following elements: |
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| Once you have a solid understanding of what you have to offer, and what your company is missing – devise a strategic plan. Map it out in detail. This will allow you with a good foundation to move forward with your strategic mission. |
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| Don't be narrow-focused! Alliances with competitors can sometimes be a very beneficial arrangement. Competitive co-branding is very popular, and many of the Internet's largest companies are doing it. It allows each to be larger, stronger and more diverse in their offerings. Be open-minded, and approach those competitors you feel would make ideal strategic partners. It may be just the shot in the arm that your business needs in its growing stages. |
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