When you are a business back and forth, invest time and effort into strategic alliances to help you achieve the level of success you desire .
I work on the formation of this particular type of alliance of my own business since I started in 2004 and has served me well. If you are a new entrepreneur , you may be wondering what a strategic partnership really is, why it is important and how to form one.
This is one of my areas of experience which I hope to simplify for you.
What are
A strategic alliance is an alliance is formed with a larger and more established organization . If you are new to a particular area - namely online payments in my case - a large class of brother is needed to help you . As the new kid on the block, you can not have the experience , money , reputation or expertise to carve a niche for your business really , a strategic partner can help achieve this goal.
Why are they important
Strategic alliances are important for a number of reasons, but I will only cover the first three :
Money. As a beginner, you can not have all the money you need to get where you want to go with your company. Of course , you can seek outside investors, but you will have more time to convince them why you want to invest in the manufacturing of your product is worth the investment . A strategic partner has money , but do not make it the only reason for the formation of their relationship.
Reputation . A larger organization has a more established reputation and credibility to help . Your business can not employ as many experts as you would a large company , so this is another engine looking for a strategic partner.
Expertise. An organization with a wealth of knowledge in the field and skills will really be a great asset to your business .
If you are selling educational software, try to work with teachers' associations and educators to find their way into schools.
How to train
Provide an excellent product. One of the best ways to form an alliance to offer a unique product that will benefit your strategic partner in one way or another.
You supply the product channel , service and distribution. What's in it for them can be discussed during the drafting of a contract, but certainly expect a percentage of their profits .
Protect yourself . Before joining , you should protect your product with a trademark, trade secret or patent . Their product is their intellectual property, and you must do everything to keep it that way .
A lawyer who specializes in that can help you with all the details and paperwork .
Do some research . High and low to find the right strategic partner.
Study your product line or services before approaching to make sure they are good and you can really enjoy . Find a partner whose product or service complements rather than competes with yours him. And make sure that your potential partner is on good terms with your audience and their financial partners , who do not want their problems reflect poorly on you , so look for a clean slate.
Develop a legal agreement. Having found a good way for a strategic partnership , will have to start thinking about their legal agreements.
Use this component of his allegiance to his advantage to have an " exit clause " if they can not provide the agreed performance criteria . Again , get a good lawyer to help .
If you invest wisely your time and energy to the formation of a strategic alliance with a credible organization and success in good condition , performance can be significant. With the right partnership, the product will have a much better range would be if you did on your own , your income will be multiplied by ten , and you can spend your valuable time in their heart of business , while your partner care everything else .
I work on the formation of this particular type of alliance of my own business since I started in 2004 and has served me well. If you are a new entrepreneur , you may be wondering what a strategic partnership really is, why it is important and how to form one.
This is one of my areas of experience which I hope to simplify for you.
What are
A strategic alliance is an alliance is formed with a larger and more established organization . If you are new to a particular area - namely online payments in my case - a large class of brother is needed to help you . As the new kid on the block, you can not have the experience , money , reputation or expertise to carve a niche for your business really , a strategic partner can help achieve this goal.
Why are they important
Strategic alliances are important for a number of reasons, but I will only cover the first three :
Money. As a beginner, you can not have all the money you need to get where you want to go with your company. Of course , you can seek outside investors, but you will have more time to convince them why you want to invest in the manufacturing of your product is worth the investment . A strategic partner has money , but do not make it the only reason for the formation of their relationship.
Reputation . A larger organization has a more established reputation and credibility to help . Your business can not employ as many experts as you would a large company , so this is another engine looking for a strategic partner.
Expertise. An organization with a wealth of knowledge in the field and skills will really be a great asset to your business .
If you are selling educational software, try to work with teachers' associations and educators to find their way into schools.
How to train
Provide an excellent product. One of the best ways to form an alliance to offer a unique product that will benefit your strategic partner in one way or another.
You supply the product channel , service and distribution. What's in it for them can be discussed during the drafting of a contract, but certainly expect a percentage of their profits .
Protect yourself . Before joining , you should protect your product with a trademark, trade secret or patent . Their product is their intellectual property, and you must do everything to keep it that way .
A lawyer who specializes in that can help you with all the details and paperwork .
Do some research . High and low to find the right strategic partner.
Study your product line or services before approaching to make sure they are good and you can really enjoy . Find a partner whose product or service complements rather than competes with yours him. And make sure that your potential partner is on good terms with your audience and their financial partners , who do not want their problems reflect poorly on you , so look for a clean slate.
Develop a legal agreement. Having found a good way for a strategic partnership , will have to start thinking about their legal agreements.
Use this component of his allegiance to his advantage to have an " exit clause " if they can not provide the agreed performance criteria . Again , get a good lawyer to help .
If you invest wisely your time and energy to the formation of a strategic alliance with a credible organization and success in good condition , performance can be significant. With the right partnership, the product will have a much better range would be if you did on your own , your income will be multiplied by ten , and you can spend your valuable time in their heart of business , while your partner care everything else .
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