How To Create Win-Win Strategic Partnerships

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How To Create Win-Win Strategic Partnerships
Tips how to make strategic business partnerships
happen and what you need to do to create an upper
edge during negotiations to drive home the best
deal
By Sunflower Lab Intersection of business,
technology innovation
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The problem

• Startups and SMEs often need help to grow
• Complex market scenarios make it difficult for
  small-scale business to survive the market
• Scarcity of funds, limited resources, lack of
  essential business knowledge and time constraints
  can prevent small businesses from proliferating
• Businesses still have to survive despite all odds

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The problem

• How can small businesses
• achieve this?

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The solution

• Forge strategic business partnerships with bigger
  players
• Create an opportunity to grow your customer base
• Build a true synergy between the two entities and
  make one plus one equal five instead of two
• Streamline operations
• Develop a new range of products having a higher
  business value
• Improve upon your services quality
• Or simply outsource certain tech activities to
  reduce operational overheads

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The tips

• Herere are some tips to
• get you going

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1. Look beyond what's on the table

• Businesses fundamentally operate upon the
  scarcity-abundance principle
• On one side there's a need to consume, and on the
  other side therere people ready to fulfil that
  demand
• From the "consuming" side you might desire
  reduced buying costs to improve your margins
• Or from the "supply" side you might push for
  higher selling costs
• For a partnership to form it is imperative that
  both the sides benefit from the alliance
• You might be required to compromise upon certain
  aspects to make your partnership happen

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2. Evaluate yourself in a proper manner

• People enter partnerships when they feel they
  lack in certain business aspects and need help to
  grow
• Typically, the party initiating the partnership
  often feels it doesnt have enough value and is
  inferior
• It plays upon your psyche and hinders you from
  pushing forward your advantages

• Value your plus points
• Identify what values you bring to the negotiation
  table
• Explain what you can offer and what you expect to
  gain
• Don't hash out your business plan or change your
  vision to "suit" the alliance
• Be clear about your business journey and have
  confidence on your products

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3. Understand your potential partner's needs

• If you need someone, chances are the other person
  might be needing you too
• The fact that the other person is listening to
  you indicates there's something to gain from the
  partnership

• Carry out a discreet search and to find out why
  the person is interested
• Gain valuable insights for negotiations
• Use the information to present lucrative
  proposals to strengthen your deal
• Don't hesitate to ask on face why he or she wants
  to connect with you

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4. Have something in common

• You can't form a partnership unless you share
  something in common
• It could be business needs, a vision, talent or
  almost anything
• Business people come from different backgrounds
  and have their own strengths and weaknesses

• Best partnerships are formed when mutual
  weaknesses are understood and accepted by both
  parties
• A passion is created to achieve large milestones

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6. Expect to feel uncomfortable

• Business negotiations are not a Sunday picnic
• You might be pressed down hard so others can gain
  an upper edge
• Many people feel uncomfortable with disagreeing
  with things
• While thrashing out the details on table, expect
  some push and pull

• Dont let pressure bog you down
• Prepare and be clear about where you stand
• Be clear about what aspects you can compromise
  upon
• Draw your bottom line

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7. Document and commit

• Most partnership can start off positively and
  later end with a big bang
• People can feel frustrated and cheated
• There is a tendency to take things for granted.
  Partners may depend upon mutual understanding
  about how profit should be split and
  responsibilities should be shared.

• As nothing is written down in black-and-white it
  offers a leeway to deviate from the commitments
• Partnerships require protection
• Seal all MOUs and agreements in writing to avoid
  messy breakups in the future

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Sunflower Lab
Intersection of business, technology innovation

• A custom apps and mobile software development
  company based in Columbus, Ohio
• Voted as "Top Custom Software Development Company
  of 2017" by Clutch - A top B2B portal

We offer IT based premium quality services
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