Edward james Herzstock-Expand Your Business With A Strategic Partnership

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Expand Your Business With A Strategic Partnership
Edward james Herzstock
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Make a list of everything you need to do to get
your house in order
Before you even consider forming a strategic
partnership, your companys finances, employees,
systems, and processes must be in good working
order. A strategic partnership will not solve
your companys problems rather, it will bring
them to light- Edward J. Herzstock
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Determine your objectives
What do you hope to gain from a strategic
partnership? Do you currently sell products in
your region and want to collaborate with a
company that has a national sales team to expand
your reach? Do you want to provide greater
convenience to your customers, such as
restaurants that partner with Uber to deliver
their meals?
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Look for potential strategic partners
Look for companies that not only have what you
need to achieve your objectives but also share
your core values. This makes the partnership run
more smoothly and also makes more sense from a
branding standpoint. If your company is committed
to social responsibility, for example, you should
form strategic alliances with other companies
that share your values.
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Make it a win-win situation
It is now time to propose a strategic alliance.
Create a proposal that emphasizes the benefits of
this relationship for the other company. Of
course, it will benefit you as well, but that
isnt what they are most concerned with.
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Terms should be negotiated
Youll almost certainly have some back-and-forth
as you iron out the details of your strategic
partnership agreement. Regardless of how well you
know your strategic partner, always create a
written agreement to avoid misunderstandings-Edwar
d james Herzstock.
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