How To Create Win Win Strategic Partnerships

How To Create Win-Win Strategic Partnerships

By

Sunflower Lab

Intersection of business, technology & innovation

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

The problem •

Startups and SMEs often need help to grow

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Complex market scenarios make it difficult for small-scale business to survive the market

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Scarcity of funds, limited resources, lack of essential business knowledge and time constraints can prevent small businesses from proliferating

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Businesses still have to survive despite all odds

The problem

How can small businesses achieve this?

The solution •

Forge strategic business partnerships with bigger players

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Create an opportunity to grow your customer base

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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

The tips

Here’re are some tips to get you going

1. Look beyond what's on the table •

Businesses fundamentally operate upon the scarcity-abundance principle

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On one side there's a need to consume, and on the other side there’re people ready to fulfil that demand

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From the "consuming" side you might desire reduced buying costs to improve your margins

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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

2. Evaluate yourself in a proper manner •

People enter partnerships when they feel they lack in certain business aspects and need help to grow

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Typically, the party initiating the partnership often feels it doesn’t have enough value and is inferior

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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

3. Understand your potential partner's needs •

If you need someone, chances are the other person might be needing you too

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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

4. Have something in common •

You can't form a partnership unless you share something in common

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It could be business needs, a vision, talent or almost anything

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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

6. Expect to feel uncomfortable

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Business negotiations are not a Sunday picnic

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You might be pressed down hard so others can gain an upper edge

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Many people feel uncomfortable with disagreeing with things While thrashing out the details on table, expect some push and pull ‒ Don’t 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

7. Document and commit

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Most partnership can start off positively and later end with a big bang

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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

Sunflower Lab Intersection of business, technology & innovation •

A custom apps and mobile software development company based in Columbus, Ohio

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Voted as "Top Custom Software Development Company of 2017" by Clutch - A top B2B portal

We offer IT based premium quality services Mobile App Development

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www.thesunflowerlab.c om