Home
>
Strategic Planning
>
Six Key Areas For Evaluating A Strategic Alliance

Six Key Areas For Evaluating A Strategic Alliance

Strategic alliances are increasing at a rapid rate. It is good for business, good for the consumer. A strategic alliance is similar to a joint venture. Everyone remains in his or her own entity, yet come together for a single purpose or period of time to create something that could not otherwise be created.

There are cautions and rightly concerns one must consider before entering into a strategic alliance with other people. For instance, evaluating each partner's value and capabilities for alliance is mandatory before agreeing to an alliance. The who, what, when, where and whys all need clarification with failsafe boundaries.

There are many considerations when developing a strategic alliance, here are six main areas along with questions that you will want to answer to help you determine your own readiness for an alliance.

1. Assessing contributions. What do you or each partner bring to the alliance? What is each person's purpose and goals?

2. Agreeing to the terms. This has three parts: (1) area of interest, (2) net benefits, and (3) joint operations. What interest is yours and what is theirs. Strategic interests must be similar and materials or services comparable. Economic interest must have enough benefits for each to remain committed and minimize trade. There must an operational agreement.

3. Agreement on task and skills. Who is the apprentice on what? Who will be name master on what? Who is going to specifically be responsible to complete what task? Who is going to learn what? What is the division of duties?

4. Defining and measuring progress. Who is going to define or handle sales? What target market will be pursued and when? What is the process chart for a new product or service? How will the revenue be generated and distributed? What will occur if the measurements aren't met?

5. Progress and time. Who is tracing the progress and the time invested? Is the time to be contributed equal or is there a trade-off for other resources? Who and when will the progress reports be regularly discussed and completed? Is there going to be a board that will monitor equality and fairness?

6. Points of tension. When there are points of tension, and there always is so don't kid yourself that there never will be, is an outside source going to be the arbitrator? When tension occurs does it need to be expressed in writing first and then discussed? Is there a cool-down period that is required? Who is going to sign off on checks, balance the checkbook, and monitor cash flow?

So many questions, so little time. Yes, I understand, however, this one time you want to stop and open time, address these questions, and any others might need to be addressed.

Catherine Franz, a eight-year Certified Professional Coach, Graduate of Coach University, Mastery University, editor of three ezines, columnist, author of thousands of articles website: http://www.abundancecenter.com blog: http://www.abundancecenter.com

Barrington South Lincoln Stretch rentals .. Lockport Chicago limo O’Hare

In The News:

A newly discovered security flaw with your iPhone or iPad could leave your personal information vulnerable to hackers. Kurt the CyberGuy explains.

Modeled after a traditional bell-shaped skirt worn by women in Kosovo, a theater's roof is draped entirely by solar panels to generate renewable energy on-site.

Kurt the CyberGuy explains how to protect yourself from malicious Chrome extensions that can steal sensitive information like password managers, crypto wallets and banking apps.

Stellantis' innovative STLA AutoDrive 1.0 system allows drivers to safely take their eyes off the road and their hands off the steering wheel.

Here are some travel hacks to save money on your next vacation including setting up price alerts, remaining flexible and checking for 24-hour price drops.

Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents now and for the future.

One report claims at least 25 million people were targeted by infostealer malware between the beginning of 2023 and the end of 2024, capturing bank card details and passwords.

The LaserWeeder G2 uses lasers, artificial intelligence and advanced robotics to offer an alternative to chemicals traditionally used in farming.

Tech expert Kurt “CyberGuy" Knutsson says a malware app called SpyLend is posing as a financial tool, hitting 100,000-plus downloads.

Tech expert Kurt “CyberGuy" Knutsson says Clone Robotics’ Protoclone mimics humans with 1,000 muscles – too human for comfort.

Tech expert Kurt “CyberGuy" Knutsson urges you to use Apple’s App Privacy Report to see what your apps are really up to.

Tech expert Kurt “CyberGuy" Knutsson talks about how to smoothly transfer your data from an old laptop to a new one using cloud storage or external drives.

Kurt the CyberGuy offers tips to safeguard your personal information as scammers become more sophisticated with scam texts and other methods.

WeRide's unmanned electric delivery van, the Robovan W5, has 194 cubic feet of cargo space and can carry payloads up to about 2,205 pounds

Kurt the CyberGuy recommends deleting 16 browser extensions immediately in response to a report saying more than 3.2 million web users were affected by a security breach.

Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents now and for the future.

A robotics firm in China claims a robot has performed the world's first humanoid robot front flip, which is significantly more difficult than a backflip.

A digital ID may be even more secure than a physical ID. Storing your driver's license in your Apple Wallet is an ideal solution for commuters.

A cybersecurity firm has shed some light on just how common tax scams have become. Kurt the CyberGuy offers his advice for how to protect your refund.

Lifesize Plans offers immersive walk-throughs that allow customers the opportunity to tour a home's design before construction actually begins.

Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents now and for the future.

A man invested $4 million in bitcoin and lost it all with a single click when he was targeted by a vishing scam, which uses phone calls to trick people.

Expandable's Touchdown is a designer trailer that promises a luxury off-grid living experience and unfolds into a home in about 15 minutes.

Major employee screening company data breach affects 3.3 million people. Tech expert Kurt “CyberGuy" Knutsson explains what happened and gives five ways to protect your data.

Kurt “CyberGuy" Knutsson reveals mind-blowing tech that gives you sunlight on demand.

Six Key Areas For Evaluating A Strategic Alliance

Strategic Planning