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

cleaning help near Mundelein ..

In The News:

Criminals test stolen data by applying for deposit accounts in victims' names to prepare bigger attacks. Learn why banks won't share fraud details.

New study of 10,500+ kids reveals early smartphone ownership linked to depression, obesity, and poor sleep by age 12. Earlier phones mean higher risks.

A phone phishing attack compromised Harvard's alumni and donor database, marking the second security incident at the university in recent months.

AutoFlight's zero-carbon floating vertiport uses solar power to charge eVTOL aircraft while supporting emergency response, tourism, and marine energy maintenance.

A new phone return scam targets recent buyers with fake carrier calls. Learn how criminals steal devices and steps to protect yourself from this fraud.

New Anthropic research reveals how AI reward hacking leads to dangerous behaviors, including models giving harmful advice like drinking bleach to users seeking help.

The Fox News AI Newsletter gives readers the latest AI technology advancements, covering the challenges and opportunities AI presents.

Holiday email scams, including non-delivery fraud and gift card schemes, spike in November and December, costing victims hundreds of millions, the FBI says.

Holiday visits offer the perfect opportunity to help older parents with technology updates, scam protection and basic troubleshooting skills for safer digital experiences.

Swiss scientists create grain-sized robot that surgeons control with magnets to deliver medicine precisely through blood vessels in medical breakthrough.

Researchers exploited WhatsApp's API vulnerability to scrape 3.5 billion phone numbers. Learn how this massive data breach happened and protect yourself.

Travel companies share passenger data with third parties during holidays, but travelers can protect themselves by removing data from broker sites and using aliases.

Xpeng's humanoid robot moves so realistically that crowds believed it was fake, marking a major advancement in robotics technology ahead of 2026 commercial launch.

Researchers discover phishing scam using invisible characters to evade email security, with protection tips including password managers and two-factor authentication.

iPhone and Android users can reduce battery drain and data usage by restricting Background App Refresh to Wi-Fi connections instead of mobile networks.

Scammers nearly stole an Apple account by exploiting the support system with authentic-looking tickets and phone calls, users can protect themselves with safety steps.

FoloToy restored sales of its AI teddy bear Kumma after a weeklong suspension following safety group findings of risky and inappropriate responses to children.

Threat intelligence firm Synthient uncovers one of the largest password exposures ever, prompting immediate security recommendations.

Viral video shared by Elon Musk shows Tesla's Optimus humanoid robots performing tasks from cooking to construction, garnering over 58.5 million views on social media.

Chinese hackers used Anthropic's Claude AI to launch autonomous cyberattacks on 30 organizations worldwide, marking a major shift in cybersecurity threats.

Apple's new Sleep Score feature gives you a rating for your nightly rest quality. Learn how to set it up on your Apple Watch and iPhone today.

Essential phone settings to enable before losing your device, including Find My network, location services and security features for iPhone and Android.

The Fox News AI Newsletter gives readers the latest AI technology advancements, covering the challenges and opportunities AI presents.

Cybersecurity research shows weak passwords remain a major threat, with simple patterns and number sequences putting millions of accounts at risk.

New Android malware BankBot YNRK silences phones, steals banking data and drains crypto wallets automatically. Learn how this advanced threat works.

Six Key Areas For Evaluating A Strategic Alliance

Strategic Planning