“Your Strategic Thinking Coach’s List of Ten Key Components of Effective Strategic Alliances”
By: J. Glenn Ebersole, Jr., Chief Executive of J. G. Ebersole Associates and The Renaissance Group ™
Let me start by defining strategic alliance. A strategic alliance is a partnership, a collaborative agreement and/or a relationship between two or more companies or organizations formed to pursue a set of agreed upon goals while remaining independent companies or organizations. Strategic alliances exist in a variety of shapes and sizes and include a wide range of scopes of cooperation levels. Strategic alliances usually are most effective when the entities involved have complementary strengths.
What makes a strategic alliance effective? What are the key components of effective strategic alliances? Your Strategic Thinking Coach researched this and came up with ten (10) key components of effective strategic alliances. Here is my list of ten (10) key components of an effective strategic alliance.
1. A shared vision. The strategic alliance must include strategic thinkers that have developed a shared vision for the strategic alliance, which is larger than each of their individual company visions.
2. Complete trust in one another and an agreement of why they need each other as a strategic alliance partner.
3. Mutual respect for what each partner brings to the strategic alliance.
4. Faith in the belief that the synergy of the strategic alliance will create something bigger and better by working together than by working separately.
5. Accountability through regular reporting of progress and tracking of the agreed upon goals and objectives.
6. Agreement of expectations, timelines, resources, issues of performance, confidentiality, cost sharing, etc. In other words, establish a complete understanding of ground rules for the strategic alliance and put that understanding in writing.
7. Open and continuous communications among all team members of the strategic alliance.
8. Established goals and objectives that are measurable.
9. Commitment to the goals and objectives and to all the team members in the strategic alliance.
10. Added value to each strategic alliance partner’s ability to serve its clients in the marketplace.
The most effective strategic alliances will include all the above components. The power of an effective strategic alliance exceeds the sum of the power of the individual companies or organizations added together when they act outside of a strategic alliance. If you are interested in learning more about these strategic alliance components and how to incorporate these key components to build effective strategic alliances with your company or organization, please contact Glenn Ebersole through his website at www.businesscoach4u.com or email Glenn at jgecoach@aol.com.
“Your Strategic Thinking Coach’s List of Ten Key Components of Effective Strategic Alliances” - To learn more about this author, visit Glenn Ebersole's Website.
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