mind your business: Partnering for Profits
In setting up an agreement with a prospective partner, first develop an integrated strategy that works with both parties' current processes and methodologies. Successful cooperation and collaboration is necessary before the function of the alliance can proceed.
Cultural, Strategic and Operational Fit. Distinguished alliances require a reasonable cultural, strategic and operational fit. However, they don't need to be exact replicas. The cultural fit is about how compatible the management teams and corporate cultures overlap and how well they can work together. The strategic fit is determining how well the objectives of the participating partners align. Opposing corporate strategies can handicap even a well implemented alliance. Operational fit is the trickiest. How complementary are the business models, processes and methodology? Notice I stated "aligned," and not, "the same?" With alignment there can be differences, yet cooperation and collaboration.
- People:
- Ed Rigsbee