![]() This often results in a series of legal documents outlining the contract between the two entities. Once all parties are onboard to form a strategic alliance, the formal plan is presented. These goals should be well-documented and include language around what should happen if one party fails to comply with the alliance agreement. All sides of a strategic partnership should provide input on what the revenue, profit, and operational strategy will be for the alliance. Companies are more likely to find a strategic alliance when the other company is receptive to an idea that has a demonstrated plan of benefitting both sides. Then, propose these plans to companies to gauge their interest. ![]() Therefore, you can find a strategic alliance by devising financial budgets and strategies. Strategic alliances must make sense for both parties otherwise, one party may not agree to the alliance if they feel it does not benefit them. ![]() On the other hand, consider the weaknesses of your own company and what types of entities can bring you resources to help fill your gap. Consider other companies that may have a need for your services or have a weakness where your company has a strength. Often, strategic alliances exist between companies in different industries. In the Panasonic/Tesla alliance mentioned above, that partnership created a cutting-edge, innovative agreement that put some of the smartest experts for electric vehicles batteries on the same team. Innovating beyond current capabilities.Instead of single-handedly being responsible for the failure, both parties may receive assistance from the other as part of the alliance agreement. Should a business venture fail, both parties in a strategic alliance are likely to contribute to paying for those losses. Instead of having to build out an entire model and self-fund an experiment, companies can leverage strategic alliances to "test run" how certain situations may go and use that information for future decision-making. Companies may have no idea how a certain business model may perform. ![]() Instead, they can use companies that have already made those investments to gain access cheaper and faster. Companies may not have the capital on hand to enter certain markets. Companies wanting to make immediate financial impacts may find it easiest to leverage another company's resources to improve its short-term position in the market. ![]()
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