The complexity and costs of doing business today have created an increasing need for developing strategic partners at the appropriate times. Strategic alliances can contribute significantly to your business through activities such as mutual referrals. For example, an Interior Designer may refer a Painter when one is requested by the designer’s client (and vice versa), or a Real Estate Agent may refer a Lawyer (and vice versa).
This section of your business plan should identify your strategic alliances.
Table 16 outlines some things to look for when you are deciding on your strategic alliances.
Table 16: Guidelines for Strategic Alliances
|Guidelines for Strategic Alliances|
Strategic alliances should:
Table 17 shows the strategic alliances of Fay’s Variety.
Table 17: Strategic Alliances for Fay’s Variety
The complexity of business today, competition, time constraints and a wide range of opportunities clearly suggest that, “going it alone” days are gone. Today, many businesses are aligning themselves with business “partners” who can provide a stronger competitive posture in the market, wider coverage through increased exposure in a defined territory, faster penetration of products and cost effectiveness. This strategic alliance is part of Fay’s Variety’s focus for fiscal year 201x.
Fay’s Variety is planning to approach potential strategic partners with the understanding of providing a win/win situation. These relationships can be identified with any business that has a relationship to products offered by Fay’s Variety, such as:
Click on Worksheet 8.8 to list your potential strategic partners.