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How To Create Win-Win Strategic Partnerships

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Tips how to make strategic business partnerships happen and what you need to do to create an upper edge during negotiations to drive home the best deal. – PowerPoint PPT presentation

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Title: How To Create Win-Win Strategic Partnerships


1
How To Create Win-Win Strategic Partnerships
Tips how to make strategic business partnerships
happen and what you need to do to create an upper
edge during negotiations to drive home the best
deal
By Sunflower Lab Intersection of business,
technology innovation
2
The problem
  • Startups and SMEs often need help to grow
  • Complex market scenarios make it difficult for
    small-scale business to survive the market
  • Scarcity of funds, limited resources, lack of
    essential business knowledge and time constraints
    can prevent small businesses from proliferating
  • Businesses still have to survive despite all odds

3
The problem
  • How can small businesses
  • achieve this?

4
The solution
  • Forge strategic business partnerships with bigger
    players
  • Create an opportunity to grow your customer base
  • Build a true synergy between the two entities and
    make one plus one equal five instead of two
  • Streamline operations
  • Develop a new range of products having a higher
    business value
  • Improve upon your services quality
  • Or simply outsource certain tech activities to
    reduce operational overheads

5
The tips
  • Herere are some tips to
  • get you going

6
1. Look beyond what's on the table
  • Businesses fundamentally operate upon the
    scarcity-abundance principle
  • On one side there's a need to consume, and on the
    other side therere people ready to fulfil that
    demand
  • From the "consuming" side you might desire
    reduced buying costs to improve your margins
  • Or from the "supply" side you might push for
    higher selling costs
  • For a partnership to form it is imperative that
    both the sides benefit from the alliance
  • You might be required to compromise upon certain
    aspects to make your partnership happen

7
2. Evaluate yourself in a proper manner
  • People enter partnerships when they feel they
    lack in certain business aspects and need help to
    grow
  • Typically, the party initiating the partnership
    often feels it doesnt have enough value and is
    inferior
  • It plays upon your psyche and hinders you from
    pushing forward your advantages
  • Value your plus points
  • Identify what values you bring to the negotiation
    table
  • Explain what you can offer and what you expect to
    gain
  • Don't hash out your business plan or change your
    vision to "suit" the alliance
  • Be clear about your business journey and have
    confidence on your products

8
3. Understand your potential partner's needs
  • If you need someone, chances are the other person
    might be needing you too
  • The fact that the other person is listening to
    you indicates there's something to gain from the
    partnership
  • Carry out a discreet search and to find out why
    the person is interested
  • Gain valuable insights for negotiations
  • Use the information to present lucrative
    proposals to strengthen your deal
  • Don't hesitate to ask on face why he or she wants
    to connect with you

9
4. Have something in common
  • You can't form a partnership unless you share
    something in common
  • It could be business needs, a vision, talent or
    almost anything
  • Business people come from different backgrounds
    and have their own strengths and weaknesses
  • Best partnerships are formed when mutual
    weaknesses are understood and accepted by both
    parties
  • A passion is created to achieve large milestones

10
6. Expect to feel uncomfortable
  • Business negotiations are not a Sunday picnic
  • You might be pressed down hard so others can gain
    an upper edge
  • Many people feel uncomfortable with disagreeing
    with things
  • While thrashing out the details on table, expect
    some push and pull
  • Dont let pressure bog you down
  • Prepare and be clear about where you stand
  • Be clear about what aspects you can compromise
    upon
  • Draw your bottom line

11
7. Document and commit
  • Most partnership can start off positively and
    later end with a big bang
  • People can feel frustrated and cheated
  • There is a tendency to take things for granted.
    Partners may depend upon mutual understanding
    about how profit should be split and
    responsibilities should be shared.
  • As nothing is written down in black-and-white it
    offers a leeway to deviate from the commitments
  • Partnerships require protection
  • Seal all MOUs and agreements in writing to avoid
    messy breakups in the future

12
Sunflower Lab
Intersection of business, technology innovation
  • A custom apps and mobile software development
    company based in Columbus, Ohio
  • Voted as "Top Custom Software Development Company
    of 2017" by Clutch - A top B2B portal

We offer IT based premium quality services
Mobile App Development Web Development Cloud Development
Custom Software Development Strategic Consulting Graphic Design
13
Visit us at
www.thesunflowerlab.com
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