The strategic partner is the person or organization that joins forces with another to achieve specific goals. To do this, they not only share the profits, but also share risks.
When it comes to work, strategic partners should work cooperatively. In this way, it is possible to benefit from the information they possess, pool resources and complement the skills they possess. It is, therefore, a long-term relationship.
This relationship is aimed at achieving certain objectives. If the objectives are achieved, there are two possibilities: end the relationship or renew the association if it is considered to be beneficial.
How do strategic partners work?
Strategic partners must set specific objectives and design a joint strategy that allows them to achieve the established goals.
Keep learning economics, finance and investment
Learn from scratch to improve your finances and investments, or specialize in the most in-demand areas of financial work: investing, stocks, savings, asset management, banking, business analysis, and accounting. All courses in a single subscription.
Now you can watch the first episode of each course for free:
As part of the planning effort, partners should not only set a set of goals. They must also provide the necessary means to achieve the planned goals.
Thus, each partner will make different contributions. Some will contribute with capital, others with information, technology or technical skills. In any case, it will be essential that the rights and obligations of each of the partners are clearly defined in this relationship.
Now, working with strategic partners doesn’t just mean sharing the profits. When operating jointly, individuals or entities must face risks jointly. For this reason, for a fruitful relationship, good communication between the partners will be necessary, respect for the ideas of the partner and the ability to take charge of the economic and legal problems that the union may imply.
Strategic partners do not have to be companies in the same sector. Yes, it is true that they are usually companies or people that operate in the same market, but that do not enter into direct competition.
Keys to achieve a good strategic alliance
It is crucial that in a strategic alliance the partners complement each other. A situation in which one of the participants seeks to improve its image at the expense of the other partner or tries to take advantage of the client portfolio of the other organization is not considered a strategic alliance.
Therefore, a strategic association has to be a symbiosis, a relationship that seeks mutual benefit and that is built with the aim of being lasting.
It has been proven that the most successful and stable alliances in the long term are those in which no more than two or three partners take part. It is not about establishing alliances with numerous partners, but about carrying out partnerships with reliable partners committed to the objectives.
How to find a strategic partner?
A strategic alliance seeks to offer quality products and services and implies that the partners have a series of common values and ideas. Hence, it is as complex as it is important to find a reliable partner.
Therefore, when forging an alliance with a strategic partner, the following aspects are essential:
- Find a complementary person or organization.
- Shield relevant relationships.
- That the strategic partner shares with us some fundamental values.
- Know the characteristics of the partner.
- Formalize the relationship through a contract.
What benefits can be a strategic partner?
When two people or entities join forces, both have greater resources. More information, greater financial resources, more powerful templates, greater technical resources, etc. All this will make it possible to achieve much faster growth.
As it is a complementary relationship, one organization provides the other with what it lacks. Therefore, we find that weak points are reduced or eliminated thanks to the establishment of a strategic alliance.
Working together allows faster progress. Thus, by cooperating, the allied companies or organizations will more easily achieve the established objectives.
A strategic alliance does not have to be permanent. The parties can negotiate the duration of the same and can decide whether to end the relationship by achieving the objectives or prolong it over time.