Entering into a joint venture is a smart way to grow your company’s influence, diversify its products and reach new markets. But without a structured plan, starting your joint venture could be quite difficult and your joint venture aspirations could fall flat. Here’s how to identify the best partner for your business, create clear goals and stay on track with ongoing communication.
Strategic partnerships are critical for businesses that want to compete on a global scale. But many enterprises lack the appropriate strategy, structure or resources to create and maintain a productive business partnership. So where does it all go wrong, and what can your organization do to ensure a successful alliance?
Our most recent infographic shares common mistakes businesses make when forming a business partnership and tips that your company can use to aid in a successful alliance.
What industry insights and added business value could you discover by listening and collaborating with your import partners?
The recent lowering of trade barriers between the US and a host of other countries is set to simplify cross-border business relationships and streamline the flow of goods and materials. This trend will continue with the recently signed Trans-Pacific Partnership (TPP), while the strong dollar presents an opportunity for importers to lower supply costs and boost the value of customer offerings.
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True business collaboration can be a dramatic force for change in your organization.
When companies share a common vision, and are willing to share their capabilities, markets, talents and assets to achieve a win-win outcome, it can result in a powerful and enduring partnership.
Look beyond your company’s borders and discover an untapped collaboration resource.
When they hear the word “collaboration”, many executives think of a phenomenon that happens only in brainstorming sessions and long meetings. And while breaking down silos is important for keeping everyone on the same page, not enough businesses look beyond their walls – to their partners and suppliers – for ideas and insights that could accelerate revenue and growth.
Looking beyond what you know and diversifying into a new product area or region can be daunting. Finding business partners to aid you on this journey could mean the difference between success and failure.
In such a complex and cutthroat market, businesses need to understand the power a partnership can provide. When expanding into new markets and product areas, the strength of shared wisdom and resources cannot be underestimated.
The manufacturing map of the world has changed substantially over the past decade, making former manufacturing stalwarts less attractive than emerging markets and a resurgent US.
For a couple of decades, when figuring out how to find manufacturers in emerging markets, the first choice was obvious: offshoring your manufacturing was the choice for so many US companies, and often their chosen destination was China.
When you look to external partners for acquiring resources and capabilities, your organization needs a practical roadmap to answer some critical questions: What kind of business partnerships and combinations do we need? How will we manage them over time? What profits will we earn, and will they justify our investment?
Ben Gomes-Casseres, international business scholar and Powerlinx adviser, addresses these questions and more in The Remix Strategy: The Three Laws of Business Combination. This excerpt, originally posted by the Harvard Business Review offers a simple, but powerful, framework to help you make those decisions.