Are you looking for new ways to grow your business? Entering into strategic partnerships can be a low-cost and low-risk way to see your business expand like never before. But what are strategic partnerships, and how could they help drastically improve your business's growth potential?
85 percent of executives feel strategic partnerships are important to their business. Whether businesses are expanding product lines through R&D partnerships, streamlining supply chains through industry clusters, connecting with suppliers in new geographic areas or more, partnerships are driving growth in all industries.Businesses around the world are using the following types of strategic partnerships and more to spark new growth:
A strategic partnership is a formal alliance between two business entities, with terms and expectations clearly defined in a contract. Partnerships are formed by businesses with complimentary resources, allowing partners to obtain new assets without having to develop them in-house.