Alliances are essential to any company's ability to compete. They are an ideal vehicle for growth. Easier said than done. All too often, alliances deliver disappointing results.
When is an alliance set up for failure from the start?
Lack of Trust
One of the primary reasons for failure is a lack of trust. Trust is about showing a willingness to partner, sharing the same vision, and believing your partner acts in good faith. Trust is the cornerstone of any successful collaboration.
Trust alone is not enough. It is necessary to align your objectives, goals, and milestones and have clear agreements. Strong alliances are based on contracts that incorporate flexibility to react to unforeseen obstacles or opportunities.
In an alliance, two or more teams work together towards a goal as if they were one. Collaborating in teams can be challenging. An essential step in preparing for alliance success is understanding the full spectrum of each other's procedures and business cultures.
If you want to uncover the other reasons for failure and, more importantly, learn how to build and manage a successful alliance, contact me or sign up for the interactive Masterclass "Growth through Collaboration, starting April 28th. More information