Strategic Alliances are on the rise. In many recent CEO studies, a majority of the CEO’s indicate that they will start a new alliance in the next 12 months. In a recent article in Strategy+Business, Ben Gomes-Casseres and Bob Saada explain why your next deal might be a partnership.
All that rising interest in alliances and partnerships should be music to my ears. However, there is a dissonant in this music as well: many people think way too easy about it and they end up with a failing partnership. Research also shows high alliance failure rates, sometimes even up to 80% failure.
Would you enter into something when you know you have 80% chance of failure?
Exactly. Neither would I.
Unless… you look at the reasons behind high failure rates, and you learn from the lessons. When you do so, it turns out that in most cases failure could have been prevented. In other words, if you do it well, you turn the odds and instead increase your chances for success. Even up to 80%!
Here are three tips that can help you to increase your alliance success:
- Participate in the Alliance Masterclass, that’s the place where it will all come together: You will learn how to create, how to design and how to manage successful alliances and partnerships. With a pragmatic focus, the class enables you to apply the learning immediately to your work and your existing alliances.
- Assess your partner before you go into a partnership with them. Watch this webinar.
- Design your alliance governance for success and manage it actively.
What is your next action to ensure your alliance success?