When you begin the process of implementing strategic partnerships for your business, consider what need to move your business to the next level. For instance, if you've developed a unique product or service, but lack a mass distribution system, what companies would have the necessary distribution channels to get your product or service into the hands of the masses? You may need to give up a bit of your revenue per sale, but when you weigh that against the time and money it would take to build your own distribution system, you will most likely decide that it is a small price to pay.

 

Here are the top suggestions by Mark Moncher:

Mark Moncher suggests that before you approach a large company about a strategic partnership, make sure you've thought things through and taken measures to protect yourself and your product with the necessary patents, trademarks, and non-disclosure agreements. This is an important and necessary step for you to take. There are many stories about unsuspecting entrepreneurs sharing their ideas or product prototypes with large corporations, only to see them on the market a few months later. Your attorney can help you draw up the necessary paperwork.

 

Make sure you research your potential strategic partner ahead of time. Find out all you can about the company. Study their products or services and determine if yours is a good addition or improvement to their current offerings. Ask people in the industry what they know about the company. A business with a reputation for treating strategic partners poorly is most likely one you'll want to avoid. On the other hand, a business with a track record for treating their partners fairly can be a great find. You want to partner with a company that has an impressive reputation since you're aligning your reputation with theirs.

 

Once you've decided to work together, think ahead to the "what ifs" of your agreement. What if things don't work out as you planned? When you draw up your agreement, make sure that you have an "out" clause, just in case. Perhaps you'll want to run a trial period to see how many units of your product your new partner can actually move, or how well they are able to fulfill orders. By putting a time-line or quantifying number in your contract, you can better gauge whether the partnership is working or not. If not, you can move on in your search for a new strategic partner.

 

When looking at a potential strategic partner, you should take into consideration your future product offerings. Look ahead to what you want to accomplish as a company. Before you form your strategic alliance, know where you want to go with your company. Envision the possibilities. Will your potential partner be able to help distribute other products into the marketplace? While you don't need to lay all your cards on the table at first, look for the strongest partner so you can work towards developing a long-term working relationship once you've made it through an initial phase.

 

Mark Moncher associated with American Express is a senior sales and business development executive with a strong track record of success both from an individual as well as team focus. Mr. Moncher has an experience in C level sales and negotiation and has the perfect skills for Strategic Business Partnerships that lead to successful partnerships for both the customer as well as the client.

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