How To Find Your Strategic Partner In Business & Technology For Your Growing Firm
As your business grows, you might feel the need for some outside expertise, resources, technology, and tools to avoid becoming redundant. If you are at a crossroads and all these doubts sound familiar– then it’s time for you to look for a strategic partner that can deliver consistent progress and fulfill your business needs.
At the outset, strategic partnerships can really work for any scale of business and almost at any stage of growth. Such partnerships may deliver a range of services and benefits like co-marketing company products or licensing another company’s technology to build your websites.
How to Choose Strategic Partner for Your Business
Let us give you a broad overview of how you can select an efficient strategic business partner.
Identify Gaps and Define Expected Outcomes
Firstly, you will have to identify the gap and discover how the potential partner’s resources can help you in realistically delivering your expected outcome. The gap will represent your need for associating with a strategic partner and utilize their expertise to fulfill your missing capabilities.
Prioritize Strategic Partner Candidates
After acknowledging the gaps existing in your business, it is time to identify those companies that possess your missing skills. Research, search the web, and utilize your advisor and investor networks to identify potential candidates. Check what do the industry analysts have to say about the shortlisted companies for partnership and then make a decision.
Develop Partner Selection Criteria
Next, you will have to create a selection criterion for choosing out of a pool of candidates. Ask yourself these questions – What is the potential of the candidate to deliver strategic value for your company? Are the potential partners’ management team and culture compatible with yours? Are the objectives aligned for the greater good of both companies? Does the potential partner have a good market reputation and demonstrate the same commitment?
Negotiating Partnership Agreement
Negotiation is also a part of selecting your prospective partner. It is essential to continually establish your value throughout the process. Formulate a business document with terms and conditions clearly mentioned for approval.
Developing an Alliance Plan
Once the agreement is signed, it is time to develop an outline that summaries action plans, partnership goals, rules of engagement, strategies, and scope of work.
Collaborating with Technology Solution Providers
The digital world is heavily dependent on technology and no business entity can imagine flourishing without strategic technology partners. As per your business need, the size and scope of work for your technology partner can be defined. These can be the people who can help with setting office cloud, design and implement office networks, create custom software to ensure effectiveness and productivity of users, or even manage SEO services. Every business needs dedicated technology experts who recognize specific needs and optimizes your processes.
Information Technology Pricing Strategies
Fixed Price Arrangement
This model is ideal for small and medium-scale projects. It allows clients to pay a fixed price for a project that is agreed upon by both parties. Since the scope of work is discussed and crystal clear from the very beginning, it is easier to make a project cost estimation. The FP plan specifies all costs, timelines, deliverables and leaves no scope for ambiguity.
Shared Risk/Reward Pricing
This is a flat-rate pricing model in which the service provider and customer jointly fund a new service or product.
The participating company representatives monitor and evaluate the project in an unbiased manner using a consistent set of metrics relevant to all involved parties. The payments are based on achieving specific stated goals and both parties share the risks/rewards for an agreed period of time.
Increasing Efficiency and Achieving Almost 100% Service Uptime
In current times, when almost all organizations depend on technology; anyone would want to attain 100% tech infrastructure uptime. Time should be focused on devising strategic moves and not wasted on technology downtime. Most SLAs (Service-level Agreement) mentions an “uptime” and also define downtime. Although the idea of 100% uptime looks appealing but is definitely not always possible.
Hence, companies can try to get closer to their uptime targets. A lot of data-related issues can be managed by having multiple backup links for your data centers and offices in remote locations or data being migrated towards the cloud.
TeckPath – Your Trusted Technology Partner
At TeckPath, we understand how crucial it is to forge a strategic technology alliance. But worry not! TeckPath is here to transform your business functions and convert them into modern digital workflows. With our plethora of services, our experience helps us to build digitally-enabled enterprises. Your demand is our promise. Allow us to be your trusted technology consulting company and bring your dreams to reality!
Every type of strategic partnership demands you to treat your partners with mutual respect and bring transparency to the table. Your organization’s functional or technological transformation won’t happen with a snap of a finger. Choose your business partner wisely and work together for the success of the alliance.