Three Things You Must Know To Build Successful Strategic Partnerships
Earl Holland, CEO, Growth Strategy Consultants & GTSC Strategic Advisor
The climate for small business opportunities has changed drastically in the federal market. Despite sequestration and budget cuts small businesses are seeing the largest set asides and competitive procurements in the history of federal contracting. To maximize success, we have found three critical components to a successful long-term strategic partnership.
With opportunities of such magnitude small businesses are changing their thinking on how to enter into, and capitalize on strategic relationships that go far beyond traditional teaming and subcontracting. Many companies are choosing to enter into mentor/protégé programs and joint venture relationships to maximize chances of success. After many decades of experience forming lasting, long-term relationships for clients, we have found 3 key factors that contribute significantly to their success:
2. Culture
How a future manages their people and processes as well as interfaces with their customers is also critical. The culture of each of the partner’s corporate environment will determine the synergy that can develop throughout the workforce. Understanding, assessing and evaluating the culture in your potential partners’ firm gives you a good understanding of how easy it will be to implement processes and follow procedures when working with customers and on projects. With good synergy, your day to day work will run smoothly and challenges in your relationship or with clients will be resolved more quickly and to mutual satisfaction.
3. Governance
Forging these relationships can become a very complex task when integrating companies, people and processes that support customers. A strong governance structure that anticipates challenges, changes and conflicts helps to avoid future problems and helps both parties understand expectations, limitations and responsibilities. I recommend that companies form a formal governance board or committee with representation from the executive suite, senior and mid-level management to develop the structure, lines of responsibilities and oversight of the joint activities and client interactions.
Whether you are considering a mentor/protégé program or developing a strategic alliance or joint venture, these three factors add significantly to your firms success.
Earl S. Holland III is CEO and President of Growth Strategy Consultants LLC. Mr. serves as a Strategic Advisor to the Government Technology & Services Coalition. He is also Vice President of the Association of Strategic Alliances Professionals, Washington DC Chapter. Growth Strategy Consultants is management consulting firms located in Fairfax VA. They provide business to business consulting services and training to small and medium size businesses with an emphasis on Strategic Alliance Development. www.Gstrategyc.com
