In an environment of constant change and uncertainty, strategic partnerships are a powerful tool to support
business.
How and why is this achieved? What are strategic partnerships? What are the criteria of their effectiveness, and
what
are the forms and characteristics of strategic partnerships? Let's deal with all these questions in order.
So let's start with the basics. Strategic partnership is a mutually beneficial cooperation of business entities on
the
basis of combining different resources and mutual coordination of activities to achieve economic effect, which, in
turn,
can be achieved through synergy.
Consequently, achievement of synergetic effect, stimulation of synergy of partners, and also increase of
competitiveness
aimed at promotion of products or services, both inside the country, and abroad, and as a whole, increase of
efficiency
of activity of each subject of partner relations, are the key criteria of efficiency of strategic
partnerships.
For a more complete understanding, Figure 1 lists the main characteristics of strategic partnerships.
Figure 1 — Basic Characteristics of Strategic Partnerships
Thus, the main distinguishing features of strategic partnerships from other forms of partnerships and long-term
contracts, are the formation of specific competitive advantages, which have a significant impact on the effective
functioning and business development of companies involved in a strategic partnership.
Let's look at the main forms of strategic partnerships (see Figure 2).
Figure 2 — The Main Forms of Strategic Partnerships
Well, with the essence, forms and characteristic features of strategic partnerships we have understood. The
advantages
for each installer of partnership relations are also clear, because by effectively interacting, seeking to achieve
common goals, companies can achieve such results, which they could not have achieved alone. But how they manage to
achieve this effect and what are the nuances here, let consider further.
Each partner company has both strengths and weaknesses. Someone has more financial resources, someone has a
stronger
management team, someone has stronger competences in this or that area of activity or expanded capabilities in
other
resources, etc., i.e. partner companies can complement and strengthen each other. Here it is important to
understand
that mutually beneficial cooperation and interaction, i.e. the formation of a strategic partnership forms a new
system
that allows achieving a synergetic effect. After all, what is a synergistic effect - it represents an increase in
the
effectiveness of activities due to the integration, connection of individual elements into a single system, which
allows
them in the aggregate to form more value, achieve more ambitious goals and outstanding results.
Although, of course, strategic partnerships also face certain challenges, such as preserving sensitive data,
handling
large flows of information, managing large amounts of knowledge, and managing the new system flexibly and
efficiently in
general. Consequently, to ensure the long-term success of a strategic partnership, such challenges must be
effectively
addressed.
Thus, strategic partnerships will expand business opportunities by attracting investment, strengthening expertise
and
competence, and entering new markets, allowing businesses not only to survive, but also to develop even in times
of
macroeconomic turmoil.