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Edward james Herzstock-Expand Your Business With A Strategic Partnership

What exactly is a strategic partnership? According to Edward james Herzstock a strategic partnership, also known as a strategic alliance, is an agreement between two companies to collaborate in mutually beneficial ways.

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Edward james Herzstock-Expand Your Business With A Strategic Partnership

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  1. Expand Your Business With A Strategic Partnership Edward jamesHerzstock

  2. Make a list of everything you need to do to get your house in order Before you even consider forming a strategic partnership, your company’s finances, employees, systems, and processes must be in good working order. A strategic partnership will not solve your company’s problems; rather, it will bring them to light- Edward J. Herzstock

  3. Determine your objectives What do you hope to gain from a strategic partnership? Do you currently sell products in your region and want to collaborate with a company that has a national sales team to expand your reach? Do you want to provide greater convenience to your customers, such as restaurants that partner with Uber to deliver their meals?

  4. Look for potential strategic partners Look for companies that not only have what you need to achieve your objectives but also share your core values. This makes the partnership run more smoothly and also makes more sense from a branding standpoint. If your company is committed to social responsibility, for example, you should form strategic alliances with other companies that share your values.

  5. Make it a win-win situation It is now time to propose a strategic alliance. Create a proposal that emphasizes the benefits of this relationship for the other company. Of course, it will benefit you as well, but that isn’t what they are most concerned with.

  6. Terms should be negotiated You’ll almost certainly have some back-and-forth as you iron out the details of your strategic partnership agreement. Regardless of how well you know your strategic partner, always create a written agreement to avoid misunderstandings-Edward jamesHerzstock.

  7. Thanks For Watching Source : https://edwardjamesherzstock.wordpress.com/2022/03/30/edward-james-herzstock-expand-your-business-with-a-strategic-partnership/

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