How The Strategic Partnership Model Can Open New Business Possibilities.

[Adela Lawver]

Across multiple sectors, collaboration is showing to be a important element to company growth.

Life is really a blend of collaboration and competition. People come together in a group in order to triumph against their competitors. Even the more fiercely separate people tend to have some people or teams they have a soft spot for and who they're not going to compete against. Business is viewed as an arena where collaboration exists, but competition is more powerful. Even within a team, co-workers may make an effort to outdo one another, while on a grander scale our society has a tendency to view organizations as lone actors, up up against the world. That is very inaccurate, and many companies collaborate with each other on a daily basis because of their own mutual benefit. There are numerous types of strategic partnerships, but the majority of organizations make use of some type of blend involving the varieties. Strategic relationship examples are aplenty, with a recent one coming from Allwyn, a UK-based lottery business. They've been bidding for a lottery franchise and to help them achieve this they've partnered with a large mobile network business. The lottery company gains a tech partner to help with their bid and reach more users digitally, whilst the mobile company gets nationwide exposure, prestige, and future sales if the bid is successful.

Knowledge is finite for everyone, nevertheless the combined sum of knowledge of everyone is incalculable. This means that we depend on others to master and for their help when coming across a field of expertise that we are not sure about. Learning does not end with school and as people grow older, they continue to undertake brand new facts from the people, activities, and resources they encounter. Typically, individuals get mostly specialised knowledge over time, that is filled with positives and negatives. It allows individuals and organizations to stand out and gain users, but it addittionally ensures that they've gaps within their insights in essential relevant areas. This can be resolved by strategic partnerships, for instance the one recently announced by The Fork. They are an online restaurant reservation system and they have announced a strategic partnership with a hospitality industry guest experience and retention platform, serving as just one of most strategic alliances examples in hospitality. Integrating their services allows an even more developed hospitality experience for the clients of the two businesses, making both organizations more attractive and well-rounded.

On the surface it may look like the best strategy for any organization is total domination - for a company to be the biggest business in their sector, for the charity to be the largest recipient of charitable donations, and for a political party to win all available local and national seats and public offices. As tempting as it might be, it is hard to achieve such heights and any achievements in doing this may prove the presence of a broken system that can lead to the organisation’s downfall at some point in the foreseeable future. Instead, it may be better for long-term success if an organization were to work with their rivals, something which requires continuous strategic partnership management. This is exactly what the nationwide broadcaster the BBC has done for several years with the UK’s biggest pay-tv broadcaster, a partnership which includes recently been stretched. While both of these are direct competition when it comes to channel viewers, the partnership nevertheless serves both parties well. The multiple service of both corporations are incredibly popular, therefore by allowing the service of the national broadcaster to be appropriate with the pay-tv broadcaster, customers do not have to be concerned about split loyalties. They could remain customers of both, meaning that the sum total number of clients for each continues to be higher than if people have to find the organisation that they preferred.