Building and maintaining strategic alliance’s does not need to be viewed as a mountain that can’t be climbed. Choose to climb the molehill instead and you will put the process of strategic alliance planning into proper perspective. This is not to say that developing and reviewing your plan won’t take a lot of hard work and preparation; all relationships do. Building your strategic alliances and/or partners is the same.
We have found that most advisors have not taken the time to invest in building strategic alliances, much less start to develop a plan. Yet, those that build alliances generate higher revenues and profits. It only takes a small number of strategic partners to have a positive impact within your firm.
In our blog, Strategic Alliances Build A Foundation For Long-Term Success, https://aeschlapia.wordpress.com/2012/04/30/strategic-alliances-build-a-foundation-for-long-term-success/, we reviewed the steps you should include when developing your Strategic Alliance Plan.
Don’t make your strategic alliance plan a mountain; it only needs to be a molehill
Many advisors avoid the process of creating strategic alliances because it appears to be an overwhelming project with diminutive benefits. Reality is, by creating strategic alliances you will position your firm to bring value to your clients and your business. Start and keep your plan small and simple. Focus on:
- One or two relationships
- Create mutual benefits for each organization
- Align your vision and mission with the partners you choose
- Mutually commit to specific actions and review, review, review
- Establish a trial period
- Define key and measurable metrics
- Have an exit strategy
Recognize the importance your entire team can play in developing your strategic alliance plan and contribute to relationships that can be established. You don’t need to take the entire project on yourself. Delegate pieces of your plan and commit to regular meetings to discuss progress, challenges and overcoming objections.
Ironstone has found that the key factor in a strategic alliance plan is to follow up on metrics and expectations that you and your partners have agreed upon. Lack of follow up leads to non- productive and one-way relationships. If you find you are in a one-way relationship, you need to leave and create a new one.
We are curious!! Does your firm have strategic alliances? Tell us about it!
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