Strategy! Strategy! Strategy!

One of the most valuable lessons the corporate world learned from the military is to think and act in a strategic way. For instance, Captain B. H. Liddell Hart defines strategy as “"the art of distributing and applying military means to fulfill the ends of policy." Carl von Clausewitz is a little more aggressive by explaining strategy as “the employment of battles to gain the end of war."

No matter where strategic thinking comes from, it is THE word nowadays. One important element of strategic entrepreneurship is creating strategic alliances in order to be successful.

Liz Goodgold offers a few insights into “Lessons to Be Learned for Creating Successful Strategic Alliances”:

1. Get the Right Partner - A good fit is a business that has the same target, offers a complementary product or service, or even is in the neighborhood. It should also be a person or partner that you like, trust, and respect.
2. Agree on the Terms - Before inking the deal, take a moment to agree on start dates, deal stoppers, remuneration for each party, etc. Remember: the devil is in the details.
3. Ensure a "Win" for Your Customer - If you are a building contractor, for example, teaming up with a real estate agent is a win for you both and the customer as well! Should repairs or renovations be needed, you are the immediate reliable and recommended resource. And here is one retail promotion I have often seen that I think is a mistake: Making your customer visit 7 different neighborhood stores and get a stamp in order to receive a free gift. Ugh! Too much work without enough benefit.
4. Develop Metrics for Measurement - It is important to determine the best criteria with which to measure your success. It could be the number of click throughs, phone calls, queries, or coupon redemption rates.


Source: "by Liz Goodgold, branding expert, author, and speaker. Sign up for her FREE Brand Finale newsletter with valuable information at www.redfirebranding.com."