20th May 2022

Strategic Alliances Action plan

In my last article I looked at how you resolve conflict in a strategic alliance How to rescue a failing strategic alliance (panaceaadviser.com) and I also promised to provide a simple template to collate your thoughts and create a strategic alliances plan. As you will know by now, I am no fan of large academic piles of paper, that do nothing more than sit in a drawer. I favour a living breathing document that answers the questions you have and provides you with a template to drive forward with. 

So, to that end, I want to share with you the key questions that need answered and provide a template action plan. 

Using this  template, you should find that as you write down your thoughts,  a plan evolves in front of you and spurs you into action. 

The first area to address  is why do you want a strategic alliance?

Is it about acquiring new clients? Is it about new services for your existing clients or could it even be about a new joint venture? Whatever the answer, be clear about what you want to achieve right at the start of the exercise. 

If you want to acquire new clients, it is vital  you have a clear understanding of what they look like and want need and value from you? This not only allows you to determine if you are in a position to meet their needs, but it also paints a picture of the alliance you need to seek out and work with. 

If you want to partner with an organisation who can provide new services for your own clients, what is it your clients want and how can you monetise this for both parties?

Any joint venture needs to be clearly thought out. Do you need a new company structure, or can you achieve your goals as separate entities working together?

Once you have thought this through you can begin to identify businesses you may wish to approach, clear in the knowledge you have a transparent outline of what you want to do and its structure. 

The second area to address is How will you approach any potential alliance?

Many alliances are created through networking but a sizeable percentage of these fail because of a lack of planning. No joint vision is created, and it is not identified right at the beginning of the relationship what each party wants to achieve and how they will do this together. A well thought out plan will ensure  you do not fall into this trap. It will also lessen the chances of a quick failure. 

Once you know what you want to do and who you wish to align with, it’s time to present them with an outline of what can be achieved by working together. 

Be honest and tell them up front what’s in it for them and their clients. Also share what you wish to get out of the arrangement and how working together can benefit both businesses , their clients and help attract new customers.  

Next in your plan you need to clarify the details of how the alliance will operate. 

• What structures are needed to ensure a smooth operating model? 
• Who needs to be involved and what roles will they fulfil? 
• What goals will you both set and how much money will you allocate to make them happen?

Once that is out of the way, you need to think about how you will sell the strategic alliance to your clients and potential new customers. 

• How will you launch it? 
• What communications mediums will you use? 
• Will these be existing, or will you have to create new communication tools such as a website and social media?

Finally, your plan needs to address the area that is vital for success, which is, how to keep the alliance moving and address any issues that threaten its success. It is important right at the start of the process that both parties agree how to identify and resolve any problems that will arise or conflicts that may occur, and this should be part of your plan. 

If these are sorted through an agreed process, you have a greater chance of success and establishing a long-term profitable alliance.

The Strategic Alliances template looks at all the areas covered. If you complete them, you will have a simple action plan that can ensure that your strategic alliance not only delivers what you want but is sustainable for the future. Good luck and successful planning.

John Joe McGinley Glassagh Consulting May 2022 

Business Development, John Joe McGinley, Glassagh Consulting