Teaming up can be a smart move for mid-sized companies wishing to enter global markets or complete with larger firms. It can also be a disaster if the right alliance isn't formed.
In a recent article on innovative partnering, Business 2.0 magazine offers four key factors that can determine the successful union of growth focused mid-sized companies.
1) Anticipate the payoff – Only form an alliance with a company that has the skills and connections to make your firm bigger and better
2) Do your homework and your groundwork – Thoroughly research your prospective partner and ensure the alliance has the backing of senior executives at both companies
3) Create a team-based culture – Understand the connection between productivity and employee satisfaction
4) Consider corporate citizenship – evaluate the financial and social goals of the alliance, a process that can contribute to profitability
Comments