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How do you mitigate risks in strategic alliances?

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Strategic alliances are cooperative arrangements between two or more firms that aim to achieve mutual benefits, such as accessing new markets, sharing resources, or enhancing innovation. However, strategic alliances also entail significant risks, such as loss of control, opportunism, misalignment, or conflict. Therefore, it is crucial to mitigate these risks by applying effective strategies before, during, and after the alliance formation. In this article, you will learn how to do that by following these steps:

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Bhairav Kothari

Founder of SuperCFO & SuperSpring Ventures | LinkedIn Top Voice | Finance x Strategy x Brands x Licensing x M&A

1 Choose the right partner

The first step to mitigate risks in strategic alliances is to select a partner that is compatible with your goals, values, and culture. You should conduct a thorough due diligence to assess the partner's strengths, weaknesses, opportunities, and threats, as well as their reputation, track record, and trustworthiness. You should also look for complementarity and synergy between your capabilities and resources, and avoid partners that are too similar or too different from you. Choosing the right partner will reduce the chances of misunderstanding, conflict, or competition.

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Bhairav Kothari

Founder of SuperCFO & SuperSpring Ventures | LinkedIn Top Voice | Finance x Strategy x Brands x Licensing x M&A
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In choosing the partner, one must also ensure there is alignment of vision and business plans. Most alliances and joint ventures fail, because of differences in opinion between two partners. So, choosing the right partner is extremely important.

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2 Define clear objectives and roles

The second step to mitigate risks in strategic alliances is to establish clear and realistic objectives and roles for each partner. You should communicate your expectations and needs, and align them with your partner's. You should also define the scope, duration, and performance indicators of the alliance, and assign specific responsibilities and tasks to each partner. By doing this, you will create a common vision and direction for the alliance, and avoid ambiguity, confusion, or duplication.

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3 Negotiate a fair and flexible agreement

The third step to mitigate risks in strategic alliances is to negotiate a fair and flexible agreement that reflects the interests and contributions of each partner. You should consider the legal, financial, operational, and relational aspects of the alliance, and balance the risks and rewards. You should also include clauses that allow for adaptation, renegotiation, or termination of the alliance in case of changing circumstances or unforeseen events. By doing this, you will protect your rights and obligations, and ensure a smooth and sustainable collaboration.

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Bhairav Kothari

Founder of SuperCFO & SuperSpring Ventures | LinkedIn Top Voice | Finance x Strategy x Brands x Licensing x M&A
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For any kind of business association to work, the agreement has to be fair. It is also important to consider various scenarios and clearly discuss exit terms. People refer to the agreement when they are not happy with the association. Therefore having clear exit terms helps reduce litigation at a later date.

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4 Build trust and commitment

The fourth step to mitigate risks in strategic alliances is to build trust and commitment between the partners. You should foster a culture of openness, honesty, and respect, and share information, knowledge, and feedback. You should also demonstrate your commitment to the alliance by investing time, money, and resources, and delivering on your promises. By doing this, you will strengthen the relationship and cooperation between the partners, and reduce the likelihood of opportunism, conflict, or dissatisfaction.

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5 Monitor and evaluate the alliance

The fifth step to mitigate risks in strategic alliances is to monitor and evaluate the alliance regularly. You should track the progress and performance of the alliance against the agreed objectives and indicators, and identify any problems or issues that arise. You should also measure the satisfaction and value of the alliance for each partner, and solicit their feedback and suggestions. By doing this, you will ensure the accountability and transparency of the alliance, and enable continuous improvement and learning.

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6 Manage the alliance termination

The sixth step to mitigate risks in strategic alliances is to manage the alliance termination effectively. You should plan for the exit strategy and conditions of the alliance from the beginning, and communicate them clearly to your partner. You should also respect the terms and obligations of the agreement, and handle the dissolution of the alliance with professionalism and integrity. By doing this, you will avoid disputes and litigation, and preserve the reputation and relationship of the partners.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How do you mitigate risks in strategic alliances?

1

2

3

4

5

6

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1 Choose the right partner

2 Define clear objectives and roles

3 Negotiate a fair and flexible agreement

4 Build trust and commitment

5 Monitor and evaluate the alliance

6 Manage the alliance termination

7 Here’s what else to consider

Business Strategy

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How do you mitigate risks in strategic alliances?

1

2

3

4

5

6

7

1 Choose the right partner

2 Define clear objectives and roles

3 Negotiate a fair and flexible agreement

4 Build trust and commitment

5 Monitor and evaluate the alliance

6 Manage the alliance termination

7 Here’s what else to consider

Business Strategy

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