Five Reasons to Embrace Strategic Partnerships in Business
There are many reasons why businesses form strategic partnerships, and mutual advantages can be substantial when the right partnership synergy is achieved.
For Bentleys, our alliance with Allinial Global - the third largest association of accounting and consulting firms in the world - has enhanced service delivery for our clients, particularly those with international interests. For Allinial Global, the alliance has filled a gap in its presence across the Asia Pacific.
Together, we benefit from enhanced brand awareness, access to more resources in more countries, and involvement in innovation programs that support our shared commitment to being 'the firm of the future'.
Here are the top five reasons for forming a strategic partnership, and how it can benefit your business.
1. ENTER NEW MARKETS
With Australia and New Zealand accounting for only two per cent of the world's GDP, geographic expansion to new markets and customers can deliver lucrative results. With the right partnership in place, risks can be reduced, and opportunities optimised.
Recently, an indoor trampoline company was considering setting up another operation in Australia. However, after some research and analysis, it was found that cost would be reduced if the operation were to set up in Shanghai, and the earnings would be substantially increased given access to a larger market.
We located the right local investor, who had the resources, connections and local market understanding to enable a successful joint venture.
2. DEVELOP A COMPETITIVE ADVANTAGE
International business often involves specialist skills from people in different fields. Rather than developing and maintaining new skills in-house, it can be commercially advantageous to partner with a firm that offers the complementary skills required.
For example, Bentleys' relationship with Allinial Global enables our clients to access taxation advisors who are experts in their respective markets (across 66 countries) and are available to deliver quick responses to complex international tax issues.
The partnership should deliver winning results for all involved, and enable each company to focus on maintaining their core competencies.
3. BUILD BRAND AWARENESS
Strategic partnerships are formed on shared values and vision, so the association serves to strengthen the respective brands. Strategic partners can also collaborate in shared campaigns to build brand awareness across their respective memberships, opening up more opportunities for generating new business.
There are many examples of successful co-marketing partnerships, where the companies involved - like GoPro and Redbull, Uber and Spotify, and Apple and MasterCard - offer mutually beneficial services to customers with a strong brand fit.
4. SHARE RESOURCES
Imagine the resources required to develop your business's success into the future. This could include software, high quality vendors, social media communities, or a connected network of aligned professionals - and imagine what you could achieve by immediately accessing these resources.
Strategic partnerships can generate the economies of scale that enables access to a rich range of resources and achieves the critical mass that is often needed for international success. Such ciritcal mass can also attract other 'like' business partners and improved vendor arrangements.
5. ENABLE INNOVATION
A strategic alignment, along with the collective skills and resources of each strategic partner, opens the opportunity to drive innovation for the benefit of all. This can be achieved through shared programs that have a concerted focus on advancement.
''We here at Allinial Global are delighted to have a group the strength of Bentleys join our global team. While we are confident that Allinial Global can provide expanded resources, share expertise, extend our geography and also complete global connectivity, we are more than convinced that Bentleys can provide Allinial Global with those key elements such as leadership (not just regional, but global), strong competency and broad capabilities. Combine all this with added scale which allows us both to drive our global presence to serve the clients of our members and Bentleys. These are exciting times and opportunities for both Bentleys and all of Allinial Global worldwide. I am excited about our future... together.'' - Terry Snyder, Chief Executive Officer, Allinial Global.
Do you need a strategic partner? Contact your Bentleys advisor to help you identify the perfect match.