Your business questions answered

“I’m thinking about setting up a partnership with another company in order to extend the geographic range of my business. Are there any potential snares I should be aware of?”

The type of partnership you describe can indeed bring the benefit you want – and many more, including access to advanced technology, faster product development, better quality control, cost savings and a stronger negotiating position. But you have to choose your partner carefully, as such an alliance requires deep, organisation-wide commitment from all involved. If your partner’s goals or cultures differ radically from your own, the alliance will most likely fail.

You must also make sure that a relationship with your business is seen as an attractive proposition. So you need to articulate the competitive values that will make you a good strategic partner, and show your prospective partners how your own core competencies could solve an existing business problem. Have a look at this information on strategic alliances.

Here are some more tips that may help you with your expansion plans, particularly if you want to target overseas markets:

For further advice, email us or call us on 020 7099 2621.

“I’ve just been appointed to my first CEO post. What are the biggest pitfalls I should look out for?”

As there are so many variables, we can’t give you an answer that will cover your particular situation. But don’t let the fear of getting things wrong hold you back. Mistakes can be productive – so long as you are willing to admit them and learn from them. For more information on this, see our recent Snapshot A leader’s guide to being wrong.

Here are some more insights that will help you develop your leadership abilities:

For further advice, email us or call us on 020 7099 2621.