The focus of bringing multiple companies together for a common objective

Projecting an old adage into today’s fast paced economy, it can be expressly said that no business is an island. Even the biggest business rely on an ecosystem of customers, suppliers, partners and competitors to survive. Navigating through the complex web of global economy is a task that is best attained with collaborating, partnering and creating strategic alliances with like minded companies or businesses. 

It can be surmised that perfecting collaboration with partners is a key factor in successful business of the present. It is, hence, essential that organisations focus on working with one another for mutual benefit, determine what value they will derive from it and how that value can be increased.
One of the most important reasons of coming together of companies is to gain access to knowledge and/or resources. Each partner helps in addressing the gaps in vital resources and uses the partnership to extend its skill set into new areas. Companies can also decide to join hands to develop new products or to enter a market that they could not enter alone. It creates a tremendous impact in industry when it is possible for related products from different manufacturers to work together. This can unlock customer value and boost the revenue potential of both or more of the products. For eg., consider a microprocessor company coupling its product with a smartphone producer or a screen manufacturer. It can lead to an increase in profits for companies and value for the customers.
Another crucial facet of coming together of businesses is the economic advantage. You can reduce costs and risks by distributing them across the members of the alliance. Sharing R&D costs and facilities is economically conducive, while sharing expertise can be invaluable in speeding up the processes. It stands to reason that this will help the production volume to increases, causing the cost per unit to decline and helping to increase profits. Strategic global business alliances are effective ways of entering new foreign markets. Partners can provide established marketing and distribution channels, as well as knowledge of the local markets making it easier to break into unfamiliar territories.
Another category includes utilizing strategic advantages. Co-operation instead of competition with your rivals, tapping each other’s potential will help you keep the system function productively. You can also cofunction to create vertical integration where your partners are part of your supply chain. Strategic alliances, in many cases, may be useful to create a competitive edge by the pooling of resources and skills. The association can also lead to future business

opportunities and the development of new products and technologies. These kind of partnerships may also be used to gain access to new technologies or to work on joint R&D.
An alliance between companies should create an improved and profitable situation for all the stakeholders or it will not last. Partners should commit to developing and building a positive alliance. The best way to reach out to potential strategic partners is to start networking. If you are a small business owner, you can research other business in the nearby market area and try to find products or services that compliment your brand and share your vision. Companies need to have a certain harmony with each other for the partnership to work. Trust is perhaps the foundation of any strategic alliance or collaboration between companies. It also requires commitment from all partners to give it the needed longevity.
An alliance between two or more businesses enables each to achieve certain objectives neither would be able to achieve on their own. Today and in future, as the world starts getting more and more tightly linked, the boundaries of the companies are getting quickly blurred and businesses are forced to cut across organisational frontiers. It is essential that you strategize to engage in this trend and join your hands with others in your entrepreneurial journey. Business of today does not stop at the company borders, but rather start to take wings from there to newer avenues as it pushes to improve cross organisational processes.

Business is about team building with the right people.

"Alone we can do so little, together we can do so much." --Helen Keller 

It is that togetherness that drive a good business to its pinnacle of glory. The distinction between triumph and failure in an enterprise is the team that forms the heart of its dynamics. A group of strangers, with diverse backgrounds, different personalities, disparate perspectives come together with the common goal of working towards the success of a business. Channeling the best in each of those individuals and to form a cohesive group that will help the business reach its true potential is the pivot of every business ecosystem.
Building a team demands matching jobs to people's strengths. You have to give people responsibilities according to their skill level. Hiring employees is not all plain sailing. It takes practice, patience and understanding to build the right team. At times you promptly get the suitable candidate. At times it just doesn’t work out. Yet another time, the best candidate isn’t the one actively looking for a job. There will be hits and there will be misses. But along the way you will develop the acumen of what to look for in people which will foretell that they’ll be the committed employee that you need. Some of the key elements while building the right team for your business -

• The first step is identifying what are the gaps in the current talent that need to be filled. Look at your employees. What is that you are missing and what are the inadequacies that have to be addressed? Also, make sure to consider your hiring options and available resources before the process.
  
• Develop relationships with recruitment agencies to leverage their resources. Scout the talent pools using social media job sites such as LinkedIn. A hiring strategy should be an integral part of the business plan. Create a standard procedure and checklist for hiring to review candidates objectively.
  
• The person with the best qualifications isn’t always your right choice. You should look for team members who adhere to and build the values and culture of the company. You should hire someone who will merge seamlessly along with other members as well as the working environment of the enterprise.
  
• Once you have hiring process is done, the real work begins. The role of each team member must be defined. Mentoring helps give guidance to the new recruits. Partner your new employees with someone senior on the team. Get
  

them engaged right from the start. It is imperative to clearly specify the team goals. If team goals are not specified and agreed upon by all team members, you run the risk of the team wandering without direction.

• Successful teams are made up of members who trust and respect each other. Building and fostering a team culture is vital to the positive work environment. Make sure all the employees get along and work together. Team building activities, weekly team meetings, team outings etc help improve the cohesiveness of the team structure.
  
• Most employees crave feedback for the work that they do. Acknowledge their effort. Sincere praise for a job well done can go a long way toward building a relationship of trust between the employer and employee. It is also important to challenge them and keep them excited about the work they are doing.
  
• It is not the people with the same set of ideas that will make your business go miles. You need people from diverse backgrounds, with varied perspectives, and with various skills. They should bring to the table an asso-rted mix of competence and expertise. They should debate, discuss, deliberate and yet at the end concur with each other to take the organization forward.
  
• If good teams boost businesses, under-performing employees can break the morale of an enterprise. If there’s anyone on the team who is hampering the growth of the business, you should not hesitate to let them go.
  There is no place for ‘I’ in successful business. Your team is your most important asset, the cog of your business structure. Make them a part of the company, of your struggles and your successes. Include them in your vision for the future. Inculcate in them a sense of belonging. It is on the wings of your employees that your company is going to soar to the skies of accomplishments. It is your job to make them fly unitedly and effortlessly.