Build the right alliances

It is necessary to adopt a scale-up mentality to all aspects of the business, including in its approach to building and extending partnerships. While it may seem counterintuitive at first glance, it is not uncommon for competitors to become partners or even customers. In fact, it is a method by which a company can achieve scalability. By the same token, customers and partners can assume varied roles in the ecosystem, too. For example, small biotech companies partner up with pharmaceutical giants to commercialise their products, and small software companies leverage the platforms of big software and IT services providers to market and distribute their products. As with any partnership in whatever context, it is a relationship requiring time and effort to cultivate and maintain. It is also worth sounding a note of caution against being caught up in unwise alliances, which may do more harm than good to your brand. Therefore, make sure to conduct proper due diligence beforehand, and carefully consider the ways in which the partnership will add value to your business.

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