Forming a strategic partnership might be exactly what you need to grow your business and expand your operations. Many successful brands have joined forces with other businesses to help each other succeed and deliver superior customer service. Think of Spotify and Uber, Apple and IBM, Alexander Wang and H&M and others. However, strategic partnerships come with their challenges. You not only have to choose the right partner but also cultivate and grow your relationship.
TL;DR (Too Long; Didn't Read)
A strategic partner is an individual or organization with whom you collaborate and share resources. This kind of relationship is a win-win for both parties and can help you take your business to the next level.
What Is a Strategic Partnership?
When two companies agree to work together and share physical and/or intellectual resources, they form a strategic partnership. Their relationship is usually formalized by a business contract. This type of agreement aims to help both parties accomplish their goals.
