The benefits can be endless. From an increased competitive advantage to broader access to skills and expertise, strategic partnerships can provide ample opportunities for businesses. This is becoming all the more important as the future of the corporate world is gearing up to become faster, more complex, more global, and more demanding.

Gerald Nanninga, author of Fast Forward: The Dance of Strategic Planning, says product life cycles are shrinking, industries are overlapping, business is becoming more international in scope, and customers are becoming much harder to please.

To cope with this, he believes, strategic partnerships can help because they allow companies to get to market quicker, gain the additional skills needed to support their customers, provide opportunities to expand into new regions, and reduce the risks that lead to errors. “Strategic partnerships are often beneficial because they can provide an effective means for gaining some of the capabilities needed to succeed in one’s vision,” he writes. “By eliminating the requirement to build every milestone by one’s self, a company can get to the future in less time and have greater success. Strategic partnerships are not just a tool for weak firms. Some of the largest and most powerful firms utilise strategic partnerships.”

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