In looking at the advantages and disadvantages of a partnership, this may be one of the top issues to consider.By sharing the labor, a partner may also lighten the load. This can have a positive impact on your personal life.Ask yourself what growth goals can a partnership help you achieve that you could not do alone.To do a thorough analysis of the advantages and disadvantages of a partnership, start by looking at all the possible advantages that might apply to your situation. This can place a burden on your personal finances and assets. Avenues for doing this may not be so readily available to a solopreneur or a small-business owner. It may allow you to take time off when needed, knowing that there's a trusted person to hold the fort. Easy to Form. It helps to keep these money issues in mind as part of the criteria in evaluating a potential partner.A host of issues can surface that may make working with a partner difficult. Global strategic alliances, which generally have a broader scope and international focus, impact the partners’ competitive positioning in their target market niches or segments.http://www.businessdictionary.com/definition/strategic-alliance.html Firms engage in global strategic partnerships because they believe the partnership will lead to synergy, which means increased economic benefits. A Insights and Inspiration to Help Grow Your BusinessHaving a business partner would allow you to share the financial burden for expenses and capital expenditures needed to run the business. Singh has identified three distinct strategies for successful alliances, each with unique strategic objectives, key success factors, and potential problems. A global strategic partnership is a type of strategic alliance or partnership with far-reaching scope. The main advantage of a partnership is that it can be easily organized. The companies may co-market the applications as one integrated product, build a joint sales force and field joint implementation teams. This may allow partners to deduct any business losses from their individual tax return. The depth of this partnership makes it “global” even if both companies have a limited international presence.Companies can buy, build or partner to grow their market share. GSPs (Global Strategic Partnerships) are attractive for several reasons which do not include: A) sharing high product development costs. The main advantages of partnership business are as under. In a joint venture, the companies form a new entity in which all parties to the agreement have a stake.Cream of the Crop: How to Train Better Employeeshttp://www.sbaer.uca.edu/research/sma/1995/pdf/73.pdfYour email address will not be published.“Global” may also refer to the broadness of scope and depth of interactions between the firms. A partnership may offer many benefits for your particular business. What expertise can you attract in a partner that may be a competitive differentiator?Credit Intel – Financial Education CenterWhen you start exploring the advantages and disadvantages of a partnership, ask yourself this: Are you able to compromise and relinquish certain ways of doing business, if you have to? What's more, some of the disadvantages of a partnership may be overcome with due diligence, proper investigation and a detailed, written, business prenup.When balancing the advantages and disadvantages of a partnership, you also need to consider if you're able to cope with unpredictability. A committed strategic alliance or partnership is contractual — all parties involved in the alliance sign an agreement committing to specific objectives generally over a given time period. Basically, you may be responsible for decisions your partner makes in connection with the business. This could present difficulties if one of the partners isn't interested in selling.While you likely enjoy being in total control of your business, in a partnership, you would now share control with a partner and important decisions would be made jointly.Ultimately, make sure that you're comfortable yourself in a partner role.

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