Partnerships in Business: Benefits, Stakeholders, and Strategic Planning

Running head: PARTNERSHIPS 1
Partnership
Name:
Institution:
Date:

PARTNERSHIP 2
Partnerships
Partnerships are a common form of business in modern day trade. They are built to share
losses, profits and risks associated with businesses. The common type of businesses in the
world require partners to create synergies and improve the business. They are better than sole
proprietorships. When environmental conditions are complex and uncertain, the steamers
create networks of interdependencies. This process is sometimes called bridging or strategic
partnership (Badgett, 2016).
PARTNERSHIP IN CONSULTING
ALT Consulting Company is traditionally positive about building good partnerships with
consulting and research companies, private consultants, and with leading business media. The
consistent development and expansion of the partner network is one of the strategic priorities
of the ALT firm.
As the company "ALT" specializes in management consulting, it does not consider it
appropriate to solve problems in the field of technological, logistics, IT, tax consulting, mass
polling, etc., within its complex consulting projects. So we are interested in finding
professional and reliable partners to whom the consultants of "ALT" could transfer the
corresponding part of the works in such projects for a contract (Chui, 2015).
In working with such partners, we, in turn, are interested to work on a contract in their
consulting projects, on the decision of the profile tasks for the company "ALT" on strategy
development, management system optimization, market analysis, benchmarking, etc

PARTNERSHIP 3
Stakeholders in Partnerships
In close cooperation with customers, the firm will more likely receive more information
about the direction of market development, anticipates future needs for improved and new
products, maximizes the probability of success and minimizes the time needed to develop and
market new products, builds trust and mutual respect between groups related stakeholders.
The method of active creative bridging is the creation of common goals, and not just the
adaptation to the initiatives of the stakeholders.
Strong links with one of the stakeholders can force the firm to distance itself or limit ties with
another to avoid conflicts of interest, violations of business ethics requirements or loss of
confidential information. Moreover, joint decision-making can take significantly longer, be
delayed and culminated in too many compromises (Coburn & Penuel, 2016). Small business
often finds partnership tactics acceptable for entering certain industries where barriers to
entry are high, but at the same time it risks being completely depressed by its partner. In
general, the benefits of bridging outweigh its shortcomings and dangers, if the tactics of the
partnership are applied correctly.
With the deconcentration of public administration, the emergence of local self-government
and market reforms, Australia is developing a new system of views on the process of
planning long-term innovative development of regions based on respect for the principle of
the balance of interests and establishing a partnership system of business and the local
community. At the same time, the process of restructuring inter-budgetary relations,
partnerships and financial crises, has increased the need for regional authorities to manage the
innovative development of their entrusted territories, based on a more effective use of the
available potential and adaptation to changes in the external environment.

PARTNERSHIP 4
To solve the problems of sustainable development of the region in accordance with public
trends, a modern strategic planning mechanism is needed as an instrument for the
implementation of regional projects of an innovative nature based on real investments
(strategic alternatives). Considering the regional system as a complex of interconnected
subsystems "territory", "population" and "economy", it should be noted that the region can
also be described as a level partnerships system aimed at meeting the needs that form this
unity of people in the region.
To characterize the concept of "partnerships" we use a definition based on a list of objects
that constitute the subject area of the study. Partnerships is a subsystem of the country's
partnerships system, which includes regions, industries, complexes, groups of enterprises and
organizations, as well as scientific disciplines that study them. The subject of the study of
partnerships is partnerships interaction and the development of regions, industries,
complexes, groups of enterprises and organizations (Du Plessis & Chui,2015). .
Strategic planning in partnership Business
Strategic planning is a part of strategic management aimed at achieving the desired state of
partnerships systems in the long term. With strategic management, operational decisions are
made taking into account the chosen strategy for the development of the territory. The basis
of planning is orientation to the perspective appearance of the territory, effective use of
existing potentials, strengthening of positive trends and assumptions, concentration (Studak
& Allison,2016)
Strategic planning of innovative development of the region is the development of
scientifically grounded judgments about the prospects for innovative development of the