Partnerships in Business: Benefits, Stakeholders, and Strategic Planning

Partnerships are a common form of business that share losses, profits, and risks. ALT Consulting Company prioritizes building good partnerships with consulting and research companies. Stakeholders in partnerships can provide valuable information and build trust, but joint decision-making can be delayed. Strategic planning is essential for achieving long-term success in partnerships. Risk management is also crucial for reducing income volatility and improving business 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

PARTNERSHIP 5
economy on the basis of partnerships and socio-political patterns of development and the
influence of environmental factors in an indefinite time .
Administrative type - the development of a strategic plan is carried out by a multidisciplinary
team within the administration. Regional business, the region's public and external
stakeholders are informed, but not involved in The technocratic type - among the developers
of the strategic plan, which are academic scientists and university professors, is dominated by
the notion of the possibility of predicting and calculating everything in detail and accurately.
In this regard, the plan is presented as an exclusively scientific development. An elitist type -
a narrow circle of regional elites are involved in strategic planning, which attempt to privatize
the resources of the territory and make them the source of individual or corporate profits
(Gurgel & Rodrigues,2016). The work on planning is closed, the results are not published,
but are used. The populist type - the development of a strategic plan is associated with a
particular political leader, the content of the plan is deliberately simplified, reduced to
political promises and the possibility of achieving universal prosperity. A pragmatic type -
the development of a strategic plan is conducted under the external administrative influence,
obeys the task to meet within a certain time frame, issue a document of the specified structure
and goes on a rigid schedule. For the development of the plan, professional consultants are
involved. A democratic type: professionals in the administration, expert-analytical groups,
representatives of business and civil society, external stakeholders participate in the work of
drawing up a strategic plan. Emphasis is placed on the development and co-organization of
participants in the planning process (Yescombe, 2015).
Territorial strategic planning is possible if certain principles are adopted in society,
including:

PARTNERSHIP 6
• the principle of subsidiarity - the transfer of authority, resources and responsibility to lower
levels of government, where these resources will be used more efficiently;
• external and internal integration - inclusion of the region in world, federal, interregional
socio-partnerships and cultural processes for achieving maximum benefits and benefits;
integration of intraregional activities to reduce costs and increase the efficiency of the
territory
• social partnership - building a new type of interaction between government, business,
population, ensuring the coordination of interests and goals, pooling resources, developing
joint activities and allocating responsibilities
• citizen participation - involving citizens in discussion (understanding) of the problems of
the territory, maintenance of order and development of life
• Transparency - openness and transparency of activities
(1) the modern face of the partnerships system - the description (model) of the partnerships
system at the current time.
2) the perspective shape of the partnerships system is a description of the (model) of
partnerships system in the future (long-term period) as a result of strategic management of
innovative development of partnerships
3) the internal environment of the partnerships system - the analysis of the internal
environment is aimed at identifying strengths and weaknesses, analyzing the existing acute
socio-partnerships problems and identifying the conditions that generate them, analyzing
available social, partnerships and cultural resources, identifying possible directions and points
of growth

PARTNERSHIP 7
.4) the external environment of the partnerships system - the analysis of the external
environment is aimed at identifying trends in the surrounding world that are potentially
favorable or threatening the future territory, giving possible threats or prerequisites for
development (Ross, 2016).
5) strategy - a system of actions to achieve the desired state of the partnerships system in the
long term. The strategy takes into account the existing potential of the partnerships system
and the existing prerequisites for its implementation (Epstein, 2018). The elements listed are
combined in different variants and formulated in a strategic plan for innovative development
of the corresponding partnerships system. Thus, a document with the appropriate title is
formed and includes a number of sections:
• Preamble (formulation of incentives for the development of a strategic plan, definition of
objectives: for whom and for what is the strategic plan developed)
• Strategic analysis (analysis of internal and external environment, competitive analysis,
comparison with analogous territories, etc.)
• Scenarios of innovation development (description of scenarios and their ranking) .Vision of
the future, mission and objectives of innovative development of the territory
• Strategically (plan of measures for the near future (1-2 years)),
• the strategy for the implementation of the strategic plan and its projects (the system for
monitoring and adjusting the plan). Thus, in the strategic plan there are three large blocks:
1) analytical - annually (or more often) updated section, fixing the main parameters and
characteristics of innovative development of partnerships second system,important for
developing strategic directions and monitoring the implementation of the strategy.
Formulates the main problems of development,

PARTNERSHIP 8
2) the strategy itself - a description of the strategic goals and priorities for the innovative
development of the partnerships system, the activities to implement the strategic goals and
management resources available in the territory for the implementation of the strategy, and
3) the strategy implementation mechanism, which presents medium- and long-term programs
recognized as priorities for achieving strategic goals. Specific activities related to the
implementation of various strategic programs carried out by the administrative units and / or
using the resources of the territory are reduced to a two-year action plan for the
implementation of the strategy. The last block ensures the alignment of the strategic
objectives and the current activities of the administration in implementing social and
partnerships policies (Warner & Sullivan, 2017). Thus, the strategic plan determines the
system of actions to achieve the desired state of innovative development of the partnerships
system. At the same time, a constantly reproduced mechanism of strategic planning, based on
partnership between the government, business, and the population, should be formed. This
mechanism includes not only the text of the document itself, but also organizational
structures and constantly reproducible procedures for the development, discussion,
implementation, monitoring and updating of the strategy. At its core, such a mechanism can
be represented in the form of blocks logically placed one into another (Hovis & Stelfoux,
2016). It should be borne in mind that the actions that constitute the essence of each of the
blocks (elements) of the strategic mechanism are strongly dependent on the regional budget
indicators, regional investment programs that take into account the strategic priorities, the
actions of the authorities and other key subjects of the partnerships system in implementing
the strategy of innovation development. The main and intermediate results of the process of
strategic planning of innovative development of partnerships systems include the following
documents: strategy (concept) - a document that justifies strategic guidelines, a mission,
competitive positioning of the territory and priority areas of activity; strategic plan - a

PARTNERSHIP 9
document that includes strategic programs and projects that describe the mechanisms for their
implementation, taking into account the positions of key subjects of partnerships systems, a
concrete action plan for 1-3 years is presented; target programs and projects - are adopted to
solve specific tasks and achieve certain goals, it is assumed that the implementation of these
goals is interdepartmental and public-private, with mandatory monitoring of implementation
and public and professional examination of the results and effects of programs (Iossa &
Martimort, 2015). The mechanism of strategic planning of innovative development of
partnerships systems. Thus, a strategic plan for the innovative development of partnerships
systems is needed both by the administration to coordinate the actions of individual
committees and to select priority areas for allocating funds, and for business entities and
external investors who make decisions about their development for the future and put forward
long-term projects (McCormack, 2017). For the administration, the strategic plan is a plan of
action, for the economy and the public this is the benchmark for decision-making. It is
important not only the strategic plan as a final document, but also the mechanism, and the
process of its development and updating, as the most important tools for accumulating
knowledge, identifying ideas and initiatives, achieving public consensus
Risk management plan
Risk management is an essential element of the corporate governance system of any
company. Increasing the effectiveness of risk management makes it possible to speed up the
decision-making process.
In the conditions of partnerships instability, shareholders and company management should
concentrate their efforts on the following tasks:

PARTNERSHIP 10
Reducing income volatility and improving the quality of business planning in
Partnerships
Development of an optimal insurance program and a more consistent process of taking risks
within the framework of operational activities
Optimization of corporate governance and internal control system
Achieving a more rational ratio of own and borrowed funds
Reducing the cost of capital
The distribution of capital and the definition of priority investments
Reduction of losses.
To solve these problems, we offer a number of practical methods that are developed taking
into account the individual characteristics of the client's business. These include:
Comprehensive risk assessment conducted by experienced specialists in a particular industry
to identify the vulnerabilities of business (at the corporate and operational levels).
Development of a full package of methodology, including risk management policies,
guidance on risk identification, evaluation, monitoring, monitoring, and detailed procedures
for managing individual risks.
Preparation and implementation of a detailed plan of measures to minimize the most
significant identified risks, assessment of the risk response plan, cost-benefit analysis,
creation of alternative risk control mechanisms, improvement of control procedures.

PARTNERSHIP 11
Development of comprehensive solutions in the field of risk management: corporate loss
prevention system, hedging strategy, risk management in the supply chain, development of
insurance programs taking into account the company's risk portfolio, planning continuity and
recovery from failures, maintenance and repair of equipment taking into account risks.
Identification of risks
The purpose of this step is to identify all the potential risks that could affect the success of the
project. This objective is also the involvement of the project team in brainstorming, and
getting consultations from more experienced team members, and interviewing experts who
are not involved in the project. In any case, the following should be taken into account. First,
during the life cycle of the project, the level of risk varies. As a rule, it is relatively high in
the early stages of the project, because it is necessary to invest many more resources
(Partnerships, 2017). At later stages, when the main resources are invested and most of the
unknown conditions become known, the risks are reduced. In addition, some risks arise only
at certain stages of the project - for example, the risks associated with acceptance testing,
usually occur shortly before the completion of work.
Creating cost reduction programs to optimize the risk management process and internal
control (including optimization of insurance programs, equipment maintenance and repair,
analysis of financial stability of counterparties, evaluation and comparative analysis of the
work of risk management and internal control units (Paton & Burt,2014).
Since a great deal of data is needed in risk management, reliable historical information, in
particular records on the performance of past projects, a protocol of meetings held at the end
of past projects, published sources (for example, research on benchmarking products) is vital.
Although such information gives an idea of what exactly can go wrong, when applying past
experience to predicting the risks of future projects, it is important to be cautious.

PARTNERSHIP 12
Memorandum of Understanding
Between ;
ALT Consultancy
And
Insider Business Ventures
This memorandum of understanding sets for the understanding, terms and conditions between
ALT and Insider business ventures for the joint undertaking of project consultancy for
corporates.
Background
With a growing competition and increased demand for quality services , the two business
consultancies joined to give the best in consultancy to their clients.
Purpose
This MOU will (purpose/goals of partnership)
1. Increase access to quality consultancy
2. Increase visibility of business
3. Improve business funding
4. Create synergy in business
Reporting
Both managers of the two companies have set up a joint committee that is aimed at
authorizing every business. The staff will be reporting to the committee.
Funding

PARTNERSHIP 13
(Specify that this MOU is not a commitment of funds)
Duration
2 years
Contact Information
Partner name; Harris P Clarkson
Partner representative; Peter Boyle
Position; Manager
Address: 13698
Telephone [phone]
Fax
E-mail: [e-mail]
Partner name: John martins
Partner representative :steve jacobs
Position Manager
Address; 129997
Telephone[phone]
Fax
E-mail john [e-mail]

PARTNERSHIP 14
15-6-2017________________Date:
(Partner signature)
15-6-2017________________Date:
(Partner signature)

PARTNERSHIP 15
References
Chui, C. (2015). The Effects of HR Strategic Partnerships with Business on Organisational
Performance: Experience of the Cambodian Banking Sector. A Thesis Submitted in Partial
Fulfillment of the Requirements for the Degree of Master of Business Unitec Institute of
Technology, New Zealand(Doctoral dissertation, Unitec Institute of Technology).
Coburn, C. E., & Penuel, W. R. (2016). Research–practice partnerships in education:
Outcomes, dynamics, and open questions. Educational Researcher, 45(1), 48-54.
Du Plessis, A., & Chui, C. (2015). Strategic human resources partnerships with business:
Cambodian banking sector experience.
Epstein, J. L. (2018). School, family, and community partnerships: Preparing educators and
improving schools. Routledge.
Gurgel, G., Vieira, F. D., & Rodrigues, C. S. (2016). Partnerships in business incubators in
Brazil.
Hovis, J., Schulof, M., Baller, J., & Stelfoux, A. (2016). The Emerging World of Broadband
Public–Private Partnerships: A Business Strategy and Legal Guide.
Iossa, E., & Martimort, D. (2015). The simple microeconomics of public‐private
partnerships. Journal of Public Economic Theory, 17(1), 4-48.
McCormack, B. (2017). Negotiating Partnerships with Older People: A Person Centred
Approach: A Person Centred Approach. Routledge.
Partnerships, E. B. (2017). NAMING AND RENAMING OF BOARD FACILITIES. Policy,
1.

PARTNERSHIP 16
Paton, S., Chia, R., & Burt, G. (2014). Relevance or ‘relevate’? How university business
schools can add value through reflexively learning from strategic partnerships with
business. Management Learning, 45(3), 267-288.
Ross, D. F. (2016). Introduction to e-supply chain management: engaging technology to
build market-winning business partnerships. CRC Press.
Studak, C. M., & Allison, D. L. (2016). Developing Interdisciplinary Partnerships Based on
Cognitive Learning Styles.
Warner, M., & Sullivan, R. (Eds.). (2017). Putting partnerships to work: Strategic alliances
for development between government, the private sector and civil society. Routledge.
Yescombe, E. R. (2015). Public-private partnerships: principles of Finance= Public-Private
Partnership Principles of Policy and Finance. M.: Al'pina Pablisher.