Alliances, Hughes and Weiss, financial gains, businesses
Alliances are very important in businesses. According to Hughes and Weiss, they contribute more than a third of financial gains to businesses. Despite the increasing rates of alliances, there are concerns over the rates of failure, which stand at a range of between 60-70% (Hughes & Weiss, 2007). According to Hughes and Weiss, the advice from experts in the field of alliances proposes use of contracts and compact business plans is sufficient to reduce the rates of failure. The article notes that despite the propositions and their implementation in business alliances, these alliances still fail. However, Hughes and Weiss contend the conventional approach has its strengths. The only problem is overemphasis in some areas.
They propose five steps to make alliances better and last longer:
The first principle proposes by Hughes and Weiss entails businesses should have less focus on defining business plans and an increased focus on how the partners are to work together (Hughes & Weiss, 2007). In many partnerships, there is a big degree of emphasis on the plan for the two partners to follow. However, Hughes and Weiss have shown that in places where the partnerships fail, it is rarely a result of non-functional business plans. Instead, it is a function of poor working relations between the two partners.
[...] In her book, she explores the role of motivation in directing productive behavior. Different people are motivated by different and often divergent elements. Therefore, presence of formal elements of motivation, such as rewards and recognition, are very important (Cohen, 2010). However, the model proposed by the article does no incriminate presence of formal management styles. It merely calls for addition of non- formal elements that bolster communication and thus aid in achievement of organizational objectives. The approach is appealing because it resonates with the informal culture that is increasingly gaining popularity in contemporary times. [...]
[...] Instead, it is a function of poor working relations between the two partners. The implication on an increased emphasis on how the two partners will work together means a greater degree of attention to the role of the individual partners. Therefore, the proposition appears to be driven by functional operations as opposed to the intended objectives. The principle, therefore, has the potential to improve operational functions of partnerships, thus delivering better results with less friction. However, part of the reason behind the relatively few complaints about split partnerships resulting from business planning is the currently existing high emphasis on these plans. [...]
[...] Therefore, the role of differences in business partnerships must be seen as positive as opposed to frictional. In this way, it is possible to forge mutually beneficiary relationships that strengthen both parties (Cohen, 2010). The fourth principle encourages stakeholders in a partnership to go beyond the formal structures in management to encourage collaborative behavior from the partners (Hughes & Weiss, 2007). Hughes and Weiss express the view that though these structures are important in directing people collaborative efforts, they do not guarantee results (Hughes & Weiss, 2007). [...]
[...] Article review-Simple Rules for Making Alliances Work Alliances are very important in businesses. According to Hughes and Weiss, they contribute more than a third of financial gains to businesses. Despite the increasing rates of alliances, there are concerns over the rates of failure, which stand at a range of between 60-70% (Hughes & Weiss, 2007). According to Hughes and Weiss, the advice from experts in the field of alliances proposes use of contracts and compact business plans is sufficient to reduce the rates of failure. [...]
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