Strategic Planning Of Innovative Development And Partnerships

Building Partnerships with ALT Consulting Company

Discuss about the Strategic Human Resource Partnership With Business.

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).

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

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.

Benefits of Strong Partnerships in Regional Innovative Development

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.

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 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 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).

Different Types of Strategic Planning Mechanisms

Territorial strategic planning is possible if certain principles are adopted in society, including:

• 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

.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,

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 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

Components of a Strategic Plan for Innovative Development

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:

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

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.

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.

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.

Between ;

And

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.

With a growing competition and increased demand for quality services , the two business consultancies joined to give the best in consultancy to their clients.

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

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.

(Specify that this MOU is not a commitment of funds)

2 years

Partner name; Harris P Clarkson

Partner representative; Peter Boyle

Position; Manager

Address: 13698

Telephone 12435667

Fax

E-mail: [email protected]

Partner name: John martins

Partner representative :steve jacobs

Position Manager

Address; 129997

Telephone98765643

Fax

E-mail john [email protected]

15-6-2017_______________ Date:

(Partner signature)

15-6-2017_______________ Date:

(Partner signature)

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.

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.