Answer to Question #202082 in Management for Thandi

Question

discuss the keys factors that the Dutch Pork Supply Chain may consider when selecting potential partners. 

Answer 1

Factors to Consider When Selecting Business Partners

Experience and Industry Know How

The business partner needs to be an expert in his field as well as the know how regarding how the industry in which the business is running is operating. Such a partner with these two aspects will bring a positive impact to Dutch Pork Supply Chain. The partner should also be experienced enough to know on how to tackle circumstances that can be adversely affecting the business as this can be the deal breaker between the business becoming a success or failing.

Financial Stability

The business partner should be financially stable as cash flow is the number one reason why many businesses fail. The business partner should be in apposition to inject more capital into the company should the same be needed.

Vision

The business partner should be a visionary with the ability to identify new business trends and ideas and implement the same in the company. The business partner should have the ability to plan strategies on how to implement the new business ideas as well as know the right steps to take.

Creativity

The business partner should be innovative by constantly looking at ways in which the products as well as the services offered by the company can stand out from the other competitors and therefore be an instant hit to the consumers. Consumers nowadays are looking for the next big thing and this requires creativity (Cummings et al, 2012).

Reliability

The business partner should be reliable as in he can be counted upon to make crucial business decisions that affect the company as well as sharing the same vision as the company.

References

Cummings, J.L. and Holmberg, S.R., 2012. Best-fit alliance partners: the use of critical success factors in a comprehensive partner selection process. Long Range Planning, 45(2-3), pp.136-159.