A partnership is an agreement where different parties agree to cooperate to advance their mutual interests. The partners in East Coast may be individuals, businesses, governments, and so on. It is a specific kind of legal relationship formed by agreement between two or more parties to carry on business.
A partnership in business is similar to personal partnerships. A successful business partnership requires not just short-term mutual interest but long-term compatibility.
Entering into a business partnership in East Coast can be very exciting. You’ve found someone who shares your vision, works well with you, and has lots of great ideas. To create a partnership business, understand the why of your partner, seek commonality and shared vision, don’t rush the process, write things down.
Be clear on the value you bring to the table. Be honest about why you’re interested in creating a partnership. Understand why your partner is seeking to connect. Best partnerships work because the vision and values are shared as well as passion and enthusiasm. Seal all agreements in writing to avoid messy breakups in future. Contracts preserve relationship, not destroy them.
Tops 7 Mistakes Executives Make When Digitizing The Business
Supply Chain Management (SCM) as defined by Tom McGuffog is "Maximising added value and reducing total cost across the entire trading process through focusing on speed and certainty of response to the market." Due to globalization and ICT, SCM has become a tool for companies to compete effectively either at a local level or at a global scale. SCM has become a necessity especially for manufacturing industry when it comes to deliver products at a competitive cost and at a higher quality than their competitors. Here are some of the reason SCM has become important to today's manufacturing industry:-
Competitive Edge through Core Competencies
Today's business climate has rapidly changed and has become more competitive as ever in nature. Businesses now not only need to operate at a lower cost to compete, it must also develop its own core competencies to distinguish itself from competitors and stand out in the market. In creating the competitive edge, companies need to divert its resources to focus on what they do best and outsource the process and task that is not important to the overall objective of the company. SCM has allowed company to rethink their entire operation and restructure it so that they can focus on its core competencies and outsource processes that are not within the core competencies of the company. Due to the current competitive market, it is the only way for a company to survive. The strategy on applying SCM will not only impact their market positioning but also strategic decision on choosing the right partners, resources and manpower. By focusing on core competencies also will allow the company to create niches and specialization of core areas. As stated in the Blue Ocean Strategy outlined by Chan Kim, in order to create a niche for competitive advantage, companies must look at the big picture of the whole process, and figuring out which process can be reduce, eliminate, raise and create.
As an example stated by Chan Kim, the Japanese automotive industries capitalise on its resources to build small and efficient cars. The Japanese automotive industries gain competitive edge by utilising their supply chain to maximise their core competencies and position itself in a niche market. The strategy works and now Toyota Motor Corporation, a Japanese company, is considered to be the number one auto car maker in the world beating Ford and General Motors of the United States.
SCM has allowed business nowadays to not just have productivity advantage alone but also on value advantage. As Martin Christopher in his book, Logistics and Supply Chain Management: Strategies for Reducing Cost and Improving Service' states, 'Productivity advantage gives a lower cost profile and the value advantage gives the product or offering a differential 'plus' over competitive offerings.' Through maximizing added value and also reduce the cost in the same time, more innovation can be added to the product and process. Mass manufacturing offers productivity advantage but through effective supply chain management, mass customization can be achieved. With mass customization, customers are given the value advantage through flexible manufacturing and customized adaptation. Product life cycles also can be improved through effective use of SCM. Value advantage also changes the norm of traditional offerings that is 'one-size-fits-all.' Through SCM, the more accepted offerings by the industry to the consumers would be a variety of products catered to different market segments and customers preferences.
As an example, the Toyota Production System practiced in Toyota, evaluates its supply chain and determines what is value added activities and what is not value added activities. Non added value activities are considered to be 'Muda' or waste and therefore must be eliminated. Such non added value activities are overproduction, waiting, unnecessary transport, over processing, excess inventory, unnecessary movement, defects and unused employee creativity. The steps taken to eliminate waste are through Kaizen, Kanban, Just-in-time and also push-pull production to meet actual customer's demands. The Toyota Production System revolutionise the Supply Chain Management towards becoming a leaner supply chain system that is more agile and flexible towards meeting the end users demands.
With the support of our professional business network, you get the opportunity to exchange experience and knowledge at a top professional level, and to strengthen and develop your own skills within your management and specialist areas.
Legal structure of partnership will dictate many decisions as to how the business is run.
Main partnership types are:
- General Partnership: formed when all partners participate in business operations and take mutual responsibility for business’s debt. These offer very little protection for partners from liability.
- Limited Partnership: most often chosen when business partners in East Coast are taking an uneven level of involvement in business.
- Limited Liability Partnership: is a structure that limits each individual’s personal financial responsibility.
What’s left unsaid or unplanned often leads to unmet expectations. Partners can clash over countless things.
First, ask yourself do you really need a business partner to build a successful business in East Coast? Test the partnership out by tackling a small project together. Business partnership can end bitterly. Be especially careful when partnering with close friends or family members. Thoughtfully plan and prepare for every aspect of partnership in advance so there’s no question about how difficult situations will be handled. Create a partnership agreement with help from a lawyer and an accountant. Agreement should address compensation, roles and responsibilities, exit clauses. Outline your expectations for how you’ll operate your business.
Networking has always been considered a powerful tool for improving business prospects, advancing a career, and developing ideas. Other than some brief, structured events, networking has been mostly informal and inexpensive in comparison to cost they otherwise spend on different channels. But membership is growing in many formal, long-term networking groups, and so is the price tag.
Supply Chain Concept And Meeting Groups
To keep ahead in a fast-moving industry, leading Asia-Pacific fashion retailer Bossini needed to have better visibility into its business and operational processes through the synchronization of real-time data across multiple orders, shipments and stock-keeping units.
By leveraging the Enterprise Service Bus (ESB), Bossini is able to speed up the deployment of new applications and processes and bring new partners on board much more quickly.
The intuitive development environment of the webMethods ESB has enabled Bossini's programmers to easily, and quickly, build the large number of interfaces required to meet its complex integration requirements.
Upon transforming to a Service Oriented Architecture (SOA), Bossini could synchronize real-time data from multiple orders, shipments and stock-keeping units (SKUs) across its Point-of-Sale (POS) systems and Warehouse Management System (WMS) inventory.
• Better visibility into real-time processes with dynamic synchronization of data between point of sale and warehouse management systems
• Additional business capabilities, e.g. late shipment and sales performance monitoring via dashboards/SMS and stock-on-hand monitoring for all markets.
• Factory order allocation reduced from three days to one
• Finance month-end closing slashed from 25 days to seven
• Developer and IT productivity increased by up to 30 percent through user-friendly intuitive interface and re-use of programming objects from the webMethods ESB.
A standards-based solution
With the webMethods Enterprise Service Bus, Bossini is able to take full advantage of the standards-based interfaces to integrate with their existing systems and utilize service orchestration to connect their existing systems to their processes. This allows Bossini to speed up the deployment of new applications and processes and bring new partners on board much more quickly.
Subsequent changes are also easier to implement, and the company enjoys cost savings resulting from the re-use of the service components. "The webMethods ESB enables us to achieve real-time interoperability across numerous disparate applications, including independence from the constraints of their operating systems and hardware platforms," said Mr. Andrew Ling, Director of IT and Supply Chain of the Bossini Group.
Of equal importance is the platform's flexibility and ease of use. "This was crucial in our ability to gain competitive advantage in the fickle world of apparel retailing," said Ling. "In our decision, we also took into account the faster adoption, lower training costs and quicker return-on-investment enabled by the very intuitive design of the webMethods ESB."
Addressing the issues upfront will help you better focus on your business later. Set expectations for a successful business partnership. Know your relationship with your business partner. Know your financial roles and viewpoints. Know your exit strategy. Agree on structuring your partnership.