Business model canvas (BMC) is a strategic tool that helps businesses imagine and analyze their business models. One of its nine essential components is a major partner, which refers to external organizations, individuals or institutions that help to operate a business efficiently and achieve their objectives.
Why are major partners important?
Prominent partners provide resources, abilities or expertise that cannot occur internal in a business. They help reduce risk, optimize operations and increase price proposals for customers. These partnership may be necessary for cost reduction, market expansion or technological progress.
Types of major partners
- Strategic alliances-agreement between non-compulsives to take advantage of the strength of a second (eg, apple partnership with suppliers for high quality components).
- Combined enterprise-business collaborates to create a new unit or product (eg, recovering with Volvo to develop self-driving cars).
- Buyers-entrepreneurs-in-laws depend on reliable suppliers for raw materials or services (eg, material sourcing material from local farms).
- Copitation (Competitive Cooperation) – Retary companies collaborate for mutual benefits (eg, supplies OLED screen to Samsung Apple).
How to identify major partners?
To determine major partners, businesses must ask:
- Which external institutions are important to give price to customers?
- Who provides necessary resources or services that we have?
- How can a partnership reduce cost or risk?
Final thoughts
Major partners play an important role in strengthening a business model by increasing efficiency, sharing risks and running innovation. Effectively identifying and managing strategic partnership can provide a competitive edge and ensure long -term success.
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