Retooling business relationships: How strategy tools can be used to improve how businesses work together

Abstract

Purpose

This paper aims to review the latest management developments across the globe and pinpoint practical implications from cutting-edge research and case studies.

Design/methodology/approach

This briefing is prepared by an independent writer who adds their own impartial comments and places the articles in context.

Findings

Strategies are often seen as something enacted by a particular firm upon others, often with the goal of “winning”. Yet the global and connected nature of business at present means that such selfish pursuits often undermine the ability of a firm to survive and profit in the long term. As such, strategy can be viewed as something that exists within a business network, one built up of business relationships. Firms can work together to achieve individual goals but without harming each other. Rarely can firms act alone in the global market, often relying on others to provide resources. Because of this, there is a strong argument for considering business relationships as another, perhaps the most important, resource that a firm has. Strategy tools can be used within a firm to boost the nature of these business relationships, ultimately improving and securing a network of firms who all profit from each other’s success.

Practical implications

The paper provides strategic insights and practical thinking that have influenced some of the world’s leading organizations.

Originality/value

The briefing saves busy executives and researchers hours of reading time by selecting only the very best, most pertinent information and presenting it in a condensed and easy-to-digest format.

Citation

(2017), "Retooling business relationships: How strategy tools can be used to improve how businesses work together", Strategic Direction, Vol. 33 No. 7, pp. 35-37. https://doi.org/10.1108/SD-04-2017-0076