Strategic alliances are a quick way to help a small business grow beyond its known sphere. By leveraging an alliance with a key customer or even a competitor, you can jumpstart any area of your business. They are usually formed so that you can:
Define your alliance vision
There are many reasons for choosing a strategic partner, such as sharing product expertise, management acumen and marketplace dominance. By first defining your need, you can zero in on the right partners.
I recommend: Find out more about how strategic alliances work by checking out
AllianceStrategy.com or
Corporate-Partnering.com.
Do your homework on potential partners
There are many factors to consider when sizing up partners. Look for similar cultures, communication styles, business ethics, positive customer feedback, and reporting practices. Go after brand leaders to add immediate panache and value to your company, as well as entrée into new markets and strategies Also, make sure the company is profitable.
I recommend: You can identify potential partners by industry at
Hoovers. A discussion board at
AllianceTalk.com shares information on prospective partners.Join
BusinessPartners.com to see and be seen as a potential partner.
Use matchmakers
Matchmakers can help you narrow down your short list, scrutinize candidates, and forge an alliance that works.
I recommend: Find matchmakers and consultants at
PartneringIntelligence.com,
Rigsbee.com, and
VantagePartners.com.