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.