Not long ago we discussed the importance of building a strategic alliance with another business. While building a strategic alliance is certainly effective, you can’t just pick a business at random and decide to work together. There has to be purpose – there has to be a need.

Here are a few things to consider as you begin to formulate plans for a strategic alliance. Following these tips will ensure you are able to develop a strong partnership.

Evaluate your Potential Partners Thoroughly

Don’t take for granted the fact that you know about a company or its owners, even if you’re friends or met because of an important referral. Do a bit of research and make sure that you agree with your potential partner’s marketing strategies and business ethics. Consider their decision making process, their current marketing strategies, and the way they manage their employees. Whatever they do with their own business will likely apply to your alliance.

What Goals Do You Have for the Alliance?

Make sure you establish a clear set of goals and objectives from day one. Each side of the alliance should reap equal benefit. You don’t want to find yourself six months into a project and realize you’re burnt out because you’re doing all of the work. Put your ideas and goals in writing with any other agreements you make.

Communication is Key

Communication skills are essential no matter what type of business situation you’re in. You need to be open and honest with your partner and should expect honesty in return. Make sure you’re constantly in touch, whether this means following up via email, telephone, or by scheduling regular meetings to review the project’s progress.

Resolve Conflicts Quickly

Determine, in advance, how you will handle conflict if it should arise. It’s completely normal to have a disagreement, but you have to have a system for resolution (aside from meeting for a back yard brawl). Will you have a neutral place to gather for a meeting? Will you have a third party arbitrator help resolve your conflicts?

Patience is a Virtue

It takes a considerable amount of time to find a partner for a strategic alliance. Once you’ve found the right one, it’ll take time to cultivate a trusting relationship and, finally, see results. Nothing happens overnight. Be patient and you’ll eventually begin to see the benefits.

It’s not easy to form a successful strategic alliance, but it can certainly be done. Remain committed to the task and you’ll reap the benefits.

Sean

Sean McPheat