A strategic alliance is a collaborative relationship between two or more parties. It is designed to facilitate the achievement of agreed-upon goals or to fulfill a critical business need while retaining the independence of the parties. Unlike a partnership, there is no need for a transfer of equity nor is costly legal assistance necessary, however, the quid pro quo principle applies. The parties agree to certain conditions and hold each other mutually accountable.
The myriad of tasks and responsibilities for a small business owner can be daunting. When there are not enough staff, expertise, or resources, a strategic alliance is worth considering. In fact, strategic alliances can be a lifeline, particularly for those who are engaged in a new or growing business.
Here are a few tips to get a strategic alliance started:
1. Envision and express the synergy
2. Identify and screen alliance candidates
3. Upon mutual agreement go forward and reap the rewards
A strategic alliance is a collaborative relationship between two or more parties. It is designed to facilitate the achievement of agreed-upon goals or to fulfill a critical business need while retaining the independence of the parties. Unlike a partnership, there is no need for a transfer of equity nor is costly legal assistance necessary, however, the quid pro quo principle applies. The parties agree to certain conditions and hold each other mutually accountable.
The myriad of tasks and responsibilities for a small business owner can be daunting. When there are not enough staff, expertise, or resources, a strategic alliance is worth considering. In fact, strategic alliances can be a lifeline, particularly for those who are engaged in a new or growing business.
Here are a few tips to get a strategic alliance started:
1. Envision and express the synergy
2. Identify and screen alliance candidates
3. Upon mutual agreement go forward and reap the rewards