Strategic Alliances - Two Heads Are Better Than One
by Janice Byer, CCVA, MVA
Docu-Type Administrative & Web Design Services
Many of us have heard the term "strategic alliance", but how do we find the right one and how can it help our businesses?
Well, let's look at what Webster's Collegiate Dictionary has for a definition of each of the words:
: a necessary to or important in the initiation, conduct or completion of a strategic plan;
: of great importance within an integrated whole or to a planned effect or course of action.
: the state of being allied (close association);
: a bond or connection between parties;
: an association to further the common interests of the members.
When you put the two definitions together you get an important contribution to a successful business venture. By forming a close association with another business, a connection is made to further your common interests . . . work with them to help build each of your businesses.
Each business has unique skills, services or products. By combining these traits, you can live by the old saying . . . 'Two heads are better than one'. The goal of both (or more) partnering businesses should be to strengthen your own skills while offering a wider array of services to yours and your alliances' client base.
Once you have decided that working along side another business could be beneficial to you and allow you to enhance another's business, the next decision is to determine whom you should partner with.
All in all, strategic alliances are a way of boosting both your client base and others'. It also allows for a sharing of intelligence, a sounding board for new ideas and a helping hand with more intricate projects.