The following are a few ways to find and make a match that will last:
- Plan first, pick later. You should know exactly what traits your ally needs before you start looking for one.
- Network. The most likely place to find an ally is among customers, suppliers, competitors and other professional associates.
- Look for synergy. A combination of allies should add up to more than either does separately.
- Value trust more than competence. An expert ally you can’t trust is no ally at all.
- Listen to your gut. Check a potential ally’s credit rating, financial reports and reputation in the industry, but trust your feelings when it comes to the final decision.
- Identify benefits, including synergistic effects. Make sure the benefit isn’t lopsided so that no one will feel he or she is being taken advantage of.
- Set precise goals for what you want to accomplish. Without goals, an alliance can flounder.
Making your strategic alliance work
The fact that these roads to growth aren’t the ones most companies travel doesn’t make them any less effective. Use these tips to guide you:
- Carefully and frankly communicate expectations, along with the ways performance will be measured, to allies and your own employees. Describe what and when each party will invest, as well as expected returns and how any disputes will be resolved. Put it in a legal document.
- Don’t forget to devise an exit strategy. It’s a serious mistake not to have a comprehensive plan for ending the alliance.
- Once you’ve started an alliance, keep it going. Refer frequently to your original objectives. See how you measure up and communicate the results and any changes to everyone involved.