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

• Identify your needs; it doesn’t matter how simple or complex they are- if you are not best equipped to handle them, someone else surely is
• Be prepared to express your needs so that a prospective alliance can appreciate their potential value to you
• Identify what you will offer in return; be prepared to express this in a way that shows a prospective alliance your potential value to them

2. Identify and screen alliance candidates

• Identify known contacts and/or seek referrals from trusted sources that match your needs and your offerings
• Share your vision

3. Upon mutual agreement go forward and reap the rewards

• The world is full of talented people; not all of us excel at the same things and it is this heterogeneity that fuels synergy and success. Remember, you don’t have to do it all alone.