Strategic Alliances: A great idea for growing your business

Strategic Alliances: A great idea for growing your business

In its most basic definition in my world of business development, a strategic alliance is a partnership of two or more companies with a common goal centered around growth and development. You should consider forming or joining a strategic alliance if you are not currently able to meet the demands of a contract on your own.

Strategic alliances have many benefits for both the businesses involved AND for the corporations they are soliciting:
Improved market reach
Generation of additional revenue
Development of new products, new markets and new skills
Risk management
Easier performance management

As you consider and develop a strategic alliance be sure to keep the following things in mind:
Consider, outline and agree to an exit strategy before you sign on the dotted line.
Create an official contract for the strategic alliance.
Search for partners within and outside of your network and industry.
Decide which company will be the lead for interactions with the customer.
Clearly define the roles of the parties involved.
Outline and agree to everyone’s expectations.
Pick a partner with different strengths than yours.
Define and agree to the market reach for the alliance: local, regional, national, international.
Evaluate your cultural fit– do the parties all have the same core values?
Establish performance metrics: Financial, strategic, operational.

Our corporate sponsors and partners have told us that purchasing departments and contract officers prefer strategic alliances because they are efficient and because they offer creative and innovative solutions.

Need more info? Interested in looking for potential strategic alliance partners? Contact the office. We can connect you with other WBEs and guide you through the process.

Nancy Allen

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G. Nancy Allen is an international speaker, coach, consultant and expert on women’s business issues. Nancy has over 30 years of experience helping small business owners at all stages of growth. As President and CEO of WBDC Florida/Her Company Incorporated, Nancy manages and leads an incredible team of staff, sponsors, partners and women business leaders who are dedicated to certifying, connecting and championing women in business. Nancy has been recognized for her work on behalf of women in business through numerous prestigious awards: -Nancy was recently honored by the International Career and Business Alliance (ICABA) as one of South Florida’s 100 most accomplished Caribbean Americans. She is especially proud of this award because it highlights her heritage as well as her professional accomplishments. -Nancy is the recipient of the World Women Leadership Achievement Award from the World Women Leadership Congress -Nancy is also the proud recipient of the Association Marketing Award from Women in ECommerce. -Most recently Nancy was named Honorary Ambassador of Cascais, Portugal by the Ambassador’s Club of the Industry Sector of Cascais and the Estoril Coast. Nancy’s personal motto is Connections, Creativity and Courage in all endeavors. She holds a Master’s Degree from the Johns Hopkins School of Advanced International Studies (SAIS, 1982). She was born in Haiti and raised in South Florida. Nancy is bi-lingual in English and French and is fluent in Spanish and Creole.

Certified WBENC