As a business owner or entrepreneur, are you seeking out strategic alliances? These partnerships make sense to achieve common goals by sharing market strength and resources.

In 2019, Uber Eats and Starbucks came together to form a strategic partnership to expand the delivery of Starbucks’ products. These two companies are relying on one another’s strengths to provide mutual benefits—ultimately growing stronger together than apart.

These interdependent partnerships strengthen and secure businesses within their industry.

4 Tips to Get Growing with Strategic Partnerships

If you are new to building positive relationships with other companies, here are a few critical steps to take when getting started!

Document the Details

Write the agreement down. A handshake over a beer is great, but not good enough when the future of your business is involved. You will eliminate problems that could pop up later by deciding the details of the partnership upfront and putting it in writing.

Discuss the details of your plan, the roles that each of you will take, and decide on specific job titles with clearly defined responsibilities. Businesses that you can bundle or cross-promote products with are the best choices. Look for a partner that you feel comfortable dealing with on revisions or changes that need to be worked out down the road.

View Your Partner as a Teammate

Now that you and the partnering business have agreed on terms, it’s time to revamp your mindset. Realize that your partner is a member of your team and no longer a competitor.

The potential for overlap in these relationships may be substantial. However, working together will bring more success to both of you. Remember to set the partnership guidelines and try to remember that your alliance gives you the added advantage of learning and growing from your partner’s experience and knowledge.

Allow Time and Space for Success

Just like a seed that needs water and sun, give your alliance time and room to grow. Set measurable timelines and decide on your goals.

Be flexible and ready to adjust when something isn’t working. Some partnerships take off and lead to more notable innovation than ever thought possible, but others can take longer to establish—and that’s okay!

Practice Effective Communication

In order for any partnership to be successful, there must be transparency and honesty between the two parties. As we all know, communication is often the most significant (and sometimes most challenging) factor in a relationship’s success or failure.

Show your partner respect by being honest about what is working right and speaking up about what needs to be adjusted. And be willing to listen when they come to you with adjustments.

Partner for Success

The best opportunity for success lies in how you approach, structure, and maintain the alliance you make with a business partner. If you are thinking of establishing a strategic partnership but need some professional help getting started, give Sheles Wallace a call.

Sheles will guide you through the process and help you get your business growing!

About the author, Sheles Wallace

Sheles is an award-winning business coach who gets results for her clients.

For over 15 years, she has helped business owners achieve their goals and

take their businesses to the next level. If you're ready to take the next

step in your business evolution and go from an owner who wears all hats to

creating a commercial, profitable enterprise that runs without you, find out

more here: https://meetings.hubspot.com/sheles-wallace