How to form an effective strategic alliance
You’ve done your homework about alliance-forming - explored the benefits, identified best practices, and gained the support of top people in the organisations involved. And you have decided that a strategic alliance will provide the appropriate opportunities and competitive advantages. Here, then, are the steps you need to consider...
1. Sketch a business plan.
Once you have made a decision to form an alliance, you need to establish what you are looking for from that alliance. A business plan of what you want to achieve will assist that process.
2. Define strategy and objectives.
Clearly defined business objectives are vital if you are to forge a successful alliance. Your objectives must be concise, straightforward, quantifiable, and easy to communicate. Personal factors may be more intangible and difficult to measure but can be what really makes or breaks an alliance.
3. Screen potential partners.
Research the experience of the many organisations which have formed successful alliances. Use this data to be proactive in screening potential partners - their strengths and weaknesses and the options that different partner choices can offer. Analyse this information to narrow the field to those providing the best possible fit. Consider prospective partners’ alliance histories. By openly taking each partner’s needs into account, you’ll build trust to ensure sound relationship-building.
