significant benefits, including sharing experience, skills, people, equipment and customer bases. Through a partnership or joint venture arrangement with a complementary, non-competitive business, you may be able to open new markets or improve your offer to existing ones. It's important to be very careful who you link up with. An agreement defining the terms of the partnership or joint venture is essential and further legal protection is advisable. Teaming up must be a win-win situation for both parties. Businesses involved with complementary activities or skills are usually the most appropriate candidates. For example, a group of self-employed workers - a carpenter, a builder and an electrician - could form a company, increase their credibility in the construction trade and bid for larger contracts. A group like this also represents greater customer appeal, as it's a one-stop shop. Mergers and acquisitions This is when two companies formally merge or one takes over another. Mergers and acquisitions are more suited to established enterprises and transactions involve commercial lawyers and considerable legal work. Assess which growth option best suits your business To choose the best strategy for growth, you'll need to undertake an analysis of your business' current performance. Once you've carried out the review, focus on the option that looks the most logical. The pages in this guide outline some of the most common choices. Next, make sure this option is also the most practical. Check that the strategy reflects the things your business does well. entering into a joint venture with