Make mid-course corrections. Meet often to keep the project focused. Align with strategic partners. Partnerships should complement rather than compete with existing product lines. An alliance can help a company get to market more quickly, but partners must understand all of the terms of the agreement first.
Many alliances fall short because companies fail to delve deeply into details.
Be sure to remember that quality, effectiveness, and efficiency are integral parts of the relationship. Also, it's important to partner with a company that has a similar business strategy. A critical success factor is for each company to understand and communicate clearly its goals and business views. Acquiring businesses that fit the company's strategy extends its reach within the market while maintaining quality and resources. In addition to realizing strategic benefits from an acquisition, businesses often attain increased synergy among departments, merged back office processes, and so forth.