Stockpoint Stock Quote Contact Us Send us your comments, requests and feedback. Here are some tips that would enable small business entrepreneurs involved in alliances to leverage those relationships for maximum advantage. By Isabel M. Isidro Power HomeBiz Guides Strategic alliances are the smart way to grow a small business. Small entrepreneurs can form strategic alliances to shore up or enhance their competitiveness in the marketplace. Here are some tips that would enable small business entrepreneurs involved in alliances to leverage those relationships for maximum advantage.
Communication is the key.
While it is not vital that each partner's goals be identical, each must be committed to a common outcome. Half of all partnerships never live up to expectations. Be honest about what you seek to gain, and what you can provide. The most common mistakes are failure up front to clearly articulate the value proposition of the alliance, mismatched goals, insufficient commitment, and inability to adjust the relationship to new business realities and flat out neglect by upper management. Even though your companies may be small, read carefully around sharing information related to fees.