Entering a strategic alliance with another company has a number of benefits, some of which include the prospect of expanding your business to new markets, therefore, giving more room to grow, and it also helps your company learn something new from the partnership. With that being said, here are the common steps to take if you want to enter a strategic alliance with another company. 1. Establish the Things That you Need This serves as the first step to take prior to entering a strategic partnership. It makes absolutely zero sense if you don't know what you're doing or if you enter a partnership blindly. In other words, establish what you really need first. Have a particular aim in mind whether your company requires assistance with distribution, marketing, money, or anything else. The only way of knowing if you've accomplished is to recognize what you're aiming towards. Whenever you understand what you want, you may hunt for a spouse that shares your values. 2. Perform Sufficient Research After establishing the things that your business needs in the alliance, this is the step that will follow, which is to perform sufficient research about the needs you've established. You can search online, call or email individuals in your network, or phone businesses to ask a few easy questions, attempt to obtain information on which firms are most likely to assist your business reach its goals, and, more significantly, which organizations are most likely to get into a partnership with you. Additionally, attempt to ensure that the collaboration is beneficial to both parties by locating a firm that requires what you supply. In this manner, they are much more likely to provide you with what your firm requires in return. 3. Develop an Agreement After performing sufficient research regarding your needs, this is the next thing to do. When you've identified a firm that would make an excellent partner and they've committed to a deal, suggest having a legal professional draft an official agreement. This is due to the fact that when collaborating together to form the agreement, you might discover that both sides have their own criteria that must be worked out before signing. This is why employing a lawyer or another legal representative is beneficial. They can also assist with the creation of contract wording to ensure that all parties are satisfied before signing. 4. Honor the Agreement Once all sides involved have signed the agreement that was created, it would be good practice by honoring what was included in the agreement. Once you've formed a business relationship, it's critical to keep your partner's requirements in mind whenever you work. Keep in touch with your business partner whenever appropriate, continue to refer them or uphold the agreement by giving your services. Because the objective is to benefit both firms, ensure that your business partner benefits in the success and is satisfied with the terms of the agreement. If you keep your strategic partner satisfied and perform your bit, they may be more inclined to uphold their end of the bargain.