How to build successful strategic alliances

Has teaming up with another business ever crossed your mind? You may think you’re better off alone, but building strategic alliances with another business is a great way for a business to expand their reach. It’s an opportunity for like-minded businesses to help each other by sharing ideas and recommending useful services.

A good example of this is the ‘Wedding Mafia’. This is when planners, dress shops, florists, car hire businesses, venues, photographers, and caterers team up to work together. When one of them gets wedding business, they bring in the others, making it difficult for anyone outside of the “mafia” to get referrals.

So, what can your business gain from a strategic alliance?

Sharing resources and information

You may be in the same field, but you’re likely to have expertise in different areas. Both businesses will grow stronger through sharing knowledge and learning from one another.

Access to innovative and new technologies

Another business may introduce you to a tool that totally changes how your business functions. Without your alliance, you may never have discovered it and missed an opportunity to innovate.

Reduced competition

Joining forces with a like-minded business means that not only will you immediately lose them as a direct competitor, but you will have a competitive advantage over other similar businesses through your pooled resources and skills.

Chew on this:

How could teaming up with another business improve your services or

products?