Companies decide to form strategic business partnerships for many reasons. Collaboration is useful. It offers the ability to develop existing resources and find new ways to thrive in the marketplace. Strategic partnerships can keep you in the driver seat and expand your connection to your clients.

If you have the opportunity to collaborate, and possibly form a strategic partnership, it is exciting. Growing awareness of common, core themes often leads to better experiences and helps ensure an effective collaboration. So, before “diving in,” use this list of eight tips to explore if a strategic partnership is the right next move for your business.

Alignment Matters:

  • Consider how the strategic partnership can add value to each and every partner who is involved.
  • Be sure to ask, “What does success look like?” After all, mutual successful outcomes are the bi-product of similar values, a commitment to creating exceptional client experiences, and cultures that empower every employee to take action in alignment with the company’s values.

Respect is a “Must” to Build Trust:

  • Collaboration requires leaving the “ego” at the door. Show up with a “we” mindset.
  • Solid, fruitful partners understand each other. Each has the other’s best interest in mind.
  • Explore agreements regarding expectations for: accountability, decision making, communication and how to accomplish work together.
  • Build transparent communication – honesty is always the best policy – and commit to conversations that are based on a shared dialog.
  • Respect and trust are the key foundations of forming a great partnership.
  • Mistakes will be made. Decide to address how to own and correct mistakes. It is as an important part of the process.

Strategic partnerships, if successful, reduce the need for cold calling and expensive lead generation. Collaboration offers significant options and opportunities to grow your business. Looking for more insights on how to grow a great strategic partnership? Let’s set time to talk.