A strategic alliance is an agreement to cooperate by two organizations in ways that will bring more value to each of the partners than they can realize alone. There are several variations.
First, there’s an alliance between two commercial, for-profit organizations. An example is when you turn the corner of an aisle in your favorite grocery store and find yourself in a bank. Or when two consulting organizations in different industries agree to work together and cross-refer clients.
A second and increasingly common alliance is between a commercial and a non-profit organization. This is when a stock brokerage company actively works with the local Boys & Girls Club on projects. Or when some other company lends management employees to the local United Way chapter.
Finally and more rarely, there’s an alliance between two non-profit organizations for the betterment of both. As when a university’s athletic department works closely with the local office of Special Olympics.
The keys to success in strategic alliances are deep knowledge and understanding of both short- and long-term goals of both organizations, shared core values and a commitment to make the alliance work even better than envisioned.
Endicott Consulting Group specializes in bringing organizations of like-mind together in strategic alliances that make sense and make a better, more prosperous world. Contact us to discuss this method of multiplying your productivity. Click here to go to our links page.