No, this isn’t a World of Warcraft seminar. Building alliances can help any business by strategically combining products or services to a shared audience – i.e. your customer.

Business partnerships can help a new entrepreneur break into a market, supply capital or access to technology, and add credibility to your company. To form successful alliances, it is suggested that you think long-term when selecting a partner, and investigate their reputation to ensure that partnering up would not reflect negatively on your company.

Cutting a Deal

When cutting a deal, make sure that you’re looking at the big picture and establishing subjects and timetables for discussion. Then, once allied, make it work by meeting all your partners, and planning future processes together. Fingers crossed, your partnership could be a win-win situation (unlike World of Warcraft).