The strategic alliance agreement should be outlined in a formal document that sets out what each party expects to bring to the alliance. There are two approaches to the agreement. The approach that fits your company probably will depend on your company’s size, your partner’s size, how long you’ve been in business, and the type of product or service being offered through the alliance.
- Loosely defined agreements. “Young” or small businesses may prefer to have an agreement that is broad and loosely defined to allow the partnership to grow in new directions as their business evolves.
- Tightly defined agreements. Larger or older businesses, or those in evolving technology fields, may fare better with an agreement that spells out the precise scope of the alliance and all the details of how it will be accomplished.
Whichever type of agreement fits your business, all agreements should include:
- your common goal
- a strategy to define the role of each partner to accomplish that goal
- the parameters of working toward that common goal.
A tightly defined agreement may also:
- Identify key steps that each partner will take to meet the requirements of the agreement
- Include a time frame for achieving those key steps
- Outline each partner’s accountability by including consequences for “worst-case scenarios” such as missed deadlines, budget overruns, or products not delivered as promised or in the format expected
- Provide a framework for resolving conflicts if they occur.
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