Choose your strategic partner carefully

But, choosing a strategic partner, just as any good business decision, requires that you carefully analyze your needs.

Outcomes: What do you want to accomplish? What are the specific outcomes of the partnership project? What is your expected return on investment — comparing the cost, profit and outcomes as an individual and as a partner?

Longevity: Do you need to establish a long-term relationship or will a short-term agreement be sufficient? Are you able to "try-on" this relationship to determine compatibility or will the nature of the partnership require a longer-term commitment?

Confidentiality: There may be no really effective way to prevent an ally from utilizing your confidential information, and enforcing agreements can be expensive and time consuming. However, there needs to be some understanding from the beginning about how proprietary information is handled. What information will you not disclose? Is this non-disclosure a deal killer? How will you deal with confidentiality?

Goals: Do you share common goals with your potential ally? Do you have similar values and work philosophy? Do have mutually achievable goals?

Trust: Most importantly, can the potential ally be trusted? Will you both need to "be boss"? Can your strategic partner handle the work assigned, satisfy your mutual customers, not overcharge and not "steal" your customers?

Strategic partnerships can be creatively developed with literally hundreds of other businesses. Look for those hidden, "ah ha" opportunities. The more unique, the more likely you will (pleasantly) surprise your customers with your ability to do business "outside the box."

Jimmie Wilkins is the director of the Chemeketa Small Business Development Center. The Small-Business Adviser column is produced by the center and appears each Tuesday. Questions can be faxed to (503) 581-6017, e-mailed to This e-mail address is being protected from spam bots, you need JavaScript enabled to view it or phoned in to (503) 399-5088.