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A strategic alliance is an agreement between two or more separate and independent organizations in the pursue of a common end goal. The organizations remain independent even through the partnership. This is basically seen in fields like real estate where companies involved in the practice come together to build plans and execute them together and then distribute their profits as per contributions. One company might be involved in paint while the other in furniture. By both coming together for a common goal, they form a strategic alliance. There are different ways in which a strategic partnership can be maintained. One of these means is by selecting the proper partner for the intended goals. Choosing a right partner in all walks of life is essential for success.
By selecting organizations that share common goals in mind, efficiency and conduct of work becomes seamless and effective. An alliance calls for honesty. It is not necessary that one party shares all information it holds with another but it sure is necessary to share the proper information concerning the alliance. This is the principle of utmost good faith, which is very important inside a firm. It is also important that both parties negotiate on means and ways to share risks and benefits.
It is important to lay these issues on the table even if the shares wont be equal. A long lasting alliance is the one where each partner knows exactly their stand and does everything they can to make it better. Alliances sometimes fail due to risk analysis or benefit analysis that is not evenly distributed or how each party thought. It is therefore important to comprehend and resolve any lacking details to maintain mutual respect and understanding.
Also, the goals should be realistic and agreed upon by both or more parties. All should meet in one page and agree on what ways they should move forward. This assists all parties to have specific and determined goals in mind.