- 16. Develop strategic alliances.
Contractual or information agreements to work together with another entity afford small businesses the opportunity to “play with the big boys,” literally. Partnering to form a much larger business allows you to go after much larger contracts—with beneficial gains for both parties. Of course, the objective is to collaborate with someone who can supplement your own capacity. Read Managing Strategic Relationships: The Key to Business Success (The Free Press; $30) by Leonard Greenhalgh And organizations such as the Minority Business Development Agency (www.mbda.gov) can help facilitate these types of relationships.