Establishing Strategic Alliances
Does your nonprofit have any strategic alliances in place? If not you should consider partnering with other organizations which can help you accomplish your mission. Here are five steps to help you establish strategic alliances:
- Define the Purpose of the Partnership: Before you look to establish any strategic alliance you need to define what you are looking to accomplish with the partnership. Are you looking for assistance in running a program or looking for a partner to help with funding?
- Identify Potential Organization to Work With: Create a list of organizations (both for profit and nonprofit) you would like to partner with and research each one.
- Complete a Benefit/Risk Analysis. Rank the list you created based on your search. Complete a benefit/risk analysis for your top 3 choices.
- Continue the due diligence and reach out and have conversations with the organizations. Find out if they are interested in partnering, what their goals are and confirm they can meet your purpose.
- Sign a mutually beneficial agreement that outlines the terms and conditions of the partnership. Of course before signing any agreement be sure to have it reviewed by your legal representation to ensure your best interests are protected.
Establishing strategic alliances with the right organization can result in a wealth of benefits. Just be sure you do your due diligence to be sure the agreement is in the best interest of both organizations.
Wishing you productivity and prosperity,