Can you imagine what Uber would be like without Google Maps? What Red Bulls games would be like without GoPro?

Sometimes, business partnerships make so much sense that they just seem natural. But in reality, both businesses went out on a limb, and put in the effort to pursue and create valuable partnerships and collaborations with each another.

Are business alliances and collaborations only for megacorporations like Google? Definitely not. In 2025, 43% of business leaders say strategic partnerships are part of their short-term growth strategies.

"There's a reason you often see big companies taking this approach — because it can bring far more visibility and increase sales for a business of any size," says Viridiana Ponce, business consultant and founder of VP Consulting.

Here's what you need to know if you want to pursue your own collaboration or partnership.

What are strategic partnerships and collaborations?

Strategic partnerships and collaborations are relationships between two parties that benefit them both. While a collaboration usually revolves around a one-time event, a partnership entails joining forces for multiple events or an ongoing project; it may also include a contractual agreement.

Partners and collaborators are not the same thing as vendors, but there are some similarities.

When it comes to vendors, you're paying another business for their products or services. With partnerships and collaborations, you combine efforts in a way that's meant to help both businesses. As a result, both parties can be enriched in any number of ways:

• Shared expertise
• Mutual referrals
• Exposure to new markets
• Customized solutions
• Press exposure
• Co-marketing
• Creating new products
• Improving operations

For example, take a restaurant owner who wants to bring in new customers. One way to do that is by collaborating with a local chef to host a pop-up event.

As a result of working together to produce an event, both parties might benefit from mutual promotion, exposure to new audiences and even press coverage. By promoting each other’s local enterprises, they can also create customer loyalty.

Ultimately, working with a corporation, nonprofit, small business, or even an influencer can be a shortcut to reaching certain business goals. "As a business owner, you can't do it all by yourself," Ponce says, "and collaborations can help you get the support you need without spending extra money on hiring."

Five tips for creating a valuable partnership or collaboration

Creating collaborations or strategic partnerships that benefit two different parties takes some effort. Here are some tips for making it work.

1. Be creative

Forming a partnership or collaboration can help you bring a new service to market or put a new spin on an old product. In other words, you’ll probably need to use your imagination and think outside the box.

If that seems scary, just think about how creativity has fueled some of the most successful collaborations of the past 100 years. Imagine if Nike hadn't collaborated with Michael Jordan to create the most influential sneaker of all time.

2. Set clear objectives

Before jumping in, get clear about what you hope to achieve. Are you looking to generate new leads? Do you need help building a certain product? If that’s the case, outline the specifics before pursuing a potential partnership.

If you don't set objectives, you could end up getting distracted from your main purpose, and you may even regret the investment of your time and money.

3. Do your research

If you want to create a mutually beneficial partnership with another business, you'll need to vet them upfront. Instead of trusting what they tell you about their capabilities, take a closer look and confirm what they say.

"Be careful not to overestimate a potential partner," Ponce advises. "Take the time to get to know their reputation, their values, and their communication style. For example, read their newsletters and check out their social media accounts. Discuss your experiences and results from any past projects."

Reading another company's online reviews and the comments on their social media posts can give you a better sense of their relationships with their customers, their values, and their reputation.

4. Create an agreement

When you're working together, there's always a chance the other business might not keep up their end of the bargain. Perhaps they won't follow through on certain commitments or contribute the level of resources you expect.

To avoid entering a bad relationship, set up a planning meeting (you might need more than one) where you clearly outline who's responsible for what — including labor and expenses — and you spell out how the revenue will be divided. Then, put it all into a written agreement that both parties can refer back to as needed.

5. Check in

Creating a strategic partnership or collaboration isn’t a one-and-done deal.

Once an agreement is outlined, you'll likely need to hold regular check-ins with the other party. For example, you may need to find out if they're hitting deadlines and achieving the milestones you agreed to. If not, checking in can give you time to adjust and ensure a better outcome for your project, launch, or special event.