Does it make sense to link my website to other businesses in the same industry that don't compete with my firm?
If linking with other businesses makes sense, what are some of the dos and don'ts?
This can be achieved by asking other websites to link to yours on their resource page, by posting an article on another site with a hyperlink back to your site in your byline, by blogging (which should allow you to post a link back to your site) or from posting press releases via various e-distribution portals.
The two primary reasons for wanting to increase quality inbound links is to improve your sites search rankings with the search engines and to get your firms name in front of new audiences.
Best of luck with all your linking!