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What are strategic partnerships and why should I care?
By Brenda Thomson
Strategic Alliances: two or more business owners working together to create WIN WIN results for both of them.
They are the most powerful way for small business owners to grow their business.
Strategic alliances can help you to get more leads, more customers and more profits. They can even help you reduce your costs.
HERE ARE FOUR IDEAS TO TRY:
- Look for someone in a complimentary profession who already sends a regular newsletter to people in your target market. Offer to write a regular hint or tip to include in their newsletter that would add value to their readers. See how many more leads you generate.
- Develop a relationship with someone whose clients sometimes have the problems that you solve. Make it easy for them to identify and refer those clients to you. (It could be as simple as giving them a checklist of things to watch out for and a pile of your business cards) See how many more customers you get. (Oh and of course remember to offer to do the same for them)
- Find someone who has a product or service that your customers would appreciate as an added extra. Include it as an up-sell at the checkout or when you close the sale (would you like fries with that?) and see how much you can increase your BOTH your profits.
- Think about what you purchase that would be more affordable if you could buy it in bulk… then find someone else who buys the same stuff and team up with them. See how much you can reduce your costs.
More articles about Strategic Partnerships and JVs
The 10 things you absolutely MUST know about creating strategic partnerships and joint ventures (JVs)
Is your business strategic partnership ready?
Seven steps to identifying the perfect strategic partners for your business
Strategic Partnership and JV Checklist
101 JV ideas
CEO and Founder, Synergy48 Group
Brenda has an honours degree in organizational psychology and a Graduate Certificate in training and development and she is an experienced trainer, facilitator and counsellor. She is a firm believer in mutual collaboration combined with a practical, hands on tools, strategies and systems as the most effective way to achieve real results in business.
Brenda has over 20 years of experience training in communication, team work, time management, productivity, organisation and strategic planning in large organisations. She is also the developer of the Business Benchmarking Toolkit used by Synergy48 Group members and clients to identify areas for improvement in their business processes.
Brenda is a sought after mentor, speaker and trainer in the areas of strategic partnerships and networking with a difference. She is passionate about actively giving back to the community. In addition to donating her speaking fees and a proportion of every Synergy48 Group membership to provide microfinance to help women in Malawi to start their own businesses, Brenda has climbed the Himalayas to raise money for Kids Help Line and helped lay a pipeline to supply water to a remote village in Tanzania.