11 Oct The Art of Strategic Partnerships
There are a lot of terms us professionals like to use for strategic partnerships: power partners, centers of influence, business partnerships and more. Whatever you’re calling it, building strategic partnerships could be the best thing you do for your business to help it organically grow in an exponential way.
Strategic partnerships are just that: strategic. Okay, no brainer, right? However, many people build business and networking relationships without giving much thought. Many have very broad networks that don’t go very deep and don’t have much thought behind them. That’s a big problem when you realize you need some specific kinds of businesses at your side. But, if you have strategic partnerships built up your business really has no limits!
Think Within Your Industry
Strategic partnerships can be within your own industry, which often can mean that you’re rubbing shoulders with your enemy. However, let’s just first say this: there is ENOUGH work out there for everyone. Your “competition” could really be your best asset.
-Keep you sharp. When you can know what is going on within your competitors’ businesses and their growth models, you can see what you need to do to keep up, or where you have a chance to differentiate.
-Collaborate. You never know when you will have a project or client come in the door that requires a specific skill set or a bigger scope than what you can currently handle. Knowing who to turn to within your industry for backup support is crucial! A lot of revenue can be made by partnering with others that do similar work!
-Move Up! You never know when another in your industry is going to need to hire, purchase, or merge. Friending those within your industry gives you a huge leg up for future opportunities for yourself or your business.
Think Around Your Industry
Some of the best strategic partnerships come from those who work with clients like yours. For example, a web designer should probably have a graphic designer, social media manager, videographer, digital ads guru, and writers in his network because his web clients will probably need other digital marketing support in the near future. The more you refer to others, the more they’ll refer to you.
-Learn more about your clients needs. The more you know surrounding experts, the more you can speak to your clients’ needs and refer out to your collaborating friends in business.
-Refer back and forth. Odds are, if you refer others out, they’ll give out your name in return. As you build up a network of people like this, you don’t have to go searching for leads; they’ll start coming directly to you. Cha-ching!
Think Outside Your Industry
Don’t be afraid to make strategic relationships with other experts in fields that have nothing to do with yours. They’ve built up their own network and businesses just like you are, so you have that in common! And, remember, those that are outside of your main industry often need your product or service, which translates into prospective customers for you!
-Find people who are well-connected. Do they rub shoulders with the same caliber of people you want to be around? Surround yourself with people who are going in the same direction as you!
-Community focused. Look for people within local organizations and local government. These folks know a lot of people and can help connect you to specific types of people down the road.
If you build up your business around strategic partnerships, not only will your life be full of more revenue, but full of amazing people as well!
This article was written by Valerie Morris for EntreNash.com.