Strategic Partnerships=Magic Math
We all know the old adages: “team work makes the dream work” and “many hands make light work”. However, sometimes in business we get caught up in our own numbers and our desire to grow that we forget the value that can be reaped when we share a little and partner with others. Everyone has their own strengths and rather than trying to bite off more than you can chew or focus resources on areas where you are not a subject matter expert, sometimes it pays to find Strategic Partnerships. These partnerships can add real value to your business and can be both formal or informal. The key is building and sustaining relationships that enable the collaboration to be greater than the sum of the parts.
Strategic Marketing Partners
Effective marketing is one of the most important keys to a successful business development strategy. Without a proper marketing strategy, customers will never be aware of a business or its location, products, or services. The problem with marketing is that it can actually hurt a business if done incorrectly (for example if your marketing message is actually a negative reinforcement).
Developing strategic marketing partners can help you grow your business at a very low cost. For example, if the partner is in a complementary business, you could refer clients between one another. Both partners would increase revenues with no additional advertising costs. Next level: co- market to one another’s client base!
Strategic Financial Partners
Strategic partners can fill a number of financial roles. They can be accountants, bankers, investors or financial advisors. Their purpose is to help monitor the flow of your business’ money and come up with new solutions which increase the amount of money available to you.
Creating these relationships with strategic financial partners can take some real trust, but remember, this is business and you want to maximize your ROI. You will benefit greatly from having an extra set of eyes, perhaps more objective than your own, keeping tabs on your financial status. Finding ways to protect and grow wealth is their business. Allowing them to make suggestions and give guidance to you can open new paths to prosperity.
Summing it up
The strategic partnerships you cultivate will keep your business growing and keep you aware of new opportunities that may not have occurred to you on your own. Working together broadens the horizons and potentially builds more wealth for everyone involved. When the proper relationships are established you will find that it will take less time, energy, and money to create a greater presence in the market and to expand the scope of your business and your strategic partners’. This magic math happens when the team created generates more value than the individual players do on their own.