I’ve got two business alliances in the works in two different segments of my business. In this economy, business alliances are going to need to be vital components of your business development strategy.
Why?
- Because they help you expand your marketing and credibility reach. By working with another business owner, whether woman or man, you are able to access their client, prospect and contact database in a way that you couldn’t in any other way. That business owner already has credibility with the people on his or her “list.” By inviting you in as an alliance partner, they are conferring legitimacy on you and your business. Of course, that also means that you, as a business owner, must exercise care when inviting another business owner into your “space.”
- An alliance partner will help you stretch your business mind. By working with another human being, you can test out your theories, strategies and issues with someone who is experiencing their business from the same level you are. Talking with your employees or subcontractors is one thing. Discussing strategy with someone who has a vested interest in you doing well will create new business opportunities.
- Working with alliance partners will speed up your time to market. Business owners are enthusiastic people, but we can be distracted by “bright shiny objects.” One way to avoid that is to have a commitment to someone else. You’ll each benefit from accountability as you create and meet deadlines.
- Complimentary skills are a natural benefit of alliance partnerships. For example, I have strong strategic, marketing and communication skills. One of my alliance partners is good at organizational development and navigating complex organizations. We are a natural fit for a complete program for small and medium business.
Look through your contact database and see if there are business owners who are a natural fit for a business alliance. Then pick up the phone and arrange a meeting.
Other thoughts on alliance partnerships? Comment below.
