Boost Your Business with Power Partners

 By Nina L. Kaufman, Esq

Begin with the end in mind

The most important question to ask yourself about alliances is: do I really need one? Many business owners run around trying to "collect" them for the sake of having them, without focusing on whether their own business needs will get met. Or whether the work to create and sustain the alliance will outweigh its benefits. Don't start by thinking, "I want to form an alliance - with whom can I do it?" Start with, "I have a business goal, and an alliance is a good way to get me there."

What are your immediate business goals? Maybe the goal is to increase your visibility in a certain market so that you can attract more clients. If so, what kind of clients? More of what you already have? Larger clients? Clients in a different industry? Will these be clients for your current product or service offerings, or do you want to branch out into new areas? The answers to these questions are vital, because they help you hone in on (1) whether you will truly benefit from an alliance at this point, (2) if so, who will be the most appropriate allies for your company, and (3) what will be the best approach in working with them.

Finding the Right "Power Partner"

Let's say you have decided that you can achieve your goal better, faster, more efficiently with an ally than by yourself. Now it's time to choose the right "power partners." "Power partners" are people or companies that can give your business the boost that you're seeking in the way that you're seeking it. How do you choose? Again, this ties back into the goals you have set for your business. Among other things, you'll want to ask yourself:

• Does this person/company offer products or services that complement mine (direct competitors are often not a good power partner choice)?
• Is the person/company attracting the kinds of clients I want to attract?
• What is this person's/company's reputation (do your homework on this one - you do not want to get into bed with a bum)?
• Is the person/company in an industry that I want to move into?
• Is the person/company a larger (or smaller) business, and if so, will that make a difference in who controls the relationship?
• How much experience does this person/company have?
• Do I enjoy working with this person/company? What is their "corporate culture" like?
• What are this person's/company's goals in collaborating with me/my company? Are they compatible with mine?

If you can answer "yes" to most of these questions, then you're off to a great start! Many small business owners don't take time to pre-qualify their power partners . . . which is a significant factor in why so many arrangements fail.

How do you want to work together?

Once you have selected your power partner, now focus on how you will work together. Will this be on an ongoing basis, or for a particular project? Will this be a long term arrangement, or will you want to keep it on a short fuse? Will you be collaborating for marketing purposes only, or will you be jointly pitching and serving clients? Will you work exclusively with your power partner, or will you have similar arrangements with others?

Although people use the term "strategic alliance" to refer to a whole spectrum of collaborative relationships (see our September 2005 article, "Watch Your Language"), the term is most apt for arrangements where you have committed to a longer time frame and more involved responsibilities (especially if money will be paid, joint clients developed, and intellectual property created).

Just like personal relationships, it's best not to get too heavily involved before you've had a chance to test the waters. Strategic alliances work best when they evolve naturally, over time, from successful collaborations . . . which is better than trying to force an alliance into being. Don't be afraid to start small.

As an example, I have colleagues whom I met initially at a networking event. We enjoyed each other's company and trusted each other's skills, so over the years we began sending clients to each other (a basic referral relationship). That has blossomed to our developing joint seminars that we pitched and presented to local banks and other institutions, which, in turn, opened up new avenues for clients for all of us (can you see the "power" that comes from a "power partner"?). We are now exploring the possibilities for products and materials that we can produce jointly. At each level, our experience working together suggested that a deeper relationship could deliver more value. By taking things step by step, we grew . . . with wonderful results!

Double Your Quarterly Sales

Strategic Planning

How to Become a Local Expert

by Kelli Holmes

Wouldn't it be wonderful if the people in your town or city thought about "your name" whenever the subject of your type of business came up?  What impact could that have on your business?  Better visibility? Increased credibility?  More referrals?  More Clients?  Yes!!!

As with all worthwhile accomplishments this will take some effort on your part.  Start by developing two solid communication techniques.

  

1. A one-minute overview of who you are and what you do.  (As a member of TEAM you already know this).
2. Prepare a terrific 15-20 minute presentation on a subject that is helpful to the general public, not focused on selling, but you will of course be showcasing your business. Using your one minute overview and get on the phone and find the contacts for the local service groups, Rotary, Lions, the Chamber of Commerce (any group that schedules outside speakers) and get on their speaker rotation with your "informative 15-20 minute presentation."

 

You can also build your "fashion" reputation by becoming a contributing journalist to your local newspaper or community magazine.  Submit informative articles on trends, seasonal products or services or topics that peak the interest of your target market.  Look at starting an advice column that appears on an on-going basis.

Consider chairing a major event/fund raiser for a local charity. The more "you" and "your business" are featured the more visibility you will create.  Donate the proceeds of sales to the charity.  Making this an annual event really creates interest.

Don't forget to contact the editor of your local newspaper responsible for the calendar of events to publicize any and all speaking engagements and events you participate in.  Be sure to invite the local press to these events or better yet hold a "press party" in conjunction with these activities.  Send regular press releases to the local press keeping them up to date on all your activities, including any awards and recognition you receive.

If you incorporate these simple techniques into your business you will, along with your business will establish yourself as "The Local Expert".  Your name will become synonymous as  the person to go to whenever the subject comes up.  Don't forget to approach all of these avenues with your best way of doing business.

Become an Invaluable Resource

                                                                         
When someone asks you for something you do not do ....how do you handle requests? 

One way to handle it is to refer the business to someone else, perhaps even a competitor who can better handle that particular request. By referring the important people in your life ( clients, family, friends, business associates, contacts, etc.) to the "right" person or business for the job, you become an "invaluable resource" to them. The result will be that they will think of you whenever they or someone they know needs your services and will also look to you as a referral source, keeping you and your business front and center in their minds.        

    Kelli C. Holmes is the Founder of TEAM Referral Network, a professional referral organization that turns success-oriented business people into a strong team of networking professionals who work together to build their businesses by referral.  Relationship marketing is a better, smarter way of doing business.  For more information visit their website www.teamreferralnetwork.com or call (866)311-TEAM           

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