In today’s competitive market, forming a business alliance is a powerful growth strategy for small businesses. There are many ways in which a business alliance can benefit your company. Joining forces with another business can help by:
• increasing brand awareness,
• enlarging your customer-base,
• enhancing your product or service offerings,
• resolving a tough problem you’re facing,
• fending off a competitor,
• increasing your market share,
• expanding access to new technologies, and
• growing sales and revenue.
The most important thing to consider when partnering with another business is making sure the business alliance will be a positive benefit to you. Start by assessing their worth to you as a partner. Look for partners that have something of value to offer you; stay away from partners that are so large they will take away your power. It’s also a good idea to steer clear of companies that have conflicting political views and values than your own.
A strategic alliance needs to be just that – a strategic partnership. Think long term here. Consider whether your partner will still be offering your company value for at least 3-5 years in the future.
What types of businesses make good strategic alliance partners? Start by thinking about who else shares your target audience and has a lot in common with you. Here are some possible partnership possibilities for you to consider:
The advantage of forming a strategic partnership with suppliers is that you ensure you will always have the product you need whenever you need it. This can greatly benefit your company – and your customers – because you may have the products they need when your competitors are waiting on deliveries.
This may seem like an odd place to seek a partner, but employees are actually potentially a wonderful strategic partner. By offering bonuses or stock options, you can motivate your staff to take on added responsibilities, build stronger relationships with customers, vendors or distributors, and they will be more loyal and have buy-in to the company bottomline.
Competitors are natural partners because they serve the same (or similar) target market. By pooling your energy and resources, you may find that you are more powerful together and can meet your customer’s needs better and achieve goals you couldn’t without the partnership.
Customers are in a position to give you valuable feedback and extremely useful information about your products and services. Look for ways to “partner” with them to improve your company offerings while giving them something they value for a truly win-win alliance.
Small business alliances have the potential to offer you and your partner many advantages that could not be secured separately. It is well worth your company’s time and resources to explore possible alliances. The synergy that a business alliance provides can supply your company with increased revenue, improved brand awareness and higher market share for years to come.
Here at Tanner Insurance we not only form an alliance with you, but we also have a unique program where we partner businesses with insurance carriers - and I mean top rated national carriers. Not everyone qualifies for this FREE program, but by answering a few quick questions about your business we can see if your business qualifies. Contact me to learn more at 315-363-0223.