December 21, 2014

Small Business Advice: 11 Advantages of a Strategic Alliance

Strategic Alliance Joint Venture Partnership

Courtesy of Stuart Miles Freedigitalphotos.net

If you own a small business, you probably understand that it is vital to maintain a competitive edge in today’s marketplace.  Strategic partnerships are essential in helping you do just that.

Expansion through strategic partnerships can increase your company’s capabilities and bottom line in several areas.

Among many other advantages, strategic partnerships:

  • can help you significantly boost sales and profitability;
  • can strongly improve your image in your industry simply as a result of association;
  • can expand your client base far beyond its current limits,
  • can provide added value to current customers;
  • can help you gain a competitive advantage and help you rapidly crush your competition;
  • can provide you with many sales and marketing opportunities;
  • are easy to create;
  • are flexible to operate;
  • require little or no cash;
  • capitalize on your company’s hidden assets; and
  • are nearly impossible for your competitors to emulate.

To explore the possibilities of a strategic alliance, you can begin by searching the member listings of your social media groups and the networking groups you belong to for small business owners who are in fields that complement yours.  You can also talk about it on your website, post a notice on your social media pages, like Facebook and Google Plus, and you can mention it on your Linkedin profile.

Good luck.

Stacey

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Comments

  1. Hi Stacey,

    All 11 points you listed could not be more true! My family run a touring caravan and motorhome dealership and a lot of what we do depends on certain relationships with other companies. An example of this, when we have too much stock or buy in something we don’t want we often have to try and find another home for it with someone who is willing to pay a decent price. It has taken many years of networking to build up the relationships we now have with our underwriters, but we are safe in the knowledge that is we need to get out of a vehicle quickly and generate some cash that we have somewhere to go. As you mentioned, this would nearly impossible for our competitors to replicate (quickly at least).

  2. Anna Adams says:

    Hello. I am working to try and get some partnerships arranged with companies where we both could benefit from the arrangement. I have successfully managed to massively reduce the cost of both my cleaning and accounting. I own a web design company, and I found an accountancy firm and a cleaning company who both wanted websites. I needed both an accountant and my offices cleaned regularly so I decided to try and negotiate a deal to exchange services with the two companies. Now, I don’t pay anything but the tax to have my accounts done and my offices cleaned. I build and maintain their websites, and they in turn look after me in their professional expertise.

    Take this advice on board people, it really is powerful stuff.

    • Melissa Reed says:

      Anna, that is quite impressive. I wonder how I could make this work in my business. I am a professional write, I write for a few relatively big blogs in the fashion and health niche. The only thing is that these blogs don’t often have a lot to offer me other than a link.

      Stacey, thank you for a really informative article. You have convinced me that I need be seriously considering network marketing to help to try and boost my sales and profitability. As you know being a writer yourself, there is a lot of competition out there and we really need to do something to stand out from the crowd. This could be it!

  3. Tom Stokes says:

    Some inspiring stories from the two ladies above. I too am looking to find ways to build my writing career. I do more ghost writing for offline projects such as white papers, leaflets, information booklets etc. I have attempted to attend networking events, but I am very shy and I didn’t do a very good job at interacting with any of the people at the event. I mostly stood drinking coffee on my own. It is a personal issue I have to overcome and your article has given me the motivation I need to go for it again, this time I will make a serious effort to get involved. Thanks.

  4. Matt Waters says:

    I can vouch for this, it can be really powerful stuff. Networking is essentially responsible for me starting a new career as an inspirational and motivational speaker. It started off with me attending a few breakfast business seminars where I discussed my future plans for an online business I was running at the time. People seemed really inspired by what I was telling them, I gave some tips to them about how they could motivate themselves to do more in their business. We kept in touch and they saw really powerful results. One particular guy actually invited me in to talk to his team of 20 warehouse employees. The topic was “saving money in the workplace” with the goal to motivate the employees to minimise waste and help the company to be more profitable. It must have worked because the employees started a meetup once a week where they arranged for recycling bins and sorting bins to be introduced.

    It opened a whole new world for me. I suggest everyone has a go.

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