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If strategic alliances are not part of your business growth strategy, now is the time to consider it. They are a vital part of a successful business regardless of size. You are not too small to consider developing strategic alliances to build your business, and in a challenging economic environment they are an even more favorable approach to growing your business.
So, what do I mean by strategic alliance? A strategic alliance is a relationship that is formed to increase visibility and generate new business in a more cost effective and efficient manner. These relationships can be as formal or informal as you want. My suggestion is to start exploring these opportunities on an informal basis. It will keep it cost effective and efficient for both parties. For the purposes of this article I will focus on non-competitive alliances, they are easier to start and maintain.
The value of strategic alliances
Here are five key benefits:
1. A proven system to generate new business
2. Exponential growth in revenue
3. Increased visibility in shared markets
4. More cost effective and efficient approach to growing business, sales, and client base
5. Low cost/low risk
Finding the right alliance
There are two steps to designing your blueprint for a successful alliance. The first being assessing your Readiness Factors, and step two is identifying the "Right" alliance. I have developed a tool to help business owners to assess their Readiness Factors, which include Assets, Desire to Collaborate, Readiness to Think Big, and Building Relationships. This assessment will tell you how ready you are to begin designing your blueprint for a successful alliance.
Step two is identifying the "Right" alliance. This is where the fun begins. You want to establish the Who, What, Where, and How to find the strategic alliance. The Who and What involve identifying your current and target markets and what non-competing businesses share those markets, how visible are you in those markets, establish the goal of your alliance (is it to increase sales, is it to grow your client list, is it to introduce a new product or service), I always suggest start with who you know. Where to look: a few suggestions include focus on non-competing businesses that are selling to the same businesses or individuals, a business that has a large subscriber base (newsletter/publication) that you can contribute to by writing an article or a business that has a website that your prospects might visit and determine how each of you can leverage content, or joint packaging of non-competing products to clients, and/or discounts on a product or service to your clients. The alliance must create an exchange of value. For example a dog groomer and an electric fence company for pets creates a discount program for when each of their services are sold to shared market (prospects/clients). Both companies are selling to the same prospect, each have a client base to share, the products and services compliment one another, and this is a very cost effective and efficient way to increase sales. So How do you approach your potential alliance partner? There six things to remember: start with someone you know, present your idea and be willing to collaborate, assess your assets, determine if there is an exchange of value (win-win for both businesses), evaluate mutual readiness (refer to readiness factors), and establish your agreement or arrangement (this doesn't have to be a formal contract unless you both agree it's the best approach).
Creating strategic alliances is an investment in time, but from personal experience you can expect a the return on that investment in more revenue, new and better business ideas, stronger market presence, better business relationships, and will help maintain a forward momentum in your business.
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