Strategic Partnerships

The What, Why, and How of Growing Your Team and Building Raving Fans

In the big world of competitive business, cultivating positive, healthy and effective relationships are more important than ever to the success and life of your business.

What They Are

Strategic partnership, also known as strategic alliances, are when two businesses enter into some type of agreement to help both of the owners achieve more success. For instance, your bank, your website developer, your brand strategist, etc. A bank assists you as the business owner to manage the flow of cash in your business and make money available to you, such as a loan. You are assisting the bank by being one of their customers.

The strategic alliances that we want to focus on now are the partnerships that can lead to win-win solutions, an increase in sales, and a growing list of raving fans.

Why They Are Important

These relationships will help you building momentum in your business by connecting with other established businesses that have a shared vision to you.

For instance, a health specialist might pair with a nutritional company that has high quality supplementation products. They might even private label for this practitioner. The benefit is that the nutritional company gets more exposure and customers from a vendor that believes in their products. The health specialist gets to offer an already established line of high quality products. Both companies get to build fan base by cross promoting their new partnership and why they believe in each other. This will build trust, drive new revenue, and gives each company the opportunity to reach new audience members.

How to Build Them

First, you want to identify businesses that can help you achieve your goals.

Second, reach out to owners and take them to lunch. Ask them about their business goals and needs. Proposing a partnership is a great opportunity to exchange referrals, cross promote to both of your client groups and build social media impact for both businesses.

Make sure in this process that you only align yourself with businesses that share your same values.  Integrity and your name is all that you have. Aligning yourself with an owner or business that doesn’t follow through or don’t come from a place of honor and integrity will squash your business very quickly.

Final Thoughts

Remember, the purpose behind building strategic alliances isn’t just to drive revenue.  They also help you to create a team of entrepreneurs that will support you through the life of your business

Take your time to vet high quality partners. These are sacred alliances that will lead to amazing business relationships and connections

And always look to add value not just to your own business, but to the web of partnerships that you will create.

Back to blog

Deb Bilbao
WBC Business Consultant
deb@wbcutah.com

Deb is the business consultant at the Women’s Business Center. Deb has owned two fastpitch softball instruction and recruiting companies and currently works part-time in the financial services industry that specializes in properly protecting families, reducing and eliminating debt quicker, and building wealth. With a bachelor’s degree in math and a former college softball All American, Deb is the mathlete of our brood.