Creating Strategic Partnerships to Build Your Business

By Joe Romeo, Senior Business Development Rep., Hennessey Capital

Creating partnerships can help build your business and connect you to new people and markets. The right strategic alliances can strengthen the breadth of your company through association with other related industry specialists.

This brands your company as more well-rounded to your client base and builds deeper bonds and support from your business partners while growing stronger inter-relationships.  These bonds can last for years, paying dividends along the way.

Often these partnerships become valuable referral connections for your existing clients and result in the most valuable return you can get from any client as you help them in “other areas” outside the scope of your expertise. Customers recognize and appreciate your assistance has no direct self-serving interest.

To get started, it’s important to find partner companies that operate in your prospects’ circle.  There are two essential components for your best alliance partnerships:  the actual companies and the individuals representing those companies.

The right company is any non-competing company that is well respected and interacts with key decision-makers, influencers, and your prospect customers.   It is particularly beneficial to reach out to  trusted advisors, including bankers, CPAs, lawyers and business consultants whom your prospects look to for guidance.

Other good candidates might be third party connections like state, local and federal agencies or associations who help businesses find the resources they need.

The best fit for any business will be a partner with similar values and like cultures.  The business can be at the opposite end of the product or service spectrum, but should operate with the same primary principles to yield the quickest results and easiest collaborations.

Equally important is the right ambassador, who should be a “rain-maker,” not a resource waster.  The individual should be an effective executive who works on the right things, is efficient, capable and “connected.” 

Approach:  Work to develop relationships in a complementary, collaborative manner.  This requires that you put the partner’s interests ahead of your own.  A valuable adage is “you can best get what you need by giving others what they want.”

In this stage, seek to understand the partner’s business and learn where they fit in/complement to your company. It is also critical to be cognizant of their key objectives. This will add value to your relationship and lead to a mutually beneficial partnership.

Keep in mind that everyone’s favorite station is WII-FM (What’s In It For Me) and build your approach accordingly. 

Team with partners in joint presentations, white papers, event exhibits or other such marketing channels to maximize your exposure and partnership opportunities. Your affiliation with key companies will increase your own company’s visibility and help you gain traction and the benefits of associating with recognized, expert partners.  This will lead to great network connections and the ROI will be measurable.  

BENEFIT:

Some of your partners will turn into future clients or you may need their services some day and enjoy the preferred customer treatment.

More traditional returns include the warm introductions you will get as your alliance partners act as trusted advisors for their clients and you are favored with the pole position as the result.

The ability to share ideas and get a diverse viewpoint or opinion can be an extremely valuable benefit from your strategic partners.  If you look at CEO business coaching you will see that they purposely intermix CEOs from different businesses for this very benefit.  Often a creative perspective or the view from some distant, unrelated business field will lead to a different outcome. 

Invest loyally with partners  before you look to make any withdrawals. This is an ongoing process, not a one-time commitment. Maintain your investment and stay on your partner’s radar. 

A useful resource is www.networlding.com and Melissa Giovagnoli