Top 7 Simple Ways to get into Business Partnerships
By Kate Marsden
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Often, even the large businesses are wary of partnerships and joint ventures. But, done in the right way, they can dramatically shift your business scale and reach – which will ultimately boost your profits. Don’t be put off by the idea sounding complicated. Here are 7 simple ways to get started.
- Look for organisations where the partnership would be a win-win situation, rather than simply helping one party or the other. Think creatively about how you can partner with people, rather than sticking to the standard models out there.
- Start simple and do some informal partnership-work with another business. If that is successful you can gradually add to it and formalize the process, but if not you can quickly back out and move on to someone else.
- If the first one does not work, don’t dismiss this as a bad idea – you just need to look a bit longer for the right partner.
- Think about exchange of skills between businesses – for example one is great at marketing and one good at IT, perhaps you can do a skills swap to get the best of both worlds without huge cost to your business.
- Provide complementary services to both customer lists – for example, accountancy and legal services often partner together because customers are often looking for support in both areas and they are complementary services.
- Providing a special rate or offer to the other company’s customers, in order to get access to groups you couldn’t otherwise reach. For example, if you offer domestic services perhaps you can offer a discount rate to customers of a particular removals company.
- Consider sharing expenses for joint promotion – for instance joint marketing, attendance at events or even sharing premises – a common example of this is specialist craft products sold through “collectives” and sharing workshops.
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Article Submitted On: June 06, 2012