Top Three Areas Companies Enter Into Strategic Partnerships And It’s Direct Benefits
| Small Business
Building Strategic Partnerships Partnerships
The first step to building a strategic partnership is to identify which firms could help you achieve key goals (e.g., get more customers, lower fulfillment costs, etc.) and/or otherwise give you competitive advantage.
Then, start reaching out to these firms. While it will take time, once you secure these partnerships, your business’ revenues and profits can start to grow. And, if you make these partnerships exclusive, you can gain critical competitive advantage.
Strategic Marketing Partnerships
Developing strategic marketing partners can help you grow your business at a very low cost. For example, if the partner is in a complementary business, you could refer clients between one another. Both partners would increase revenues with no additional advertising costs. Strategic Suppliers Nearly all businesses will end up dealing with suppliers at some time or another. These partners can be manufacturers, distributors, or vendors and they will supply your business with everything it needs. These needs may range from complex raw materials to simple, yet critical every day office supplies. Strategic Technology Partners The modern world is heavily reliant on technology and no business can hope to succeed without strategic technology partners. These can be the people who set up and fix office computers, who design and implement office networks, who create custom software to allow your business to run more efficiently, or even the people who design and run your website. These partners are incredibly important and developing a relationship with them ensures that your business has dedicated technology experts (particularly if technology is not your core competence) who understand the specific needs of your business.