Launch a business from scratch with Joint Ventures (JV). Countless new business owners are launching new businesses using JV alone, proving to be the active element as to why they experienced success in their business. A partnership between two companies with similar assets is simply leveraged by a “joint venture.” When working through JV ventures, it is important to partner with them and not compete with them.
For instance, you may own a vitamin website and then contact the owner of a wellness website. See if you can leverage marketing your vitamins to the customers of their wellness site. They will say either “yes” or “no.” If the answer is “yes,” then it’s worth every effort when you start to build up your back office easily and experience rapid traffic and sales.
Most recently, Ford and GM have created a Joint Venture to develop new transmissions with 9 speeds for front week drive cars. They are jointly developing a new product for both companies and it won’t be in cars until 2016. Continue reading →
Becoming a Value Added Reseller (VAR) is a lucrative way to add value and specialization to your product while saving yourself the development costs of manufacturing and developing the add-ons yourself. We’d like to offer you some tips in making this selling program work for you.
Whether you are in accounting, finances, sales, consulting or another service industry, to grow your small business takes creativity. Using strategic business alliances allows you to develop a mutually beneficial relationship to expand your service offerings and increase your brand awareness.
Seek Vendors with a Shared Target Market
It may seem counterproductive to build a relationship with a business that shares your target market. You are not sleeping with the enemy. Continue reading →
The purpose of a business alliance is to bring two or more companies together to achieve defined strategic goals. The benefit is to reduce risk, increase rewards, and leverage resources. But how do you know if you’re successful? Alliance management requires you to assess performance.
Over ten years ago, McKinsey & Company reviewed the financial and strategic outcomes of hundreds of business alliances. Their assessment was that the overall success rate was slightly higher than 50 percent. Who knew? Not the executives, according to the study.