Sometimes it’s tough to go it alone, especially if you’re a small business owner. Because of today’s fast-paced and constantly changing business environment, it’s critical to move quickly to take advantage of opportunities.
Consequently, many business owners are seeking alliance management professionals to help them achieve their business objectives rather than building or buying something new. Continue reading
In today’s volatile economy, businesses large and small must take advantage of every opportunity to lessen risks and make their bottom line. One tool is strategic alliances. Many businesses, big and small, have entered into these beneficial partnerships to share resources and expand brand awareness without sacrificing additional capital.
Strategic alliances can be beneficial to all parties involved. Continue reading
Many manufactures do not sell directly to the end user. Between the manufacture and the user is usually a channel of distribution. They are essential to the success in any type of business. If you run a service business you need the supplies used that create the business, in which case you are a channel for the manufacturer or distribution of the supplies.
For instance, an HVAC company needs their air conditioners, heat units and service parts so the technicians can perform their job. The business maintains open channels for these items. Let’s face it, how would you react if the repair person fixing your air conditioner failed to have the proper parts with him or even at his shop?
Working in the field of sales is great. Every day brings something new. Since this constant change directly affects sales people and their organizations, by extension it affects the sales process.
Some organizations avoid the entire issue by letting people do what they want. They see this as their way to avoid the need to correct or make changes – sometimes known as the don’t-fix-what-ain’t-broke mentality. This might be fine for your top sales reps, but not everyone can be a superstar. Maybe, if you it isn’t broke, you should break it. Continue reading
Strategic alliances are an increasingly common sight in the modern business landscape. A study by Booze-Allen & Hamilton showed 20,000 new alliances formed between 1987 and 1992. One reason for this is the need for brand recognition in a crowded global market and because there have been many success stories of strategic alliances that have helped companies take off. Academics talk of the effectiveness of alliances in terms of game theory, these real life examples are a testament to the success of such a bold business move.
Starbucks and Barnes & Noble
The coffee house and the bookstore. Continue reading
Reaching out to like-minded individuals is one aspect of creating new business and it the same effect that happens when reaching out to like-minded businesses or competitors of the same or different genre. Specifically speaking building Strategic Alliances is networking with companies and or vendors that deal within the same area of business. For instance, a local business needs to increase sales. One way they can accomplish this is to find another local business that caters to a similar demographic and build a working relationship that benefits both companies by increasing the audience of both through joint advertising. Continue reading
In a 2010 Inc. post, “How to Build Business Alliances,” I was surprised to read the very first line:
The basic logic of the strategic alliance – a joint venture between two companies – is often irresistible: It’s difficult to break into new markets, and a partnership can bring instant access to new customers.
What? A strategic alliance is not a joint venture. Yes, a joint venture is technically a strategic alliance. However, the reverse is not true.
Specifically, a joint venture occurs when two companies invest finances to create a third, jointly owned company. Continue reading
Business tends to be competitive – like sports. Not that competition is wrong. However, in the words of Michael Jordan, “Talent wins games, but teamwork and intelligence wins championships.”
One of the best trends that we see for 2013 is collaboration. You want to promote your business, brand, product, or service, determine whom you can make a power partner or where you can develop a strategic alliance.
In the 2008 report from IBM, Continue reading
Sometimes it’s difficult not to think of those who work in sales as anything more than the slick late night used car sales people from days gone by. However, much has changed over the last 30 years, especially when it comes to sales strategies.
Heading into 2013 it’s critical for your sales team to understand what factors Continue reading
Many people think that being business entrepreneurs means you have a new exciting product to offer the world. That may be true in some cases but not in all. The dictionary defines an entrepreneur as a person who organizes and manages a business usually with considerable unique ideas, initiative and risk. Today’s entrepreneur thinks outside of the box. More and more business is becoming global. It is often the idea that is central to success. It is the idea about an old product that often launches a great business.
You do not have to invent a new mousetrap to become the king of pest control. If you have an idea on how to do it better, provide great service and make your customers happy then you are a potentially successful entrepreneur. You just have to take action. Continue reading
Sales is a very tough gig. When most people think of sales, they imagine someone who has a “silver tongue” or who is simply good at slick talking people. To be honest, that is not an accurate assumption of what it takes to be successful.
Many business owners leave the future of their business in the hands of their sales staff without really knowing how to train them or what to look for in qualified candidates during the hiring process. So what happens is they end up hiring someone who ends up costing them money rather than making them money? Continue reading
As a business owner, you should always be looking for a way to increase your bottom line. There are different strategies claiming they can help you increase your business, but one that is often overlooked is forming business alliances. This term might be complete Greek to you, so here’s a quick breakdown of what it is. Continue reading
You may have heard the phrase, “It’s not what you know but who you know.” In most cases that applies to the business world. Developing partnerships and networking to broaden your people base is one important component of being successful in your business. It is defined by whom you know. This is never more true than when building relationships.
Finding your Power Partners is not only about you, it’s about them. Continue reading
There’s an interesting story about the partnering of the ice cream giant, Baskin-Robbins.
According to a post in Entrepreneur, Burton Baskin and Irvine Robbins each began their ice cream stores as separate companies at the advice of Robbins’ father. Dad thought that the men would take too much time making compromises and “kill the product’s potential.”
So only after each had launched successful separate businesses did they subsequently become business partners. Continue reading
As a small business owner, you may ask yourself why tracking sales is important. You know the products that you offer, you know your budget, and your books balance at the end of every month. Why do you need to make the effort or invest in some type of software that will allow you to track your sales? This article will discuss the importance of that and more.
Selling Products Continue reading
Sustaining strategic alliances for success requires short-term planning and planning over the long-term. You need to determine how to best use your available resources to ensure you have the infrastructure in place. An article posted on the Financial Post talks about building and maintaining strategic alliances.
“As companies enter into an array of alliances, the potential for achieving benefits can increase dramatically.”
A portfolio of alliances Continue reading
There’s an interesting video on YouTube featuring former Google CEO Eric Schmidt. In it Schmidt explains the benefits of having a coach. He tells the story of his early years as CEO when a board member suggested that he find one. Though Schmidt felt there was nothing wrong – he was the CEO, after all – he took the board member’s advice and began to work with a coach. As Schmidt explains in the video, a coach helps give perspective to things we are unable to see ourselves.
The same is true with alliances. Continue reading
As an Entrepreneur what is the one resource you wish you more of right now? I’d be willing to bet the answer is most likely time. If you’re running low on energy there’s always more coffee, right? But, if you find you just don’t have enough time in the day to get everything done what do you do? You can’t add more hours to the clock.
So how do you free up more of your time? Continue reading
Think you know your target market? Most business owners will answer with a resounding, “Yes.” However, too often companies identify their demographics at the onset and then never look back.
Target Markets are Evolving
The 2010 white paper, “2010 America: What the Census Means for Marketing and Advertising,” forecast changes in the demographic make-up of the U.S. along with the resulting business implications. It suggests that too many entrepreneurs neglect changes to their current target market. The result: same old sales strategy, no increase in sales.
You scratch my back, I’ll scratch yours. When you form a strategic alliance with another company, you get the benefits of leveraging an expertise, product, service or asset that isn’t even yours. Yet, they call on the same customers you do.
Big businesses have been reaping the rewards of these relationships for years. Continue reading