A business alliance is a tool used by businesses to stabilize a market so that each company benefits. There are several types of business alliances with each specialized to effect certain conditions for different scenarios. A business should consider the needs before entering an alliance so that the correct type can be addressed for the best and most beneficial results.
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.
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 →
Chances are the answer to the above question is easy: we all do. However, what exactly is the benefit of having a business collaborator? Many of us just don’t like other people getting involved in our own business. Too many people having a say in how a business is run can slow efficiency and even detract from business quality. This does not include any personal frustrations from working with people with whom we simply do not like. But small business collaboration brings advantages to the table that make it worth the trouble. That’s why it’s so important to choose your business collaborators carefully.
A business collaboration is a relationship two or more businesses have with one another that benefit all involved. Continue reading →
When developing a new product or service, one of the first things to consider is how to get it to the end-user. Deciding on what channels of distribution to use is a very important business decision that must be made correctly. Using the wrong channels of distribution costs you money and depletes the value of your product.
1) How does the end-user want to buy?
To answer this, you’ll need to understand your customers and your relationship to them. How does your customer prefer to buy this product? Will they need customization or regular service? Maybe your customer needs other products or services to be able to use your product. Continue reading →
Power Partners is a compelling concept. Simply put, it is a group of businesses that band together to use and promote the products of the other businesses in the group. There is an old song; “No Man is an Island.” No one can do it alone in the business world.
As much as we might want to think that we can win the battle alone; it just does not work that way. No matter what your line of work, you cannot afford to stand alone. You need people promoting your business and helping to build your clientele. Yes, we have many online marketing tools to help us out, but what is better than “word of mouth,” especially when it comes from people you trust.
Find the people your customers trust, and build a relationship with them. Continue reading →