When it comes to their growth strategy, most entrepreneurs have some variation on the same theme: produce a good or service, market it, and supply that good or service to as many people in as big of a geographical area as possible. It’s called organic growth, and it’s a great strategy–but it also has its limits. There is a point in the lifecycle of every business where the company has three choices for continued growth: build, borrow, or buy. A new book out Continue reading
Tag Archives: working together
Collaboration in Small Business: Who Needs It?
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
The Best Sales Strategy: Fix the Customer’s Problem
Whenever you go into a sales meeting, you are on the spot. Your goal is to explain why your prospect should use your company’s product (or service). The best way to convince them is through demonstration.
Demonstrating what your product can do for them is a great sales strategy. However, it’s even better if you can demonstrate how your product will fix this customer’s current problem. What is the pain that the customer is experiencing?
Defining the Customer’s Problem
Your goal is to help your customer. Your product must fulfill a need. Hopefully, this need has previously gone unfulfilled. But what exactly is that need and how will your product help? Continue reading
Business Partners, Joint Ventures and the Win-Win-Win Strategy
Most people are very familiar with the idea of “win-win” in the development of joint ventures. This way of thinking has helped push old world business owners into thinking about the benefits of helping their business partners as well as themselves.
To strengthen business relationships, you need to focus on what would benefit both parties. The result creates more of a unified force. Asking yourself how you can help your business partner will truly make a huge difference in the long-term stability of your venture. A good way to start a relationship is to ask both parties for their Conditions of Success (COS). Then everyone knows what is expected at the end for joint success.
Looking for Your Next Business Partner
You’re a talented and innovative thinker planning to launch a ground-floor venture. Should you go it alone or bring in a business partner?
As we mentioned in our earlier blog, “Is it Too Much to Ask for the Perfect Business Partner?” a number of business pairings throughout the years have turned into great successes. Primarily because of the skills and traits each partner brought to the pair. However, a lot had to do with the actual relationship between the individuals involved.
Not Everyone Should Be Your Partner
This seems like an obvious statement. However, Continue reading
3 Questions to Develop Your Channels of Distribution Strategy
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
Joint Ventures Must Be Mutually Beneficial
It’s hard to imagine peanut butter’s success without jelly and vice versa. Without the unique qualities of both these elements, the PB&J would have its anonymity. Like this staple sandwich, so many businesses are also making successful names for themselves through their wise joint ventures with other companies.
Choosing just the right partner, however, is just as important as selecting that special someone in your personal life. If you don’t find a genuine, natural fit, it could be disastrous to both your companies.
So, how then do you make a joint venture beneficial to your company? Continue reading
Your Best Power Partners May be Right Down the Street
I came across a blog the other day written several years ago by Al Lautenslager for Entrepreneur.com.
He tells a story of walking into the dry cleaners and finding a $5-off coupon for the pizza joint a few doors away. Deciding to enjoy some pizza, he walks to the pizza place to redeem the coupon and there on the counter he finds a $5-off coupon for the dry cleaner. This might be called reciprocal marketing or, as Al suggests, fusion marketing. Whatever you call it, it makes sense.
Finding a power partner – Continue reading
Is it Too Much to Ask for the Perfect Business Partner?
Think of all the famous and successful business pairings there are and have been in the world. People like Ben and Jerry of ice cream fame or Warner Bros. moguls Sam, Jack, Albert, and Harry. There’s Bill Hewlett and David Packard; Richard and Maurice McDonald; and Steve Jobs and Steve Wozniak from Apple. So what makes a perfect business partner?
According to the Forbes article, “What to Look for in a Business Partner,” writer Melanie Lindner suggests five necessary traits to make a business partnership work. Continue reading