It’s official. The public’s buying behavior has changed. Every major marketing firm on Madison Avenue now has an Internet Marketing division; and many experts believe online marketing is even more powerful than TV, Radio and Print marketing is for many products and services. Everyone from grandpa to toddlers is becoming more tech savvy; and consumers are making buying decisions based on social and environmental responsibility.
What do You Do?
Well, totally changing your business model is out of the question for a multitude of reasons. However, a new joint venture can quickly gain you access to new customers, more capital, more technological resources; and give you more credibility in the modern marketplace. Continue reading →
In a recent announcement Simmtronics, the world’s third leading PC tablet manufacturer, and Jumbo Electronics, the leading distributor and retailer of IT and consumer electronics in the United Arab Emirates (UAE), have formed a strategic alliance to distribute PC tablets throughout the Gulf Cooperation Council (GCC). Simmtronics’ motivation for penning the deal is an effort to remain true to its commitment to expand in to as many new markets as possible.
According to Chris Ruggeri, M&A services leader at Deloitte Financial Advisory Services, the recent decline in M&A activity Continue reading →
The role of an alliance manager in a strategic alliance is important during its formation because of the complexity of the agreements made. Then it becomes increasingly important later in the strategic alliance after it starts to lose its shine. It’s crucial to provide as much stability as possible, starting with keeping the same personnel throughout its duration. It is particularly difficult to maintain a high level of trust in the business relationship, and therefore, the role of the alliance manager is to sustain the level of trust by providing stability for all parties involved.
There are many factors that demand attention when considering a business partner, but one of the most consistent pressing concerns is the delegation of work and responsibility, or more simply, “who’s going to do what?” Another company may seem like a good candidate for a business partner in theory, but in reality, the delegation of work may make the business partnership undesirable.
The airline world is no stranger to corporate business alliances. These agreements mean that businesses cooperate substantially, and in addition, they make it less likely that one will push the other out of market share. In fact, in the airline world, these business alliances have become so popular that there are a few major known names.
Keeping a business growing requires thinking about unconventional solutions. Sometimes when seeking a solution, it takes an angle from the other side to give a clearer light on the problem. Being power partners with another business is a great strategy to give businesses a new look at common problems.
Power partners are a great way to secure a consistent revenue flow to insure continued success. Continue reading →
As a business owner, you have probably spent a lot of money in marketing campaigns to grow your brand and your business. Do you have the feeling that there is just something missing that is preventing you from getting the exposure you need and the competitive advantage you deserve? Have you ever considered seeking another business to form a partnership?
The key is to find another business that does things you cannot do to combine your strengths to create something very unique and valuable. Let’s look at some important 3 considerations in selecting business partners to give a competitive advantage over time:
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.
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?
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 →
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 →
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.
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.”
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 →
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 →
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 →
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.
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.
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.