Do you want to know what one of my favourite “excuse-busting” lazy free marketing strategies is?
It’s finding a strategic business partner!
A strategic business relationship is about teaming up with a like-minded business owner who complements your industry so you can achieve more together than you ever could apart.
It’s all about collaborating, helping each other grow, sharing the wins, and even tackling challenges together.
Think of it like your business’ best friend; it’s like being on the same team with someone with the same game plan for the long haul.
Here are some examples of how you can work with a strategic business partner:
● Referral Partnership: You agree to refer business to each other as much as possible.
● Joint Venture: You pool your resources to create a new business entity you both own and operate.
● Supplier Partnership: You form a special relationship with a supplier, often to secure favourable terms, co-develop products, or ensure quality and reliability.
● Distribution Partnership: One business agrees to distribute or sell another business’s products or services.
● Technology Partnership: You collaborate to share or co-develop technologies.
● Marketing Partnership: You agree to promote each other’s products or services, sometimes by bundling them together at a discount.
● Investment Partnership: One business takes a minority or majority stake in another to help it grow more quickly or secure an essential business function.
Are you interested in finding a strategic business partner? Here are some tips:
Know Yourself
Before you even think about finding a strategic business partner, take a moment to reflect on your own business’s identity and objectives.
What do you stand for?
What are your values and goals?
What is your mission?
Understanding your business’s values and direction will help you find a partner whose vision aligns seamlessly with yours.
A partnership built on a solid foundation of shared principles is more likely to withstand the test of time. Strategic alignment is so important for long-term success.
A great example is BP, which partnered with ride-sharing giant Uber to support their ambition of decarbonisation. BP offered charging infrastructure and services, helping Uber drivers switch to electric vehicles. This aligned with both companies’ sustainability goals and leveraged BP’s growing interest in renewable energy solutions.
Find A Business That Complements Your Own
Finding a business partner is a little like putting together a puzzle. You want the pieces to fit well. This is why looking for a partner with complementary skills and capabilities is essential.
For example, If you’re a whizz at social media but need help with website design, consider partnering with a tech-savvy creative who can fill in the gaps. A good partner will have the skills, resources, or capabilities that your business lacks but needs.
Top Tip – List three industries or sectors that could support your business. Open up a conversation with one company in each of these sectors. Firstly, find out what they would ideally want from a partnership, then communicate what you want.
Start Networking
In my experience, nothing quite beats face-to-face networking. After all, partnerships are all about relationships.
To nurture potential business relationships, I recommend attending industry events, workshops, and conferences to open doors to new opportunities. You never know who you will rub shoulders with!
Top Tip – There are various local networking events in and around London for businesses of all sizes and types. I recommend BNI for referral marketing or joining an organisation like the Federation of Small Business Owners. Do your research and try it out!
Use Online Platforms
Online platforms offer a treasure trove of partnership possibilities. They are also a great way to continue conversations after meeting someone in person.
LinkedIn, for instance, is a goldmine for connecting with professionals.
Top Tip: Use the search function on LinkedIn to find strategic business partners. Here is an overview of how to do this:
1. At the top of the homepage, you’ll see a search bar. Type a keyword related to your industry, skills, or the type of partnership you’re seeking.
2. After you enter your search, you’ll be presented with a list of results, including people, jobs, content, and companies. Use filters like “Connections,” “Locations,” “Industries,” etc., to narrow down your search.
3. Once you have a list, click on profiles to view more information. Check out mutual connections, endorsed skills, and past experience to evaluate fit.
4. Send a personalised connection request mentioning common interests or goals.
5. Connect and engage with their content before asking for a meeting.
Give Before You Get
Just like with any relationship, business partnerships require a bit of wooing. Take the time to understand your potential partner’s needs and goals. Show them how your collaboration could be a win-win situation.
Also, don’t be afraid to dip your toes in the water before diving headfirst into a partnership. Consider embarking on a smaller project together to gauge compatibility. This trial run will give you insights into how well you work as a team and whether your skills genuinely complement each other.
Seek Expert Advice
Please don’t be shy about seeking advice from mentors or a business coach. Their seasoned perspectives can help you navigate the partnership. They might spot potential pitfalls you still need to consider and offer guidance on negotiation and agreement terms.
Top Tip: Book a complimentary Business Growth session with me to chat through your partnership possibilities. Simply click HERE to get started.
Communication Is Key
Any successful relationship thrives on open and honest communication. Lay out expectations, responsibilities, and goals from the very start.
I recommend scheduling regular check-ins and brainstorming sessions to keep your partnership on track and ensure that both parties move in the same direction. Building trust and transparency is key!
A great example of a strategic business partnership is between the multinational bank Barclays and Techstars, a startup accelerator, to run the Barclays Accelerator program. This initiative was designed to find and invest in promising fintech startups. The collaboration brought together Techstars’ expertise in startup mentorship and Barclays’ financial industry insights, aiming to revolutionise financial services through innovation.
Make It Official
While we’d all love to focus on the creative and exciting parts of a business partnership, the legalities are crucial.
I recommend drafting a clear agreement that outlines roles, responsibilities, profit-sharing, and exit strategies. It might not be the most thrilling part of the partnership, but it’s the seatbelt that keeps you safe on this journey.
So, there you have it – some easy tips to equip you on how best to venture into the world of strategic business partnerships.
Remember, finding the right partner can take time, but the rewards can be boundless when you strike up the right partnership.
For more business advice and tips, sign up to my weekly newsletter HERE.
