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Partnerships - Alliances - Joint Ventures

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What is a Joint Venture or Strategic Alliance? My definition is

"A partnership that creates or adds value to the vision and goals of all parties that also adds or creates value for their current or potential customers. The value created would not have been possible if either party had solely operated on their own."

Joint ventures, strategic alliances or partnerships can all add another dimension to your business. Joint Ventures are one slice of your overall "Attraction Pie". They can help you grow your revenue, relationships and knowledge. You need creative thinking, good planning and careful selection in who and why you link up with appropriate Joint Venture partners so that both parties gain mutual benefit.

Who makes a good Joint Venture partner or strategic alliance?

  1.  Someone/Company who sells into your market and does something completely different to you
  2.  Someone/Company who sells into your market and complements what you do
  3.  Someone/Company that does exactly what you do and has a different slant/different skills

In addition any partner you choose must have very similar brand values and business perspective.

Examples:

* If your target audience/niche is veterinary practices and you offer marketing to that niche a good Joint Venture partner might be someone that offers accountancy for veterinary practices

* If your target market is SMEs and you offer process consultancy you might partner with a HR specialist who niches in SMEs

* If your target market is Blue Chip Software companies you could joint venture with suppliers to those companies e.g. component parts companies

So what types of Joint Venture activities can help you in your consultancy?

* Co-host networking events where you invite clients/prospects of both your businesses.

* Co-host seminars where you each speak/teach on your specialist subject

* Share marketing activity by co-promoting each others' products

* Provide hot referrals through recommending your existing clients to your joint venture partner

* Do joint calls into prospects

* Produce co-branded materials

* Add each others links/information to your website

Multi million pound/dollar companies use strategic alliances to great effect and gain huge profits and profile from those partnerships. Think of oneworld or STAR 2 airline alliances each consisting of 7 and 15+ airlines which among them cover the whole globe! The Ford Motor Company has a strategic alliance with UPS the global delivery service.

As a consultant or SME business owner the urge to be a "lone ranger" is often very strong. However, the advantages of considering forming partnerships and alliances are worth considering for your business to take your revenue, profile and knowledge One Step Further


About the Author

Beverley Hamilton works with independent business consultants to help them grow a profitable consultancy and still have time for their life. You can get my Free Ecourse Discover the 5 Most Common Incorrect Assumptions Independent Business Consultants Make and a complimentary subscription to Quickstart, the newsletter specifically for consultants. Go to One Step Further for more instantly accessible resources. Your future Your choice!


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Article Published/Sorted/Amended on Scopulus 2007-06-15 13:25:13 in Business Articles

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