Business advice, mentoring, coaching and consultancy for creative and technical companies

News

Strictly business: partnering with another company to drive growth

Even if sequins and Paso Dobles aren’t your thing, there’s no escaping the Strictly Come Dancing partnerships at this time of year.  As business owners, we often think of ourselves as soloists, dancing to our own tune if you like.  But why go it alone when a business partnership can help accelerate business growth?

Cha cha chasing growth
However you measure business growth – turnover, profit, customer numbers, products shipped – there are smart ways and ineffective ways to grow your business.  Marketing and business development can be a merry dance with high cost, uncoordinated movement and, ultimately, unimpressive business growth.  Maybe it’s time to try some new moves and partner up.

A business partnership isn’t without its challenges.  Business owners are typically self-reliant people so the idea of partnering may not immediately appeal.  Many worry about their ideas or customers being poached.  And some are just not collaborative by nature.

If you can overcome these challenges, partnering is an excellent alternative growth strategy.  Within our client base and among our business associates, we have a number of successful partner relationships that help deliver strong business growth:  two digital marketing companies with different specialisms who have teamed up to expand each other’s service portfolio, an events company that has found a prestigious venue to co-promote with and a marketing agency and a virtual assistant business that now offer complementary services.  And there are many more examples.

First steps in partnering
If you’re thinking of adopting a partner strategy to drive business growth, these simple steps will help you find your feet:

  1. Take a broad perspective on what your target clients might value and see if you can identify products or services that would complement and enhance your own.
  2. Research and review potential business partnerships with an open, expansive mind-set and look for win-win opportunities.
  3. Be open and collaborative rather than defensive when proposing and discussing opportunities and commercial arrangements.
  4. Seek others with a similar set of values, especially when it comes to their view of clients – if you are a high-service, premium business, you may find an aggressive discounter a tricky partner.
  5. Test your collaboration before rushing into a heavyweight agreement.  And if you decide to proceed, ensure your agreement is documented.

As with any business growth strategy, there is the potential for a false step or even a stumble.  However, the skills and experiences of a well-chosen partner can enhance your own performance and provide a new source of business growth.  So don’t sit on the side-lines waiting to be asked, actively seek out a partner and choreograph your business growth together.

To book a complimentary dance lesson, talk to Henchards today.  We’ll help you fine-tune your growth strategy, identify business partnership opportunities and accelerate business growth.  Fake tan not required.

w

Testimonials

We have talked to other business owners and they are taken aback that we forecast our revenues, costs and cash flow

Meret Maynard
Outspoken Projects

Downloads

We’ve written a number of guides on selected business subjects that will set you and your business in good stead for whatever future you may choose.

These are free for you to download and to make use of in your business, so please help yourself.