Strategic Partnerships 1

How teaming up can help in business and at home

There is more than one way to skin a cat when it comes to building your business. I block off a section of time each quarter to think about and work on strategic partnerships.

Strategic partnerships come in all shapes and sizes. In essence it’s an agreement between two or more companies to work together in some way that results in increased revenue for all with limited monetary expenditure.

When I was starting my current business free run 3.0 v3 femmes and didn’t have a lot of capital, I approached companies that specialized in the services I needed and offered a service trade: They provided their expertise for free in exchange for my company providing our expertise for free.

When I say free I mean that neither company had to outlay the usually expected fee. Neither of us received cash for our transaction, and each company covered their own cost of getting the work done.

One of the partnerships we established was with a web development and marketing company. We matched apples to apples between our service and theirs. They wanted to become a vendor to the Federal Government and we had the expertise to get them set up. We wanted a fully optimized website and one year of technical support. Each side had to bear only the cost of in-house labor. For my company it amounted to about 15 percent of what we would have had to pay if we had purchased the website service on the commercial market. Both sides made additional sales that would never have been realized, all without a big layout of money.

I read an interesting article some time ago about two fathers who worked and cared for their children from home. They created a type of strategic partnership by trading off days: One of the fathers would watch both kids while the other focused on working. The children’s days were enhanced (they developed a stronger friendship and had nike lebron 11 undivided guardianship) and the fathers had more unfractured time to focus on work.

Strategic partnerships are not easy to put together. They require a very well-thought out and scripted agreement. But if approached properly, they can yield big results with limited investment.

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