29 Jul Building Strategic Alliances
Are you building strategic alliances and business alignments? Strategic alliances are formed with others who share the same target audience or clients as you do, but whose company or service doesn’t overlap with yours. Strategic alliances are usually your best referral partners and, in many cases, you’ll have many different ones. For example, if you’re an Accountant you may want to form strategic alliances with an attorney, financial advisor, insurance broker, bookkeeper, small business banker, business coach, etc. Do you take time to form strategic alliances in your business? I recommend taking time out on a regular basis to identify potential strategic alliances. These alliances need to be discussed and agreed upon for mutual benefit. Business alliances are more formal relationships and can be with a direct competition to reduce cost for your customers and revenue share for both companies. Business alliances are usually held by a formal agreement that lays out the terms.
List ten potential strategic partners below. Include their profession and their name. If you don’t have a name for each profession, now you’ll know who to look for at your next networking event. This week at our Summer Business Coaching Institute we will be focusing on developing strategic alliances and business alliances.
To Your Wellness
Joyce Odidison is a Conflict Analyst, Strategist, Interpersonal Wellness Expert and Executive Coach who works with entrepreneurs, mid-career professionals, executives and organizations to address challenges and conflicts, to maximize time, resources, energy and results, so they maintain life balance and wellness. She is also Director of the only ICF approved training program for Coaches and Wellness Facilitators in Manitoba. You can learn about the IWS Network of Coaches and Facilitators by clicking the link below.