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Leveraging Business Relationships for more Profits
When should you leverage the relationship?
Leveraging sometimes brings a negative connotation to the mix. It does not have to be that way. Leveraging with alliances can work into a win-win situation were both parties become more profitable and they form more solid business relationships. Leveraging should be taken seriously and not as a way to step on another business to make your own headway. If you work with the alliance partner, you will both be able to leverage the relationship for mutual benefit.
For example, a store I was working with in the past had several channel partners that they wanted to leverage. A meeting was setup to discuss how the relationship could be expanded so that it benefited both parties. It was discovered that the partner wanted to learn more about the products the company was selling and get more into the training aspect for its customer base. The parent company on the other hand wanted to find ways to support the customers of the partner in order for the partner to gain more sales.
In this case, both parties were able to leverage the others' contacts and offer better customer service. The channel partners also were able to find additional customers because they had more of an inside track on the products being offered. They were able to train new customers and give a new dimension to their offerings. The parent company profited from the additional sales.
Through leveraging the current customer base and the product lines, both companies could offer better customer service. As a result of this success, the parent company offered the same alternatives to other channel partners and found that most of them welcomed the additional opportunity. The opportunity, in order to be successful, has to be presented to the right level of decision makers.
Who You Need (to Form a Relationship With)
At what level should the relationship be established?
A question that is often asked is "How do you get to the right person in an organization for making the decision?" The answer is not an easy one as some organizations have decision making at various levels, and of course it depends on the size of the organization. If you are dealing with 10 or fewer employees, you are likely to need to work with the owner or CEO of the organization. It is imperative that you do not deal with those that cannot make the appropriate decision. You may find that you are dealing with influencers, but in the long run they cannot make the decision to go or not to go with the alliance.
So how do you get to the right person? There are many answers to this question, but the simplest answer is to start at the top. I know that many CEOs do not want to deal with sales people and certainly not with a lot of the everyday information that comes their way. So getting to them may be a bit difficult. The best way to form a relationship is to appeal to their business pain (that which concerns them the most) and offer a solution to that pain. For example, a company I worked with wanted to setup a channel or partner network to sell their products, since they only had a couple of dealers at the time but needed to move to the next level. They had to deal directly with the owners of the companies and offer them a profit, as the proverbial carrot, to entice them.
Profit is not the only way to get to the CEO, you also need to understand their business goals and see how you can fit into the formula before making the approach. The key here is to show that you have something to offer that is of value to them.
Bette Daoust, Ph.D. has been networking with others since leaving high school years ago. Realizing that no one really cared about what she did in life unless she had someone to tell and excite. She decided to find the best ways to get people's attention, be creative in how she presented herself and products, getting people to know who she was, and being visible all the time. Her friends and colleagues have often dubbed her the "Networking Queen". Blueprint for Networking Success: 150 ways to promote yourself is the first in this series. Blueprint for Branding Yourself: Another 150 ways to promote yourself is planned for release in 2005. For more information visit http://www.BlueprintBooks.com
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Many small businesses do quite well due to the blood, sweat and tears of their proprietors. Unfortunately in doing to well often you find that the competition uses the government to attack you. They do this by complaining to various local agencies about how you are not following certain rules, such as the dumpster out back has broken hinges on the doors or that your handicap spot in front of your store is fading? Often they will even make stuff up simply to get the enforcement folks out there who will start to go through your business with a fine toothcomb, we all know what that means, they will indeed find something wrong and you will get a fine of some type. This general harassment is so common that it takes its toll on the small businessperson.
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Frodos Journey: What It Can Teach You About Marketing Your Small Business
Just recently, I took a break and caught "The Return of the King" at the movie theater. At the same time, I was pondering a topic for this article. As often happens, the themes and timing converged. Here are 10 things you can learn about marketing your small business from the Lord of the Rings trilogy.
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There are no "rules of thumb" in the pursuit of companies to buy. Each purchase opportunity has to stand on its own merits. There are, however, attributes of acquisition candidates that need to be defined for what they really are before additional, limited resources are put at risk in a potential deal. It is absolutely critical for any proactive business buyer to understand, consider and deal with specific business characteristics that add unnecessary financial risk to the investment opportunity at hand.
Start a Technical Writing Service
Technical writing services are employed to explain the details of a topic in a way that is easily understood by the readers. In todays information age, technical writing jobs are increasingly common. One would think that, eventually, everything useful will have been written! This is not the case, however, and your home-based technical writing company probably has a better chance for success today than at any time in the past.
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Fleet Washing Expansion Considerations
Many times small businesses want to expand their businesses and are not sure when the best time to do that might be. The key of course is cash flow. Will your current and brand new accounts afford you the cash flow to expand? Let us run thru a scenario with you and just so you know this is good advice, I own the Truck Wash Guys and have been doing this a while. Each time a franchisee wished to expand and ask for advice, I would look at their situation and determine if it was a wise idea. Sometimes it was, but often it was not. So let us look a hypothetical scenario for a moment:
If You Want Business - Be Consistent
Why does consistency in the message have an effect on how the business relationship is formed?
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