Our Thoughts

Who to Form High Value Strategic Alliances With?

April 29, 2014 Coaching, Consulting 5 Comments

As a business leader or business owner strategic alliances are a very important part of your business development plan. Strategic alliances can be mutual referral sources where you refer prospects to them and they refer to you or they may be people or companies that offer another type of mutually beneficial relationship.    It may be easiest to view strategic alliances as those people or companies with which you can attain mutual, although possibly different benefits.

For example, as a business coach I may form an alliance with an accountant, where I may provide business coaching to help him or her improve the results of their accounting business and the accountant may provide bookkeeping services to my business.   This is a mutually beneficial relationship.

Real estate agents may have a strategic alliance with a home stager, photographer, locksmith, mover, printer, or graphic designer. A home remodeler such as Creative Remodeling Solutions may have alliances with a real estate agent, painter, local home improvement supply stores, and interior designers.

Some strategic alliances may not be as obvious as those listed above. For example, there may be a strategic alliance between a retirement residence, home medical equipment company and a funeral home – these are all services that seniors and their families may need.

Key Points to Remember when Considering Strategic Alliancesstrategic alliance

  1. 1. Think broadly – think beyond the obvious referral sources for your business.
  2. 2. Which businesses work with the same target market as you? Maybe a local car dealership, restaurant, printer may be the perfect alliance for you to make?
  3. 3. Form a mutually beneficial relationship
  4. 4. Is there an alignment of values between the businesses?
  5. 5. How will you each add value to the other through referrals or services to each other’s businesses?

A great way to form alliances is to join a networking club such as Business Network International (BNI). BNI has 267 chapters in Canada and they are each member networking clubs that bring together non-competing businesses for business networking and referral marketing (www.bnicanada.ca). Here the members share information on their business with each other and there is an expectation that each member refers business to the others. It is a great way to get word of mouth referrals for your business and have a referral network open to you. You can either join a local BNI chapter or start your own!



Back to blog list

Tags

Share this Story


About the Author

Nicki Morris

Nicki is committed to supporting helping business owners, leaders and entrepreneurs to achieve business excellence and success through leadership coaching and business consulting.


  • Derek P

    May 6, 2014 at 08:04 -

    Hey :Miss Nicks. Very good article on strategic alliance. Got me thinking outside the box. Keep up the good work. D.

    1. Nicki Morris

      May 6, 2014 at 08:42 -

      Thanks Derek…thanks for taking the time to post a comment! More blogs are in the works!

  • Adam Chang

    May 9, 2014 at 17:30 -

    Hey Nicki! This is a great article. I now understand where to take my business venture, as strategic alliances are a must for it’s success. Can’t wait to read more.

    Adam

    1. Nicki Morris

      May 10, 2014 at 09:11 -

      Thanks Adam! I appreciate your comment. With your type of business there are many types of strategic alliances for physio services, client referrals, and supply vendors.