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SPREEMEDIA.COM: Cross-sector Partnerships: While strategic alliances are often formed with businesses, consider the possibility of joining forces with a non-profit organizations such as trade associations, not-for-profit groups, local community organizations, etc.
Cross-sector partnerships may offer great opportunities for financing some advertising and distribution expenses. Moreover, you may be able to work out arrangements with some groups that target a very specific and important, consumer audience. Partner with a Former Employe: Many entrepreneurs start their own companies after seeing potential partnership opportunities with their
employers. Handled carefully, there is nothing wrong with an arragnement of that nature. For example, you may develop a product or service that provides your employer with a solution to a major problem. You then make arrangements to go into your own business selling this product or service. Your former employer offers you a long-term contract with his or her company.
How can this be a bonus for you? You end up with great cash flow, and a long-term contract with a creditworthy company. This could mean that you can now approach your bank or other lenders to secure any financing you may need. Partner with a Competitor: Your competitors can be very good alliance partners. By understanding the capacity and capabilities of your competitor,
you may be able to tap into their unique strengths for your own benefit and advantage. You can work hand-in-hand with a competitor on a contract that may be too large for you to handle by yourself. You may also refercustomers and projects to your competitors if your manpowerresources are tightly squeezed. If you can cultivate a good and harmonious relationship with your competitor, they may also reciprocate and
pass on projects and contracts that they feel you can do much better! It just may be in your best interst not to try and BEAT your competitoors, but to JOIN them. Partnering for Cross Marketing Opportunities: Cross marketing calls for two distinct businesses to pool their resources and collectively market to a target
customer base. This strategic alliance will provide additional leverage for each company’s product offerings and can generate greater marketing impact. The potential to save money for both companies is the greatest benefit of all.
For example, an online magazine [ezine] targeting small business entrepreneurs, can partner with a site that
offers assistance to entrepreneurs in securing government loans or contracts. This online magazine would be able to increase its business tools offering to its readers, while the government loans or contracts site could effectively widen its reach. Your company may have started out as a solo enterprise, and you still want it to remain that way - but you can
see the value in making connections. This is termed - networking effectively. If your business has now grown to include one or more employees and you’re looking for ways to expand your reach without generating a lot of debt or overhead, then this is the way to go.
For these situations, and many more, strategic alliances and partnerships are a smart solution. Design them any
way you want - but keep in mind a win/win proposition for everyone. That way, you’ll be offering ways to grow both yours and your targeted strategic alliance partner’s business... without the direct use of money. |