Strategic partnerships/alliances are a critical element to many trade & construction businesses. No business can do everything, so alliances become a powerful means of enriching the solutions and value you provide to your customers as well as improving your access to new markets and customers, and growing your own knowledge, capabilities, and future. You can also extend your core competencies through entering into relationships with organisations that have capabilities that complement yours.
Partnering seems to be the automatic answer to expanding sales, markets and growing a company, so how is it that the majority of partnerships and alliances fail to achieve their objectives? A common mistake occurs when vague agreements are made, especially in situations where financial commitments are not clearly established, specific commitments and accountability are not defined in detail, leading to false expectations. Other common mistakes include not defining the marketing support each firm will provide the other, or the training requirements for the sales, operations, and customer service teams.
Finding the right strategic partner is the same as building solid relationships in other areas of your business and life. You’ll be working closely together, so it’s important to have a good connection. Don’t be afraid to trust your gut. If your instincts tell you that something isn’t right, even when everything looks good, it’s smart to be cautious.
Ensure both parties are committed to the overall success of the partnership and key objectives and the tasks required to reach them are detailed. Establish a pattern of meeting regularly to keep each other updated on progress, to discuss any roadblocks and to create any new objectives to keep both parties on track for great results.
Use a powerful diagnostic business tool, to understand the current reality
Uncover the obstacles that may be holding you back from more profits, time and freedom
Craft a realistic action plan to produce results in the next 6-12 months
Gain recommendations specifically designed for trades and construction businesses operating in Australia & New Zealand