The BizFilings blog covering business tips and trends.
Olympics Lesson 3: Find Strong Partners
Published on Aug 7, 2012
Read 'Olympics Lesson 3: Find Strong Partners' at 'Time to Start Up,' the small business blog by BizFilings.
By Brooke Miller Hall
You needn’t be part of an Olympic beach volleyball team to understand the benefits of a strong partner.
In fact, not only do the athletes rely on team mates, coaches, friends and family to accomplish their Olympic dreams. The Games themselves require many partners, including public funders and corporate sponsors, to make the behemoth event a success.
On a smaller scale, you can build your business by working with select partners who can reach markets or share resources that you don’t have on your own. Here are some examples of how it might work:
You could trying “buddy marketing” with a complimentary business. For example, you could put a business card for another business inside your brochures, and they could do the same for you.
You could co-sponsor a charitable event with one or more other business owners in your area.
Bizfilings has found success by partnering with other companies that offer excellent resources and services to our clients (such as iDefend for identity theft prevention). These mutually beneficial relationships help both companies reach new markets, while enriching their own customers’ experience.
It’s a smart idea to “partner” with existing customers by offering them bonuses or incentives for referring new customers to you.
When working with a new partner, you may want to start with a small project to make sure that you work well together and have complimentary styles, communication and values.
If you’re seeking business partners, it may be helpful to attend networking events through your chamber of commerce or trade/professional association. Referrals from clients or existing partners can also help you find a good match that ultimately makes both businesses more successful.