In the past we’ve discussed stragetic alliances and the benefits of partnering with another company or business in order to take advantage of each other’s skills and jumpstart your growth. If you’re still on the fence, especially in this troubled economy, I’d like to encourage you to consider a strategic alliance again. They’re beneficial not only financially but from the skillset level as well. Here are 5 more reasons to consider a strategic alliance:
- You’ll save money in your business because you won’t have to hire any (or as many) new employees to help with your new projects. Since you’ll be working with a partner you’ll have the advantage of working with his team of employees as well.
- You’ll have the opportunity to learn from your strategic alliance. Your partner and his team will have a very different set of skills than you and your own team. By working together you’ll have the chance to learn and absorb a part of the industry you may not be familiar with.
- By aligning yourself with a strategic partner you’ll have the opportunity to endorse each other in advertisements. This is incredibly effective if you each have a strong business presence to begin with as the endorsements will only strengthen your credibility.
- Your customers will be happier because you’ll have more people on your side to solve their problems at a faster rate. The entire customer service experience will improve.
- You’ll be able to offer your clients a wider variety of products and services, based on those offered by your new partner, without spending money on product development.
Do these reasons seem selfish? They’re not, really. Just remember that your business partner will be entering into a strategic alignment for the same reasons. Work together and you’ll be well on your way to success!