|Small Business Guide - Small Business Resources
(Add to Favorites | View All Articles | Resource Directory)
Leveraging Business Relationships for more Profits
When should you leverage the relationship?
Leveraging sometimes brings a negative connotation to the mix. It does not have to be that way. Leveraging with alliances can work into a win-win situation were both parties become more profitable and they form more solid business relationships. Leveraging should be taken seriously and not as a way to step on another business to make your own headway. If you work with the alliance partner, you will both be able to leverage the relationship for mutual benefit.
For example, a store I was working with in the past had several channel partners that they wanted to leverage. A meeting was setup to discuss how the relationship could be expanded so that it benefited both parties. It was discovered that the partner wanted to learn more about the products the company was selling and get more into the training aspect for its customer base. The parent company on the other hand wanted to find ways to support the customers of the partner in order for the partner to gain more sales.
In this case, both parties were able to leverage the others' contacts and offer better customer service. The channel partners also were able to find additional customers because they had more of an inside track on the products being offered. They were able to train new customers and give a new dimension to their offerings. The parent company profited from the additional sales.
Through leveraging the current customer base and the product lines, both companies could offer better customer service. As a result of this success, the parent company offered the same alternatives to other channel partners and found that most of them welcomed the additional opportunity. The opportunity, in order to be successful, has to be presented to the right level of decision makers.
Who You Need (to Form a Relationship With)
At what level should the relationship be established?
A question that is often asked is "How do you get to the right person in an organization for making the decision?" The answer is not an easy one as some organizations have decision making at various levels, and of course it depends on the size of the organization. If you are dealing with 10 or fewer employees, you are likely to need to work with the owner or CEO of the organization. It is imperative that you do not deal with those that cannot make the appropriate decision. You may find that you are dealing with influencers, but in the long run they cannot make the decision to go or not to go with the alliance.
So how do you get to the right person? There are many answers to this question, but the simplest answer is to start at the top. I know that many CEOs do not want to deal with sales people and certainly not with a lot of the everyday information that comes their way. So getting to them may be a bit difficult. The best way to form a relationship is to appeal to their business pain (that which concerns them the most) and offer a solution to that pain. For example, a company I worked with wanted to setup a channel or partner network to sell their products, since they only had a couple of dealers at the time but needed to move to the next level. They had to deal directly with the owners of the companies and offer them a profit, as the proverbial carrot, to entice them.
Profit is not the only way to get to the CEO, you also need to understand their business goals and see how you can fit into the formula before making the approach. The key here is to show that you have something to offer that is of value to them.
Bette Daoust, Ph.D. has been networking with others since leaving high school years ago. Realizing that no one really cared about what she did in life unless she had someone to tell and excite. She decided to find the best ways to get people's attention, be creative in how she presented herself and products, getting people to know who she was, and being visible all the time. Her friends and colleagues have often dubbed her the "Networking Queen". Blueprint for Networking Success: 150 ways to promote yourself is the first in this series. Blueprint for Branding Yourself: Another 150 ways to promote yourself is planned for release in 2005. For more information visit http://www.BlueprintBooks.com
News provided by Yahoo! News and Google News
Small Business Q&A: Peter Cosgrave, CPL Recruitment
Mayor makes another vow to cut small-biz red tape - Crain's New York Business (blog)
GST red tape hurting business, economy
'Small Business Basics Series' begins in March
Small Biz in a Digital Age: Analytics - Know Your Options - GoLocal Worcester
Pressure Washing Heavy Equipment
One of the best ways to make money in the pressure washer business is to power wash heavy equipment. It is not necessarily easy work and you will get quite greasy but it is steady work and there is lots of it.
Become The Squeaky Wheel and Watch Your Business Skyrocket!
Providing high quality customer service is a must for any business to survive.Following up on all contacts and leads is also crucial in order to increase your sales and client base.
Dont Let Your Small Business Fall in the FDCPA Trap
When someone owes your small business money, you certainly feel like a victim. But did you know that if you aren't careful, you could break the law by trying to get the money back?How to Break a Federal Debt Collection LawYou have a small business, and your bills are coming due soon.
Where Can I Get Clients From?
The following tips have come from a wide variety of sources; some from other successful businesses we know, some from our Home-Based and Small Business Support Group meetings and some we've developed by trial and error.Some of the ways to get clients are:contact previous employers;mailing lists;cold call your target market;attend group meetings and seminars for your target market (conventions for doctors, lawyers; computer seminars);attend local Chamber of Commerce meetings;join groups related to your target market;if your target market uses a specific system, for example accountants use the SafeGuard system, contact them and tell them that you are available to teach them how to use the system or you can do it for them.
Will Adding a Car Wash to Your Fast Lube Add Additional Crime to Your Facilities?
Car Wash Crime in the Hood. Apparently not everyone is with us and certainly not everyone considers this to be a clean business.
Pressure Washing and Hospital Accounts
Most pressure washing companies never look into some of the best niche markets. One, which you may not have thought about is Hospitals and if you run a pressure washing company it can mean good steady income.
Web users are looking for information and solutions
Search Engines account for almost 90% of all web traffic!In the Offline world its all about "location, location, location."Put your business were people crowd around and your set.
Without a plan, your business has a 92% chance of failing
Before you start a business we encourage you to prepare a business plan. Without it your business has a 92% chance of failing within the first 12 months.
What to expect with a Home Business
All legitimate home business entrepreneurs insist and announce loud and clear that a successful home business is not about an overnight thing. And that you cannot get rich overnight and so on.
Mobile Detailing Expansion Considerations
Expanding your business requires you to take a good hard look at your business (checking under the hood). You need to ask yourself.
Survival Tips For Small Businesses
You may be in Mail Order, Direct Mail, or you may be a local merchant with 150 employees; whichever, however or whatever---you've got to know how to keep your business alive during economic recessions. Anytime the cash flow in a business, large or small, starts to tighten up, the money management of that business has to be run as a "tight ship.
Pressure Washing Business and Post Fire Cleanups
Many have not experienced a fire up close. One year about 15 years ago I almost lost my house as did our neighbors to a wild fire.
Naming Your Business: 3 Tips To Ensure Success
If you are just starting your business, or if you have just developed a new product or service for an existing business, one of the first questions you need to answer is, "What should I name it?" And while you may feel pressure to make this decision quickly, I caution you to not make it lightly. What kind of things should you take into consideration when choosing a name?(1) Don't Use Your Own NameWell, first of all, use a name other than your own name.
Banking and Company Credit Card Policies for Small Business
Does your small business have a banking and credit card policy? If not, perhaps you might wish to think on it. Developing such policies and procedures is not a difficult task.
Boat Detailers; Add-on Products and Services
As a Boat Detailing Specialist, you may want to offer services such as making sure your clients' boat's batteries are charged and offering to charge them or test the boat before they arrive for their departure. This is an easy service to provide and will keep you on the top of the boat owners list of reputable and reliable service companies.
Boston Suburban areas a good choice to run a business
BioTechs even with the latest news had shed over 1000 jobs two years ago, as it was reported by The Financial Times, WSJ, and Bloomberg that only 17 of the nearly 1300 BioTech firms were actually profitable. In 2002 the number of jobs were in the 30,000 range in Biotech.
Characteristics to watch for when buying a company
There are no "rules of thumb" in the pursuit of companies to buy. Each purchase opportunity has to stand on its own merits.
Mobile Car Wash and Cleaning Post Office Jeeps
If you own a mobile truck washing, pressure washing or mobile car wash business you may wish to consider washing postal vehicles. They have one of the largest fleets in the world and they are relatively easy to wash.
A Great Logo Is A Marketing Must-Have. But Is It Affordable For Small Business Owners?
And is having a logo really that important?My answer to both of these questions is an emphatic YES!A logo is a graphic or visual representation of your brand. Your brand is your business, product or service and what it stands for.
Work fascintes me - I can watch it for hours
I love work, I can watch it all day.I am not scared of work, I have been known to approach within arm's length of it on a number of occasions.
|Home | Site Map | Privacy Statement | More Articles|