When a small business joins forces with other successful companies, it can gain a backbone that will help it flourish moving forward – just like a good marriage. Bert Seither, a small business specialist, points out the following benefits to establishing partnerships with others if you manage a small business:
— It gives you more potential customers
Having a partnership with another company can be an excellent source of leads and potential customers for your small business. In many instances, a business will refer its current clients to its partners who may be able to offer them other relevant services. For example, X Cleaning Service that only cleans homes might partner with Y Cleaning Service that cleans commercial buildings. Even though X Cleaning Service doesn’t offer commercial cleaning services, it can refer its customers to Y Cleaning Service for this purpose if a client also maintains an office in a commercial complex. Having such a partnership can put more money in your pocket because of this.
— It gives you credibility
According to Bert Seither, having business partnerships with other corporations can give a small business plenty of much-desired credibility in its market. If customers, investors, and industry leaders see that you have professional relationships with other businesses, they’ll be much more inclined to view your company in higher regard than your competition. This is especially true if you establish partnerships with well-known companies, which takes a ton of persistence but can pay off tremendously. It can take a long time for a struggling startup company to make a positive impression on others. Fortunately, business partnerships can significantly aid in this process to build trust and credibility within an industry.
— It’s a unique marketing strategy
You might not categorize a business partnership under the umbrella of traditional marketing strategies. However, such relationships do offer a great amount of opportunities for cross-promotion and other ways that two businesses can both benefit from a marketing standpoint. Referring customers to a partner is one simple way to do this. Two companies can each promote their partners online via their websites, social media, and through content marketing like guest blogging for each other. This is simply an additional technique to get the word out about a small business without spending money on traditional advertising, Bert Seither says.
— It gives you opportunity
In the grand scheme of things, there is a great deal of opportunity that can come from developing relationships with outside enterprises. Partnerships can open doors to so many things that you’ve never even considered. In essence, a partnership can be the ultimate result of networking, and we all know how powerful networking with like-minded small business owners truly is. This is why you never know what a relationship with another company or individual small business owner could lead to in the end. It’ll certainly be a big boost for your company, and opportunities are always top-of-mind for business owners who are just trying to get by on their own.