Strategic Alliance and Your Business

What is Strategic Alliance? An agreement between two or more parties to pursue a set of agreed upon objectives needed while remaining independent organizations. This strategy provides more flexibility than a joint ventures because the involved parties do not need to merge any assets or funds in order to proceed. Benefits: – Your strategic alliance gives you instant endorsement and credibility – You gain access to the networks of your partners through their database of customers, members, or employees – You develop a referral partnership – You associate your business with another established brand – You decrease your overall marketing costs, while expanding your reach – You position yourself as the specialist (expert) in your niche through the endorsement of your strategic partner to their network – You learn from other businesses regarding what has been successful for them in the past Here is some great advice when it comes to alliances: – Create a solid business plan backed up by a detailed contract – Define metrics for assessing the value your alliance delivers – Seek common ground with your partners – Establish formal systems and structures Here are some principles that complement the conventional advice above: – Focus less on defining the business plan and more on how you’ll work together – Develop metrics pegged not only to alliance goals, but also to alliance progress – Instead of trying to eliminate differences, leverage them to create value – Go beyond formal governance structures to encourage collaborative behavior – Spend as much time on managing internal stakeholders as on managing the relationship with your partners
Source Credit:  https://en.wikipedia.org/wiki/Strategic_alliance Source Credit:  https://hbr.org/2007/11/simple-rules-for-making-alliances-work
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If you would like further information or you have any questions about this blog, you can email me at pjweiland@actioncoach.com or call 847-739-3079.
For your complimentary business coaching session visit, www.actioncoach.com/pjweiland. Build a Business image 3 (small title) To register for our complimentary workshop, How to Build a Business you can Sell, visit www.actioncoach.com/pjweiland. Let’s work together to help your business grow.

Ways to Achieve Business Success

While there are thousands of books written about being successful in a business, there are also thousands of topics regarding achievements in business.  Here are a list of some of the more common principles: 1 – Fearless.  Jumping into a new business venture, and leaving your day-to-day 9-5 job that provided you with a steady paycheck, is considered fearless.  Separate yourself from the crowd.  Manage your own fears and face those hurdles. 2 – Partners.  Find like-minded entrepreneurs who believe in the same mission as you. Partners can help each other move forward.  Having different sources of energy and a great team for inspiration can help you achieve business success. 3 – Attitude.  Start your business with the right attitude.  Know what’s important and develop values around what you do.  Creating wealth to help others and solve problems means you have the right attitude needed to obtain a successful business. 4 – Family.  Most of us who want to achieve success in our lives also want to share the wealth with our families.  It’s important to think about success beyond material things. Success means having a positive influence on those you call family. Being successful isn’t just about wealth and power.  It’s truly about being happy, sharing your success with others, and leaving behind a legacy. PJ's New Pic (smaller) ActionCoach-logo
If you would like further information or you have any questions about this blog, you can email me at pjweiland@actioncoach.com or call 847-739-3079.
For your complimentary business coaching session visit, www.actioncoach.com/pjweiland. Build a Business image 3 (small title) To register for our complimentary workshop, How to Build a Business you can Sell, visit www.actioncoach.com/pjweiland. Let’s work together to help your business grow.

Creating Strategic Partnerships

It’s often important for entrepreneurs to forge a strategic partnership for continued success in a highly competitive environment.  Here are some tips to help guide you through the process: 1 – When we enter into partnerships, we often feel anxious.  Believe that all parties will eventually have their needs met. 2 – Be clear to the value you bring to the table.  Be honest about why you’re wanting to create a partnership. 3 – Make sure you already have a business plan/mission and vision statement put into place.  If you don’t, then you’re not in a position to work with a partner (just yet). 4 – Listen to the other party.  Ask why he/she is seeking to connect and what they are hoping to get out of the partnership. 5 – Make sure you share the same vision and passion.  Partnerships work the best when each person’s values are the same. 6 – Don’t hurry into the partnership.  Set up a follow-up meeting to talk about next steps and to make sure you’re both equally committed. 7 – Be prepared.  Don’t expect everything to come up roses.  There will be some push and pull when hashing out details.  Be clear about where you stand, but be flexible too. 8 – Seal all agreements in writing. This can be a hard conversation to have with a new partner, but it is extremely important. Hopefully you’ll start off your new partnership feeling motivated and ready to grow. And if you follow the above tips, you’ll be on your way to great success. PJ's New Pic (smaller) ActionCoach-logo
If you would like further information or you have any questions about this blog, you can email me at pjweiland@actioncoach.com or call 847-739-3079.
For your complimentary business coaching session visit, www.actioncoach.com/pjweiland. Build a Business image 3 (small title) To register for our complimentary workshop, How to Build a Business you can Sell, visit www.actioncoach.com/pjweiland. Let’s work together to help your business grow.

Serving a Greater Purpose

It doesn’t matter whether you attend a church, synagogue, or mosque – or exercise your faith in your own way. I have found that the majority of business owners that I speak with have a purpose that is greater than themselves. When speaking with business owners about why they went into their line of business or what they love about their work, most of the time it comes back to the opportunity to provide a product or service to those that will benefit from doing business with them. It is less about the actual product or service and more about serving the true needs of the customers. I will hear things like ‘giving peace of mind’, or ‘helping manage their risk and reduce possible exposure.’ Sometimes it is about providing employment opportunities in a community to those that would otherwise have to look elsewhere. Other times, it is about ‘providing an experience for their customers to connect’ with others in their community. In the book, The Legend of the Monk and the Merchant by Dave Ramsey, he reminds us that we do not have to choose between making good money or serving a greater power, we can have a successful business that does both and can do both extremely well. It is a refreshing reminder that we need to use our talents to the best of our ability and anything that stops us short from doing all that we can needs to be understood and overcome. At a time when there are too many examples of greed and corruption in business, it is important to remember that we have a choice on how we show up in the marketplace and the integrity that we bring to our prospects, to our clients, and to our partners. YOUR CHALLENGE: Reflect on the purpose behind your business and make sure that the purpose is evident in how you show up in the marketplace and how you engage with your prospects and customers.   If you would like further information or you have any questions about this blog, you can email me at pjweiland@actioncoach.com or call 847-739-3079. Please visit www.workingonthebusiness.com to register for my complimentary workshop, 6 Steps to a Great Business, and let’s work together to help your business grow.

Referrals Rock

If you ask a room full of business owners if they’re a referral based business the majority will declare a resounding YES! The truth is that very few have a defined Referral Program that’s run and managed with predictable results.  If referrals are a key element of your marketing plan, then start by answering:
  • What are the triggers to ask your clients for referrals?
  • What is the defined script used to get solid referrals?
  • And how are you incenting and thanking your referral sources.
YOUR CHALLENGE:  Take a second look at your current and potential referral sources, then begin to help each one of them learn more about how to best recommend you. If you would like further information or you have any questions about this blog, you can email me at pjweiland@actioncoach.com or call 847-739-3079. Please visit www.workingonthebusiness.com to register for our complimentary workshop, 6 Steps to a Great Business, and let’s work together to help your business grow.

Strategic Partnerships

Cultivating strong partnerships with the right people and businesses can be invaluable in growing your business. Look for individuals in your field that provide complimentary services, but have a different spin or specialty.  Attorneys refer attorneys, electricians refer plumbers, realtors refer mortgage brokers. Also look for those who share your target customer, those who buy high end cars, also buy jewelry, use decorators, buy good wine. Those who are health conscience, hire personal trainers, use chiropractors, and get massages.  Be creative. Once you identify potential strategic partners, here are some ways to accelerate the relationship: Nurture the relationship. Get to know the business, the key players, their work and their reputation before you build an alignment.  Their work will reflect on your reputation. Align on values. Make sure you talk about values with potential partners.  Learn how they deal with difficult customers, difficult circumstances and their approach to customer service.  Ask their customers about their reputation. Educate Yourself. Don’t be shy about getting to know the product or services that they offer.  Learn who they want as clients, how they do business, and what they excel at.  This will help you better understand who are good clients for them and what they can offer them. Get firsthand experience. If it makes sense, hire them, understand the client experience by being a client.  This allows you to speak genuinely about them and your personal experience.  This makes you even more credible as a referral source. Brainstorm with your partners. Engage in discussion with your partners on how you can support one another.  Look for new ways to align your relationship, create a plan on promoting each other businesses. Strategic partnerships can be incredibly rewarding when they work well.  Look around the table today there are those that you already partner with, and then there are those that have untapped potential. YOUR CHALLENGE:  Setup some time to develop a new partnership or nurture an existing one.