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The Value of Strategic Relationships

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In this economy many successful businesses are building relationships, sometimes exclusively, with businesses that compliment themselves or add value for their clients. Most successful business owners have seen that there is great value in not trying to do it all yourself. In fact, no successful business really stands alone.

The cost savings of establishing the right relationships can transform your business or organisation in a relatively short period of time to a stronger, healthier and more stable growing business.

We have identified that there are two types of strategic business relationships:
  1. Value Added Service (VAS) - This is for your business to extend to your clients.
  2. Source of New Business (NBS) - This is from their business helping you gain clients.
A Value Added Service provides additional reasons for that client to do business with you or could be a "foot in the door" to get access to that client. A Strategic Relationship that is a New Business Source can provide a much needed source of new clients. Some of these can have a cost related to them while other pay you to be the "foot in the door" for them. It also can be a mutual sharing of existing client base.

The way that these relationships are created are accomplished in four ways:
  1. By an exclusive partnership
  2. By non-exclusive business relationship
  3. By merger of the two businesses
  4. By purchase of the business
How do you find the right company to have a relationship with?
  1. Identify what areas you are weak in
  2. Identify what areas your competitors are strong in and find something better
  3. Identify what areas your competitors are weak in
  4. Identify compatible products or services that your clients need such as
    • Convenience
    • Safety / Security
    • Comfort
The most successful Fortune 500 companies are relational businesses. Imagine how much further you could take your company with the right strategic relationship in place. The best relationships provide great strength to your business but usually without the added costs (or significantly reduced cost) of proving it yourself.

Also, keep in mind that sometimes relationships are with individual people not businesses. This is common when you have a celebrity become a spokesperson for your product or service while they receive a direct benefit from your product or service.

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