|
Quickstart - Partnerships, Alliances, Joint Ventures
Please add
bev@onestepfurther.co.uk
to your address book so you continue to receive Quickstart
MAKE SOMEONE'S DAY! - The Quickstart community grows through word of mouth and word of mouse and for that I thank you. Why not pass this copy on to other consultants you know or suggest they go to www.OneStepFurther.co.uk
Quickstart
Grow a Profitable Consultancy and Still Have Time for a Life
In this issue
Note from Beverley - It's Diary Day!
One Step Further - Partnerships, Alliances, Joint Ventures
Personal Reflections - Personal and Professional Forecasts
Note from Beverley
Another day to celebrate - according to our American friends, but it got me thinking. What a good incentive to clear out your diary, check everything in there is worthwhile - no waste of time meetings, no forgotten dentist appointments - a chance to tidy up where you are spending your time. So why not take a few moments this morning and go through your diary.
Have a good week.
Beverley
bev@onestepfurther.co.uk
www.onestepfurther.co.uk
+44 (0)1258 817647
One Step Further
What is a Joint Venture or Strategic Alliance? My definition is
"A partnership that creates or adds value to the vision and goals of all parties that also adds or creates value for their current or potential customers. The value created would not have been possible if either party had solely operated on their own."
Joint ventures, strategic alliances or partnerships can all add another dimension to your business. Joint Ventures are one slice of your overall "Attraction Pie"”. They can help you grow your revenue, relationships and knowledge. You need creative thinking, good planning and careful selection in who and why you link up with appropriate Joint Venture partners so that both parties gain mutual benefit.
Who makes a good Joint Venture partner or strategic alliance?
1. Someone/Company who sells into your market and does something completely different to you
2. Someone/Company who sells into your market and complements what you do
3. Someone/Company that does exactly what you do and has a different slant/different skills
In addition any partner you choose must have very similar brand values and business perspective.
Examples:
* If your target audience/niche is veterinary practices and you offer marketing to that niche a good Joint Venture partner might be someone that offers accountancy for veterinary practices
* If your target market is SMEs and you offer process consultancy you might partner with a HR specialist who niches in SMEs
* If your target market is Blue Chip Software companies you could joint venture with suppliers to those companies e.g. component parts companies
So what types of Joint Venture activities can help you in your consultancy?
* Co-host networking events where you invite clients/prospects of both your businesses.
* Co-host seminars where you each speak/teach on your specialist subject
* Share marketing activity by co-promoting each others' products
* Provide hot referrals through recommending your existing clients to your joint venture partner
* Do joint calls into prospects
* Produce co-branded materials
* Add each others links/information to your website
Multi million pound/dollar companies use strategic alliances to great effect and gain huge profits and profile from those partnerships. Think of oneworld or STAR – 2 airline alliances each consisting of 7 and 15+ airlines which among them cover the whole globe! The Ford Motor Company has a strategic alliance with UPS the global delivery service.
As a consultant or SME business owner the urge to be a "lone ranger" is often very strong. However, the advantages of considering forming partnerships and alliances are worth considering for your business to take your revenue, profile and knowledge One Step Further
Personal Reflections
I need more money, I need to earn more, I need more clients to pay for XYZ. Do any of these ring true?
When having cash flow and revenue generation conversation with clients I often ask, "do you have a personal and professional forecast/budget?" The majority of the time the answer is no and sort of. Most people do not have a personal budget and only a few more have any kind of professional budget that is up to date reflects reality and helps drive business and life decisions.
I have to admit I didn't when I first started in business and it was only when I attended Chris Barrow's coaching business school that I decided that I needed to get my act together, otherwise
* How would I know where my money was going?
* How would I know what money I needed?
* How would I know what my real costs were?
* How would I know when I could buy a new laptop or carpet?
From Chris I also realised that any forecast/budget doesnt have to be complicated, expensive or require whizzy software, it just has to give you the information you need to plan your finances and make more robust decisions about how many and what type of clients are needed, where costs are too high or could be better managed etc.
I now have one excel spreadsheet, which has all my outgoings month by month at the top; everything from electricity bill to car insurance to groceries for my personal forecast and networking, web hosting and travel expenses for my professional forecast and all my income at the bottom.
I can see very clearly what is coming in, what is going out against my forecast and where the gaps are month by month. After 6 months I redo the forecast based on the last six months and over the past 3 years the system has been very accurate in helping me plan my finances, know where I am at any given point in time and give me comfort (or otherwise!) about the money side of my life and business.
So do you have personal and professional forecasts/budgets? If not could they help you gain more control and comfort over your total finances?
Best Regards
Bev
bev@onestepfurther.co.uk
www.onestepfurther.co.uk
+44 (0)1258 817647 |
|