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When
you pick strategic partners, think about making your company a one-stop shop
for customers who need anything in your field. For example, if your business
is a
hair salon, consider partnering with a nail shop, a beauty supply house or a
massage therapist. Making your business convenient and full-service will
benefit you and your customers.
You
may also want to consider finder’s fees for direct referrals, or offering
a catalog of products supplied by a different company. You buy from the
catalog wholesale and sell retail to your customer. Again, you have added
convenience and your customer gets a good discount while you make a profit
on the transaction.
A
word of warning: when you are a one-stop for your customer, you have the
extra burden of customer service and follow-up. Make sure you bring on
reliable partners who will stick through the good times and the bad.
Business
associations and your local chamber of commerce are good sources for finding
potential strategic alliance partners. Finding the right partner is not easy
and should not be entered into quickly. For assistance, contact us.
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