Over the past 28 episodes of With Grace and Gold: The Podcast, a common thread has run through each episode: That there are many unique paths to the same destination — and that the uniqueness you bring to your small business can not only set you apart, but it can also contribute to your success as a small business owner.
Over the past several months, we’ve talked about how having so many choices about how to run your small business can be exciting — but it can also be overwhelming. We’ve talked about the need for reflection in Episodes 015 and 017: 3 Signs You Need Clarity in Your Business and 3 Ways You’re in Your Own Way… and we’ve talked about the intentional decisions you can make, to make small business ownership easier and more enjoyable, like in Episodes 018 and 024: 3 Seeds to Plant in Your Business Today and Healthy Boundaries for Small Business Owners.
Reflecting upon those episodes brought us to today, because we realized so many of those episodes were focused on you — and what you alone can do to help your business grow.
So, today, in Episode 029, we want to focus on strategic partnerships — the reasons why strategic partnerships matter, and the ways that you can partner with fellow business owners to grow… whether that growth means simply learning something new, or whether that growth means adding a new offering or layer to your business that didn’t exist before. Let’s get started!
Welcome to Episode 029: 3 Reasons and 3 Ways to Form a Strategic Partnership
Welcome to Episode 029: 3 Reasons and 3 Ways to Form a Strategic Partnership!
A strategic partnership is a relationship between two businesses which forms when each business possesses one or more business assets or has expertise that will help the other. This can also mean, that one business is helping the other business to expand their market to other marketplaces, by helping with some area expertise.
In layman’s terms, a strategic partnership is an intentional way that you can partner with another business in order for one of you or both of you to experience meaningful growth.
So, why would you want to partner with another business? Here are 3 reasons:
- Knowledge and Resources. As a small business owner, you bring something totally unique to the table. The same goes for the small business owners you’d like to partner with. When you partner with another small business strategically, you can share your knowledge and resources with one another, lifting up both of your businesses.
- Audience Access. Similarly, you and your strategic partner may be trying to reach the same type of audience. For example, you might both be photographers, hoping to reach couples. You might both be designers, hoping to reach small business owners. Although you are working to reach the same people, your exact audiences differ. By forming a strategic partnership, you can create an opportunity to speak to one another’s audiences, and to reach more of your Ideal Clients than before.
- Efficiency. One final reason you may want to form a strategic partnership is to work more efficiently. In a strategic partnership, depending upon what you choose to do with your partnership, each partner will have his or her own tasks to complete. As you pursue your partnership-based projects, being able to divide up tasks will help you to more efficiently serve your audiences.
So far, we’ve shared 3 reasons you would want to form a strategic partnership with another business. After the break, we’re going to explore 3 specific ways to begin the process of forming a strategic partnership.
Before the break, we shared 3 reasons you would want to form a strategic partnership with another business. Now, we’re going to explore 3 specific ways to begin the process of forming a strategic partnership.
- Know Yourself. Know your strengths and weaknesses, so you can find a strategic partner who will complement your skillset. Partnering with someone whose strengths are your strengths may not be as helpful as partnering with someone who can fill in your gaps and vice versa.
- Know Your Goals. Know what your goals are for your strategic partnership. Beyond experiencing “growth” what are some specific ways you hope to grow? Do you hope to access one another’s audiences? Do you hope to grow your revenue? Do you hope to experience collaboration? Knowing what your goals are will help to bring purpose and direction to your strategic partnership.
- Create Intentionally. Lastly, once you’ve formed a strategic partnership, create intentionally. Determine what you’ll create through your partnership: a webinar series, an online course, or an in-person workshop. Maybe you’ll cross-promote one another’s products, bundle your products or services together, or create an add-on for one another’s services.
One additional reason we were inspired to share these tips with you today is because we recently formed a strategic partnership with a fellow design business owner. Next week, we’ll be partnering with Bonnie of B is for Bonnie Design to offer a free 5-day “Work Less, Earn More” challenge for fellow designers.
Within the 5-day challenge, we’re going to explore common mistakes design business owners make, ways to strategically design your brand and your workflows to enhance your business, and a lot more! We are so excited to partner with Bonnie, to foster community, and to embrace collaboration and education within our designer community. Visit https://bisforbonniedesign.com/community to sign up for the 5-day challenge!
We are so hopeful today’s episode has helped you to think about strategic partnerships in a new way! Thank you for tuning in!