Why strategic alliances will help your business boom
Beat the Brexit uncertainty – form your own strategic alliance!
The impact of Brexit has sent shockwaves through the business world, and it’s no wonder people are panicking about the uncertainty ahead. However, the most successful businesses are those who are resilient in the face of uncertainty and harness it to creative, innovative change within their enterprise. A shifting environment is nothing news, and plenty of us have navigated change in a positive way. The most crucial element of this is to look where opportunities are to develop and move forward.
One of the opportunities we can seize now is to form strategic alliances and look for these opportunities together. A strategic alliance is a relationship between two or more businesses that enables each to achieve certain objectives neither would be able to achieve on their own. These partnerships allow small businesses to grow bigger and shouldn’t be seen as simply the domain of the big name companies.
So what can a strategic collaboration bring to your business?
In the first instance, it’s like to be an information exchange or the chance to combine complimentary resources to present a full-service product. This may allow you to pitch for a job which requires a selection of disciplines, which between you and your new allies, you can deliver collectively. So look to your networks and identify the connections that you have who could work well alongside your offer. If you’ve been networking effectively, you should already have a trusted connection to build upon.
For example, if you are a photographer, you’d be looking for people who operate in the same industries but deliver a different service. So you might ally with an event planner, someone who works in hospitality or a content creator who delivers words that need pictures to compliment them. Collaborating in this manner gives you the chance to offer a service together, but continue to operate as separate entities in other areas of your work. It’s a low-risk opportunity with great potential benefits. It also means you can compete with the big boys!
So I suggest to my fellow Thrive members that they have 121 or a coffee and a chat and find out how they can help each other. If you can be of a significant help or service to the people you have your 121s with, they will want to know more about what you do or have to offer them or people they care about.
Business management expert Peter Drucker has pointed out that entrepreneurs are not “risk-focused, but opportunity-focused”. So seize your opportunity to seek out these opportunities within your network and win the battle with Brexit uncertainty.
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