Strategic Partnerships are a Wonderful Thing

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An old philosophy in business is, "If you want it done right, you better do it by yourself." Well let me say that if this is your belief now, it will be difficult for your business to survive in the future. That is the old way of doing business and today I want to share with you my beliefs on the new way to run and operate a successful service business.

In today's Internet Age, there are more and more companies being born every day that specialize in providing niche services. These niche service providers concentrate their entire business on providing one core service. By focusing most of their time and energy on providing one service these service providers become truly specialized in that offering. Finding these types of companies and partnering with them is a great way to increase the worthiness of your business, expand your service offerings, while growing your business all at the same time.

Also, strategic partnerships work both ways. As you offer their services to your clients, they can also offer your services to theirs - creating a strategic partnership that's beneficial for both sides.

Let's take my company, Hudson Horizons, for example. We specialize in providing e-business solutions such as website development, content management systems and custom e-commerce websites. What we do not offer is website design. Why you ask? Well because to our business it makes more sense for us to specialize in the back-end development of websites and then partner with website design agencies and firms that dedicate their business on providing the front-end design elements for our projects. By doing this, we can focus all of our time and energy on making the back-end systems wonderful and allowing our strategic partners to focus on their specialty, which is to create these website designs that are out of this world. Do what you do best and let them do what they do best... This is a win-win for your client, your business and your strategic partner.

Now just because we do not offer website design services does not mean we're losing out of new business. In fact, we are actually gaining more business because every time we partner with a website design firm, we make it clear that this is a two-way street. When their clients need a customized website or content management system, who do our strategic partners rely on? That's right; they rely on Hudson Horizons to do all of their back-end website development. So as we're providing business to them, they are in turn rewarding business to us and the end result is a high-quality and visually appealing website for both of our clients.

If you are the type of person who wants to do everything yourself, let me forewarn you because today's business world is much different than the business world of the past. Yes, businesses in the past sometimes relied on business partners but in today's world, you must absolutely be focused on development strategic relationships that help your business grow.

How do I find a good strategic partner?

That's a great question and it all comes down to research and analysis. You must first research your industry then analyze the services that are not offered by your business and could definitely be provided to your clients. Find a company who specializes in each service independently. When setting up the partnership, be up-front that you are interested in making this a strategic partnership for both sides. Let them know that you are interested in gaining their business to offer your services to their clients. Let them know what you specialize in. Give them an overview of your business, demo your product and services, provide them with information material, or anything else you can think of to give them the ammunition to go out there and offer your services to their clients.

The future of business is to become specialized in one or a small core set of services and not to offer everything in your industry. If you set out to offer everything in your industry, it will be impossible for you to compete with your competition because each one of these niche service providers will always have one up on you.

Look at your business today and determine what it is that you do best. What is it that you enjoy doing? What one service do you think will drive your business successfully into the future? Answer these three questions, pick one or a few services and stick with that. Let those services define your business. Become specialize in them and let your business grow from there. By becoming a specialist in one area, you will be desired by many clients and potential strategic partners.

So examine your business, analyze your industry, find several potential partners, setup strategic partnerships with them and watch your business flourish as I have mine.

I wish you much success!

Daryl H. Bryant is President and Chief Executive Officer of Hudson Horizons, helps his clients achieve online success through search engine marketing and customized website solutions.

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