Today's post from the Chamber of Commerce features business-growth advice for small companies.

Small business owners are always looking for new sales leads on a tight budget. While money is often spent on sales campaigns to establish new clients, a powerful tool is usually overlooked: strategic partnerships.

Lori Richardson believes that companies are leaving potentially millions on the table by not taking advantage of strategic partnerships.

“Every company has something to offer another one,” Richardson, a sales strategist and owner of Score More Sales, says. “You simply cannot help everyone with everything, and neither can other companies.”

For over a decade, Richardson has helped small and medium-sized companies grow their sales. She works on the “front lines” of sales teams and develops customized plans based on each company. Along with helping to craft strong sales messaging, Richardson emphasizes the need for companies to implement partnership strategies and foster those relationships.

“Strategic partnerships are one of the best ways over time to grow revenue,” she said. “People are usually so busy reacting to the problems at hand instead of strategizing who can help grow their business.”

How to Leverage Strategic Partnerships

Many small business owners can certainly benefit from strong strategic partnerships, but how is an effective program built? Richardson writes all about it in her e-book Winning Teammates and gives a few pointers here:

1. Brainstorm. She suggests starting with a blank sheet of paper and a clear mind. Think about the other companies that call on the same customer base and complement your own products or services to collaborate your small business. A printing company, for example, could benefit from a strategic partnership with a graphic design firm. List as many natural referral sources as come to mind. If a specific company name is not known, simply list an industry for follow-up research later.
2. Respond quickly. When another company refers your business, show that you value the connection with a timely response to the prospective client. To protect the reputations of all parties involved, it is vital to acknowledge the referral and make it a priority.
3. Follow up. Once a relationship with referral companies has been established, consistent contact is vital. Richardson points out that companies often have a strategy in place to check in with clients, but many do nothing to cultivate strategic partnerships after the initial conversation. She suggests a scheduled, regimented process for keeping in contact with strategic partners in order to stay fresh in their minds.

Establishing strategic partnerships takes some creative thought but can bring in business exponentially larger than the effort . Small businesses should consider strategic partnerships a foundational part company growth.

(*Photo Source: https://blog.supermedia.com/)

Katie Parsons writes for the ChamberofCommerce.com where she specializes in business news affecting major markets. ChamberofCommerce.com helps small companies with online growth. Plus, it facilitates connectivity between local firms and over 7,000 Chambers worldwide.