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3 Tips to Finding the Perfect Partner for Your Small Business

On any given day, you wear a hundred hats and do a thousand little things to improve your small business. You have evolved into a Jack (or Jill) of all trades, and although it hasn’t been easy, it has been worth it – most days, at least.

But what if there was a way to do half the work and reap twice the rewards? Partnering with another business can make that a reality. And here’s how you can make it happen.

Find the Perfect Coupling

A business partner should complement your products or services, not rival them. Make sure your offerings are similar enough that people understand the connection, but not so similar that you drive customers straight into the arms of your competition.

Do you sell wedding cakes? Partner with a local photographer. Do you own a landscaping company? Team up with a sprinkler installer or a pool maintenance service.

The goal here is to be able to refer your customers to your partner, and vice versa, so you both benefit from each other’s business.

Put Your Own Customers First

There are plenty of benefits to partnering up – access to a larger customer base, shared advertising costs, the ability to provide more comprehensive offerings and more – but all that is for naught if you lose your existing customers in the process.

Before you fire the starting pistol on this new venture, make sure your teammate is up to snuff. Check the business’ online reputation, talk to existing customers and get a feel for what you’re getting into. Remember, your current customers are your priority, and they won’t be pleased if you refer them to a less-than-stellar company.

Decide on the Details

Will customers referred by your business get a discount with your partner? Will they accrue shared loyalty points on purchases from either company? Will you endorse each other on your websites and social media pages? Will advertising costs be split equally? How will customer complaints be handled?

Hash out the details before you make anything official, and put it all in writing. Like any relationship, the potential for failure exists, and you need to be protected in the event it all goes south.

Two heads are (usually) better than one, so a great partnership should be beneficial for everyone – customers included!

Looking for more ways to reduce the number of hats you wear on a daily basis? Call or email Mischa Communications and let us take off some of that weight!

 

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