SubscribeSMALL BUSINESS LEADER September 2009
Small Business Leader
Marian Banker, MBA, Business Leadership Coach, and creator of the Business Success System.
"The Partnership Model for Growth and Profit" ISSUE #120
September, 2009
Note from Marian
Wedding DayMy husband, Marty, and I celebrated our 31st anniversary (OMG that's a long time) in August. That's us on our wedding day, August 11, 1978.
What I've learned from living in this partnership is that as unique individuals with different opinions, interests and talents, only some of them come together in our marriage. What seems to work really well and reinforce the partnership is when we are working on something together toward a common goal. It could be planning a vacation, looking for an investment, buying a piece of artwork, deciding on what color to paint a room, planning for our retirement, or something as simple as what to have for dinner. We each have the same goal, but our contribution and perspective may be different.
That's the nature of business partnerships also. As long as there's a purpose and mutually agreed upon goal you have a foundation for a partnership, whether it's a long or a short term arrangement.
This month our feature article, "The Partnership Model for Growth and Profit" gives insight into how you can benefit from this model. And the FREE Successful Partnerships Teleclass on September 16th, "How to Turn Your Business into a Fast-Track Growth Machine", covers the why, what, when and how to accelerate your growth and success using one or more partnerships.
Stop struggling all alone; create valuable partnerships that can provide you with what you need to grow and thrive.
Have you thought about your business being more than just a source of income? It may have the potential to become a salable asset...if you plan for it. Join me and guest expert, Nina Kaufman, Esq., for our September 22nd Brain Exchange Roundtable, "Is Your Business a Salable Asset?". It's going to be a popular topic so sign up early to reserve your seat. Limit is 12 attendees. Hope to see you there.
To your success!
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Marian Banker
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Small Business Leader
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Success Tip
If you're in a partnership that's not working as you'd like, check out the archive on business partnership articles.You'll find helpful tips in any one of them.
Successful Partnerships FREE Teleclass
How to Turn Your Business into a Fast-Track Growth Machine
Wednesday, September 16, 2009, 1 - 2 p.m. EDT
Did you know that one of the least expensive ways to grow your business is through some form of partnership? In this one-hour free teleclass you'll learn the steps and strategies to increase your market share, open new markets, make more sales and achieve your growth goals, with less expense and in shorter time than doing it alone.
Click here for registration and details.
Brain Exchange Roundtable
Brain ExchangeTopic: "Is Your Business a Salable Asset?"
Date: Tuesday, September 22, 2009, 6:00 - 8:00 p.m. EDT
Location: City Space Virtual Offices at 817 Broadway, New York City.
The Roundtable is a great format for gaining new ideas, new resources and new connections. This month's guest expert is Nina Kaufman, Esq. an award-winning attorney, author, speaker and contributor to Entrepreneur Magazine online. Nina will offer strategies and tips for creating a business that provides long-term benefits, not just short-term income. Register now to save your spot,
Feature Article
The Partnership Model for Growth and Profit
By Marian Banker
PartnershipsIf you're thinking a partnership is a business with one or more equity owners, you're absolutely correct. But the terms partner and partnership have a much broader meaning in usage. Read or listen to the business news and you'll hear lots about business partnerships. Businesses large and small are growing through partnerships.
Dallas Business Journal reports, "American Airlines has forged a three-year marketing partnership with National Football League's New England Patriots."
Reuters states, "Jamie Kennedy partners with Yoostar (tm) to create original viral content and launch the Yoostar Comedy Channel"
Wall Street Journal announces, "Google and SpotMixer expand partnership to include In-Stream video advertising.
These partnerships have a specific purpose and goals, as should all partnerships.
What's great about these types of partnerships is they can be consummated under a variety of terms and options. To learn more about the partnership options review my webinar, "How to Grow Your Business Using Partnerships".
By using the broad partnership model you can:
* Expand your market
* Create new or improved products
* Add capacity
* Gain new resources.
For the small business some of the real advantages of the partnership model are you don't have to:
* Add staff
* Commit additional resources
* Spend time learning or providing what someone else can do faster, cheaper and better
* Reinvent what someone else has already built.
What's common to all partnerships is the potential for mutual benefit. One party may gain more than the other, but that's OK as long as it's understood and agreed. And each must realize their expected benefit or the partnership will not be successful. Typically the specific gain for each partner will be different based on the role they play.
For a business partnership to be successful all terms must be clarified, documented and agreed to by the parties. Verbal agreements are a great place to start, but if they're not documented in the beginning, you're setting yourself up for future problems. Your partnership agreement can be changed, of course, but until it is, the partnership agreement is the document by which you are bound.
To get started using partnerships, determine what you want to accomplish in your business. What do you need in order to accomplish it? Who can provide what you need? Your specialty and expertise will likely fill the need of someone else's business objectives. What can you provide in return? You're looking for the right fit.
To find potential partners, think about who within your existing network
might have what you need or to whom you might be able to offer your
"value". Seek opportunities to help others. Let your needs and interests be known. Use the internet and its capabilities to get the word out that you are seeking a "partner" for a specific purpose and goal.
To learn more about the principles and processes of getting your business into growth mode with a partnership designed to help you meet your goals, register for the September 16th FREE Successful Partnerships Teleclass, "How to Turn Your Business into a Fast-Track Growth Machine", The emphasis will be on using partnerships for growth.
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Success Tip
Capturing the emotion of your prospect is key to making the sale. You may start in the head, but eventually it has to feel right and satisfy some emotional need. Determine the emotional need that your product or service fulfills and employ it in your marketing messages.
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About The Publisher & Feedback
ABOUT THE PUBLISHER:
Marian Banker has been publishing Small Business Leader since January, 1999. Her focus is on bringing to the busy entrepreneur a quick look into the current world of small business from the perspective she's gained through coaching, consulting and training entrepreneurs in both service and product based businesses.
Marian offers individual coaching, business support groups, seminars and workshops on topics of critical interest to small business owners. Her monthly Lunchtime Telephone Roundtable has proven to be a popular way for business owners to come together around a specific business topic without leaving their office. See notice about this month's topic in the content above.
To learn more about her services, visit http://primestrategies.com.
FEEDBACK:
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