March 10, 2025 • 52 mins
In this episode, we reveal how business owners can leverage strategic partnerships and joint ventures to dramatically increase revenue without spending more on marketing. This powerful strategy is one your competition likely isn't using, giving you a significant market advantage.
Powerful Business Strategies is broadcast live Mondays at 12 Noon ET Music on W4CY Radio (www.w4cy.com) part of Talk 4 Radio (www.talk4radio.com) on the Talk 4 Media Network (www.talk4media.com). Powerful Business Strategies is viewed on Talk 4 TV (www.talk4tv.com).
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Powerful Business Strategies is broadcast live Mondays at 12 Noon ET Music on W4CY Radio (www.w4cy.com) part of Talk 4 Radio (www.talk4radio.com) on the Talk 4 Media Network (www.talk4media.com). Powerful Business Strategies is viewed on Talk 4 TV (www.talk4tv.com).
Powerful Business Strategies Podcast is also available on Talk 4 Media (www.talk4media.com), Talk 4 Podcasting (www.talk4podcasting.com), iHeartRadio, Amazon Music, Pandora, Spotify, Audible, and over 100 other podcast outlets.
Become a supporter of this podcast: https://www.spreaker.com/podcast/powerful-business-strategies--6198916/support.
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Episode Transcript
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Speaker 1 (00:00):
The topics and opinions expressed in the following show are
solely those of the hosts and their guests and not
those of W FOURCY Radio. It's employees are affiliates. We
make no recommendations or endorsements for radio show programs, services,
or products mentioned on air or on our web. No
liability explicit or implies shall be extended to W four
CY Radio or it's employees are affiliates. Any questions or
comments should be directed to those show hosts. Thank you
(00:20):
for choosing W FOURCY Radio.
Speaker 2 (00:27):
Welcome to Powerful Business Strategies, where you will find out
that everything you have ever learned about growing your business
is wrong. Finally, a show where you'll learn the right
way to grow your business by learning business and financial
strategies that your competition isn't doing. And now here is
your host resident of NeXTSTEP CFO Michael Barbarita, and joining
(00:52):
Michael for today's show as an executive moderator is Chooky Obia.
Speaker 3 (01:01):
Welcome to Powerful Business Strategies. And by the way, the
reason why you don't hear the more energized voice of
Chucky Obo welcoming you all to the show is because
Chokey Chucky's wife and Chuck recently welcomed their first baby
to the world, Chelsea adeis O bio to the world.
So congratulations to Chukey and his wife and Chuki will
be on leave for a few more weeks so in
(01:23):
the meantime, my name is Michael baber Rita from Next
Step CFO and Next Step CFO is a fractional CFO
and strategic implementation firm. Business owners hire us to double
and triple their profit using business and financial strategies that
their competition isn't doing. Our vision is to ensure overwhelmed
business owners achieve the time, freedom, and consistent profits to
(01:44):
build a legacy and the life the desire. Our mission
is dedicated to guiding small business owners to leveraging their time,
exploding their profits, and building a meaningful legacy. This show
powerful business strategies in our book of the same name
is a step toward accomplishing that vision and mission. Chucky
and I are affiliated and both affiliated with a number
(02:06):
of different organizations and Chocky currently serves as the managing
director of business development for Better Price, a global business
focused law firm, and in addition to that, Checky and
I collaborate to moderate business roundtables around the country and
around the world and document those insights as part of
our book Powerful Business Strategies. But please note that the
(02:27):
views expressed on this show are personal views based on
our own successful experiences. So here's something I like to
share that I've announced before that if you have a
business problem or a business question that you'd like us
to answer, or even a strategy that you might have
on us to talk about or ask about, please email
(02:49):
us at ask at NEXTSTEPCFO dot net. That's ask at
NEXTSTEPCFO dot net. Doesn't matter what the business problem is,
the question what doesn't matter, the strategy, whatever it is,
we'll answer it for you. And there's a couple of
things that we do ask however. One is that to
state whether or not it's something we can put on
the ear, because if it's confidential, of course we won't
(03:12):
put it on the air. And number two, please provide
your phone number because business problems can be complex and
we might need more context or clarity. That email address,
again is ask at NEXTSTEPCFO dot net. And I want
to point out that we have had a few questions
but they requested confidentiality, which we will always honor. So
(03:36):
my inspirational minute today is in honor of last Saturday,
which was International Women's Day, and I'd like to say
to all the women who shape our world, we celebrate
you not just as business leaders, entrepreneurs, and professionals, but
as the architects of change and progress in our communities.
You are the small business owners working late into the night,
(03:58):
balancing spreadsheets while your children leap. You are the startup
founders pitching your dreams to rooms of skeptics while you're
armed with nothing but determination and brilliant ideas. You're the
professionals breaking barriers and industries that once seemed completely close
to you. I'm at the privilege of working with remarkable
(04:19):
women who turns struggling businesses into thriving enterprises, who face
seemingly impossible cash flow challenges and found creative solutions, who
build teams and cultures that transformed industries. But your impact
reaches far beyond balance sheets and profit margins. You mentor
the next generation, lifting as you climb. You create opportunities
(04:43):
where none existed before. You show us that leadership isn't
about power, It's about empowerment to the women still fighting
to be heard in boardroom, still proving your worth in
male dominated fields, still juggling impossible demands, We see you.
Her persistence inspires us, your courage changes us, and your
(05:05):
success lifts all of us. The future of business now,
the future of our world, depends on unleashing the full
potential of all women, not just some, not just a
privileged few, but every woman everywhere. Today we celebrate how
(05:26):
far you've come. Tomorrow you'll continue the work of creating
a world where every girl grows up knowing that her
dreams have no limits, her voice matters, and her potential
is boundless. Thank you for showing us what's possible when
talent meets opportunities, when determination meets support, and when women lead.
(05:47):
Here's to you to your victories, your struggles, your unwavering spirit,
a future of true equality and empowerment. Keep breaking barriers,
keep the firing expectation, keep leading the way. The world
needs your voice now more than ever, so getting into
(06:10):
today's topic. As business owners, we often feel like we're
facing our challenges all alone. The weight of every decision,
every risk, every investment falls squaling on our shoulders. But
what if I told you that the most successful entrepreneurs
aren't those who try to do everything themselves. They're the
ones who build powerful alliances. Look around any thriving business
(06:34):
ecosystem and you'll notice that success really happens in isolation.
The businesses that grow exponentially are those that forge strategic
connections with others who serve the same customers but from
different angles. Today, I want to challenge you to stop
thinking like a lone wolf entrepreneur and stop thinking like
(06:56):
a strategic alliance builder, because when you do, you unlock
growth potential. It simply isn't possible on your own. The
partnerships you formed today could become the million dollar relationships
that scale your business tomorrow. The question isn't whether you
can afford to pursue strategic partnerships, it's whether you can
(07:17):
afford not to. So today we're diving pretty deep into
one of the most overlooked, yet more powerful business growth
strategies available strategic partnerships and joint ventures. And let me
start with the question, what if you could access your
(07:38):
ideal customers through channels you don't currently own without spending
additional money on marketing or advertising. What if you can
leverage other businesses credibility their customer base their marketing resources
while they benefit from yours. That's exactly what strategic partnerships
(07:58):
at joint ventures allow you to do. Yet surprisingly, here
than twenty percent of small businesses are actively using the strategy.
Most owners are so focused on direct marketing you know,
social media, ads, direct mail, all types of networking and
so forth, that they completely overlook the power of strategic alliances.
(08:23):
And let me share an illustration of how powerful this
approach can be. So a home services contractor was spending
about eight grand a month on various marketing efforts. His
customer acquisition cost was about three hundred twenty dollars per
new customer. But when he implemented a strategic partnership program
with complementary businesses like real estate agents, interior designers, and
(08:46):
home stagers, his new customer flow increased by sixty two
percent without spending an additional pity on marketing, and his
effective customer acquisition costs up to under two hundred dollars
when you're combine all the strategic activities with the ads
that he was running. Today, we're going to break down
(09:09):
exactly how to implement this strategy in your business, regardless
of your industry, and we'll cover first how to identify
the perfect strategic partners which are businesses that serve the
same customers as you, but don't compete it directly. Second,
how to approach these potential partners with a value proposition
(09:29):
that makes saying yes the obvious choice. And third, how
does structure these partnerships for mutual benefit, ensuring their sustainability
and profitability for everyone involved. And the beauty of strategic
partnerships is they can work for virtually any type of business,
whether you're a retailer or a service provider or manufacturer
(09:51):
an online business. The principles we'll discuss today apply across
the board, and what's particularly exciting about the strategy is
that it's something your competitors are likely overlooking while they're
fighting over the same ad space and bidding up the
cost of Google keywords, for example. You'll be tapping into
(10:12):
established channels of trust and influence that deliver prequalified, high
quality prospects. So grab that pen and paper, because you're
going to learn how to double your revenue without doubling
your marketing budget through the power of strategic partnerships and
joint ventures. And remember, if you're driving you certainly don't
grab that Benet paper as you can listen to the
(10:34):
recording again at Powerful Business Strategies dot com. So let's
dive into the first critical component of successful strategic partnerships,
and that's identifying the right potential partners for your business.
The perfect strategic partner is a business that shares your
target customer, but offers products or services that complement rather
(10:58):
than compete with, your wards. And these businesses have already
done the hard work of building trust and credibility with
the exact people you want to reach. So let me
start by sharing the three types of strategic partnerships that
you can develop. One is the direct referral partnership. Now,
this is basically the simplest form where business owners or
(11:21):
business partners refer customers to each other. For example, a
financial advisor would refer clients to a say, a state
planning attorney, and vice versa. That's the first time direct
referral partnership simple form. Second is the co marketing partnership.
(11:43):
Here's where two or more businesses jointly market their combined
cut to their combined customer basis. So think of a
remodeling company and an appliance store creating a joint promotion.
And then the third is what I call the full
joint venture. This is the most involved partnership where businesses
(12:04):
create a new offering together, combining their expertise and resources.
For example, a business coach and a marketing agency creating
one product which would be a COMPREHENSI let's say a
comprehensive business growth program. So the type of partnership that
you choose depends on your specific business goals, resources, and
(12:28):
the nature of your relationship with the potential partners. But
regardless of the type of partnership, the identification process starts
the same way. So I want to share with you
a step by step system for identifying your ideal strategic partners.
We call this the partnership Matrix and it works for
businesses of all sizes and all industries. So step one
(12:53):
is list your ideal customers journey. So start up by
mapping all the businesses that your ideal customer interacts with before, during,
and after they do business with you. For example, if
you runt the wedding photography business, your clients likely work
this way, where the wedding planners, the engagement ring jewelers,
(13:18):
they're before you. The venues, the caterers, the dress shops,
the florists, they're around the same time as you. The
photoshops or photo frame shops, album makers, interior decorators are
after you. And each of these touch points represents a
potential strategic partner. So step two is analyze value alignment.
(13:43):
What that means is you have to evaluate which of
these businesses shares similar values and service standards as yours.
The best partnership the best partnerships form between businesses which
aligned to have aligned a pro is to customer service
and quality. So if you know, for instance, if you're
(14:05):
a high end service provider, you want to partner with
other premium businesses that share your commitment to excellence because
they're likely have custom more customers that are that you're targeting,
and then align with with what you're trying to achieve.
And step three is access reciprocal value. This is crucial.
The best partnerships offer reciprocal value. Ask yourself, what can
(14:28):
I offer this partner's customers that they can't What can
they offer my customers that I can't? How will this
partnership benefit both businesses? That is a critical These are
these are the three critical questions, and we'll get to
the We'll get to the more detail a little later.
But this is critical because a lot of partnerships fizzle,
(14:51):
and there's a reason why they fizzle, and we'll get
into that. I have a question from a listener, Michael.
Many business owners might worry that entering these partnerships means
giving away business or sharing their hotdened customers. How do
you address this concern? Well, first of all, that's an
(15:13):
excellent question, and from my vantage point, this feast stems
from what I call a scarcity mindset, the belief that
there's only so much business to go around, and in reality,
effective partnerships they operate on an abundance mindset. You're giving
away your customers. You're enhancing their experience by connecting them
(15:33):
with trusted resources that they need anyway. And if you
don't make these recommendations, they'll find these services elsewhere without
your guidance and without the opportunity for specifical referrals. Partnerships
actually strengthen your relationship with customers by increasing your value
to them as a trusted advisor. If you remember, one
(15:54):
of the components of a compelling offer is adding more
value to your product of Servicetrategic partnership, if done correctly,
can go a long way to adding more value to
your products or services. And step four is prioritize your
list after identifying potential partners, and prioritize them based on
(16:15):
the size of their customer base the frequency of customer interaction.
You know, if a customer, if one of your partners
that you're looking to partner with, has it communicated with
their existing base, you know for six months or a year,
that's not good. You know, you want to make sure
because they because they forgot about them, they're not going
(16:36):
to know who they even are potentially, and then alignment
with your brand values. Make sure that your partner has
alignment with your brand values and can bring high value
of referrals. So I recommend creating a simple scoring system
where you rate each potential partner on these factors from
one to five and then total the scores to identify
(16:58):
your top prospects. So let me share a real example
of how this works. So a landscaping company wanted to
increase that client base without additional marketing spend. I think
we all want to do using that partnership matrix and
they identified potential partners including real estate agents who know
when people move into new homes, homebuilders whose clients need
(17:21):
landscaping after construction, lawn maintenance companies who don't offer who
don't offer design services, pool installation companies whose clients offer
need surrounding landscape around the pools, and outdoor furniture retailers
whose clients care about outdoor living spaces. So, after prioritizing
this list, they focused on building relationships with local real
(17:44):
estate agents and homebuilders first, as they offered the highest
volume of qualified prospects, and within six months, these partnerships
with generating forty percent of their new business leads, all
without spending an additional penny on advertising. Now, let's talk
about approaching these potential partners effectively, because this is where
(18:05):
most business is. Most businesses go wrong and because they
lead with they what they want rather than the value
they provide. So here's a four step framework for making
a partnership proposal that gets attention and interest. Step one,
research before reaching out. So before contacting a potential partner,
(18:27):
research your business that business, their business thoroughly understand their offerings,
the customers, understand the customers the pain points that those
customers go through and the goals of that business and
that product. This allows you to customize your approach and
speak directly to their specific needs. Second, lead with value.
(18:50):
Always start your conversation by explaining what's in it for them.
How will this partnership help them grow their business? And
how will it better help them serve their customers? How
will it better help them solve a problem that they're facing.
Step three, be specific, don't make vague proposals. Present specific
(19:12):
ideas of how the partnership will work, complete with examples
of successful libitation in other contexts if possible. Step four
is to start small. Propose a simple pilot or test
of the partnership that involves minimal risk for both parties.
This allows you to prove the concept before asking for
(19:35):
a larger commitment. And remember, one of the beautiful things
about business, I say this all the time is you
can always test things, Always test things. You don't have
to go full blown into something. A physical therapist wanted
a partner with orthopedic surgeons, and instead of simply asking
for referrals, she created a comprehensive post surgery recovery guide
(19:58):
that co granted with the surgeon practice. This added value
for the surgeon's patients and position the therapist as part
of the medical team, and the surgeons were happy to
distribute this resource and referrals increased naturally as a result.
So now let's address the different types of strategic partnerships
in more detail, starting with the direct referral partnership. So,
(20:21):
the most successful referral partnerships include these key elements. This
is so important. Number one is a formal agreement, document
expectations on both parties, the work that both parties have
to do, document the referral process and any compensation structure
back and forth. Second is a tracking system implement This
(20:46):
is so critical. To implement a way to track referrals
in both directions, to assure balance and accountability, and to
make sure that the partnership is working and to keep
it working. And then training ensure that both teams understand
each other's services well enough to make appropriate referrals. And
then regular communication. Oh my god, this is critical. If
(21:09):
you don't communicate regularly, the partnership fizzles. Believe me, I'm
sure you've I'm sure you've seen this in your own,
your own journey. But you've got to schedule regular communication,
schedule monthly check ins to review results and address any
issues you know. I worked with a mortgage broker who
(21:31):
implemented this exact system with real estate agents. And instead
of the typical informal I'll send you clients if you
send me some arrangement that you know that always fizzles
out as I was saying, they created a structured program
with a dedicated referral coordinator, weekly updates on client status,
educational lunch and learn for agents, quarterly review meetings to
(21:53):
assess results, and this formalized process an approach resultant in
the two hundred percent increase in referrals within the first year.
And by the way, the golden nugget here is structure,
both sides doing the work and tracking the metrics. The
only way it works. Two questions from listeners, Michael, what's
(22:17):
the biggest mistake you see businesses make when trying to
establish strategic partnerships? Well, the biggest mistake, by far is
approaching partnerships with what's in it for me mentality rather
than what's in it for them. Approach successful partnerships always
stop by delivering value to your partner first. I've seen
countless businesses fail at establishing partnerships because they lead with
(22:40):
requests rather than offerings. Remember, the more focus, the more
you focus on solving your partners problems and helping them
achieve their goals, the more success your partnership will have.
And stop by giving more giving value before expecting to
receive it. The other thing, isership are not just meeting once,
(23:01):
shaking hands and you have a partnership. A partnership needs
that multiple meetings, multiple brains storming sessions, and time and
effort commitments from both parties. It's really really important. I
mentioned that a little earlier. That's critical, otherwise the partnership fizzles.
And there's another question from a listener for business owners
(23:25):
in highly competitive industries, how can we approach potential partners
who might already have relationships with their competitors. Well, that's
an important question. So when approaching partners who might have
existing relationships with competitors, you need to differentiate your partnership offer.
(23:47):
Don't just propose the same arrangement they likely have with others.
Instead identifying gaps in those existing relationships and offer something unique.
For example, if your competitor is fighting basic referrals you
might offer the co branded educational content, or joint workshops
(24:07):
or exclusive offers for their customers. The key is understanding
what would make a partner consider adding or switching to you.
Usually it's either solving a problem that their current relationship
doesn't address or offering a high level of service or
revenue opportunity. And my bet is that they're not tracking
(24:28):
metrics and they're not keeping in close communication with each other.
But that's just my bet. So anyway, before we continue
this discussion, we're going to take a ninety second break. Hey,
dear business owners, let me ask you something. Are you
tied of blending in with your competitors, frustrated with slow
growth and slim margins? Well, I've gotten news for you.
(24:49):
Everything you've ever learned about growing your business is wrong.
Don't worry. I'm here to let you in on a
secret weapon. Your position of market dominance. It's what sets
you apart, makes you irreplaceable, and has customers lining up
at your door. My name is Michael barber Rita from
Next Step CFO. I know what you're thinking. Sounds great, Michael,
(25:12):
How do I find my position of market dominance? Well,
that's exactly why We've created our game changing impleitation program
called Next Step to Market Dominance in just ninety days.
We'll guide you step by step to a position of
market dominance by uncovering your unique strengths that competitors can't touch.
By crafting a message that resonates deeply with your ideal customer,
(25:34):
by building a strategy that turns you into the go
to expert in your field. Now this is in theory.
These are battle tests and strategies that have helped businesses
like yours double triple and quadruple their revenue. Don't let
another quarter go by struggling to standout. It's time to
dominate your market.
Speaker 4 (25:52):
Period.
Speaker 3 (25:53):
Go to NEXTSTEPCFO dot net forward slash contact. Fill out
the form and in the message set put the word
dominate or call us at seven eight one three two
six three A two two. That's next STEPCFO dot net
forward slash Contact or call us at seven eight one
three two six three A two two. Welcome back, and
(26:17):
remember you can catch all the recordings of our show
at Powerful Business Strategies dot com. And now that we've
covered how to identify potential partners and make that initial approach,
let's dive into the second major area, structuring partnerships for
mutual benefit and maximum results. Now, the structure of your
partnership is critical to its success, because a poorly structured
(26:39):
partnership will just fizzle out, while a well structured one
can thrive for years, generating substantial revenue for both parties.
So let's start with these three essential elements every partnership
should include. Number one is clear expectations. Both parties must
understand exactly what they're expected to provide and what they'll
(27:01):
receive in return. Second is mutual accountability. Establish metrics and
regular reviews to ensure both sides of fulfilling their commitments
and making sure that the partnership is on track. Third
is value balance. The partnership must create roughly equal value
for each businesses for both businesses over time, though not
(27:23):
necessarily in the same way or on the same timeline. Now,
let's explore four proven partnership structures that you can implement
your business. So structure number one is the simple referral exchange.
This is the most basic structure where partners refer business
to each other without financial compensation. So the value exchange
(27:46):
is the referrals themselves and For this to work effectively,
you need a formal tracking system for referrals, not as
I meant said, formal tracking system. Second, regular balance assessments, Third,
clear understanding of what constitutes a qualified referral, and fourth
a process for making these introductions. So two professionals, a
(28:09):
business attorney and a CPA implemented the structure, and they
established a shared tracking spreadsheet and created standard email templates
for introductions to each other and met monthly to review
their referral referral balance within a year, both receiving thirty
percent of their new clients through this single partnership. The
(28:32):
second structure, it's called the revenue share model. In this structure,
partners pay each other a percentage of revenue generated PRIMP
clients refer and the key components here include clear definition
of what constitutes a referred client. That can get confusing,
so you've got to make sure that's clear, established commission rates,
(28:52):
transparent reporting system and payment schedule and methods. For example,
a web designer established a tempt revenue share with a
digital marketing agency, and when the designer referred clients who
needed ongoing marketing services, they received ten percent of the
first year's revenue. Similarly, when the agency referred clients needing
(29:13):
a web website design, they received ten percent of the
pop project fee. I got a question from the listener, Michael,
how do businesses determine the right revenue share percentage for
their partnerships. Is there some kind of standard number that
works across the industries? Well, not really, there's really no
(29:33):
one size fits all percentage. The right revenue share depends
on several factors. Number one of your gross profit budget,
also the lifetime value of a customer, and the cost
it otherwise incur to acquire that cosme through traditional marketing.
That should be incorporated in your thought process of what
type of revenue share they should be. But generally we
(29:57):
see ranges from five to twenty five percent of the
first year revenue. I recommend starting by calculating your customer
acquisition costs, because if you're spending three hundred bucks to
acquire a new customer through advertising, theoretically you could offer
partners up to that amount per referral and still come
out of hand. Not necessarily recommending that, but that gives
you a guide, and the key is ensuring the arrangements
(30:19):
remain profitable while providing sufficient incentive for your partner. Structure
three This is the co created offering. This is a
more advanced structure and involves part and is collaborating to
create a new product or service that neither could do alone.
This is really interesting. The essential elements include defined roles
(30:43):
and responsibilities, revenue distribution agreement, joint marketing commitments, and intellectual
property consideration. So a business coach and a software developer
created a business analysis tool together. The coach provided the
methodology and content while the developer built the platform. They
(31:05):
split revenue fifty to fifty and marketed to both their
customer basis. This partnership generated over three hundred grand in
the first year, and neither would have captured that revenue individually.
The fourth structure is what I call the embedded service model.
In this structure, one partner's service is embedded within the
(31:28):
others offering, creating a seamless customer experience. And those components
include service level agreements, white labeling possibilities, customer communication protocols,
and pricing and margin agreements. And here's an example. A
commercial cleaning company partnered with several property management firms to
(31:51):
become their in house cleaning service. The service was presented
as part of the property management offering filled by the
specialized cleaning company. This arrangement increased the cleaning company's client
base by forty five percent while allowing the property managers
to offer additional value without developing a new service line.
(32:16):
So now let's address some of the practical considerations for
implementing these partnerships. First is a legal framework. While many
partnerships started formally, documenting your agreement is critical for long
term success, and at a minimum, your agreement should come
with the scope of the partnership, the responsibilities of each party,
(32:39):
the financial arrangements, terms of termination conditions, and confidentiality provisions.
And you don't necessarily need an expensive, complex contract. A
simple memorandum of understanding can suffice for many of these partnerships.
Doesn't have to get crazy, and the important thing though,
is to have in writing to prevent any misunderstandings later on. Second,
(33:04):
the communications system establish regular check ins to maintained partnership momentum.
These might include weekly email updates, this is, monthly performance reviews,
some quarterly strategy sessions, and annual partnership evaluations. This is
critical for keeping the partnership communication going and I found
(33:26):
that partnerships that incorporate this regular communication are at least
three times more likely to succeed in the long term
than those who don't that simple. Third is a training
component for partnerships. To generate maximum results, each partner and
each partner's team needs to understand the other business well
(33:50):
enough to identify opportunities and make the appropriate referrals. So
effective cross training might include an exchange of service and
product information, job shadowing or observation, joint customer journey mapping,
and regular knowledge sharing sessions. And I recall a financial
(34:12):
advisor who created a partner resource center. It was a
password protected section of their website with videos explaining their
services along with client profiles and referral processes. And this
resource made it really easy for partners to understand exactly
which clients were ideal referrals, resulting in higher quality leads.
(34:38):
And fourth is the marketing support, providing partners with ready
to use marketing materials, significantly increasing referral activity. And so
consider creating a co branded brochure or some type of
website digital asset. Consider creating email templates for introductions, social
(35:00):
media content for sharing, and joint case studies or success stories.
A whole remodeling company contractor that we worked with created
professional before and after portfolio books for their real estate
agent partners and these books sat on the agent's desks
during client meetings, naturally prompting conversations about renovation possibilities and
(35:22):
generating a stream of referrals. So let's also address how
to measure partner partnership success because the metrics you track
should include the number of referrals received and given, conversion
rate of referred prospects, revenue generated from partnerships from the partnerships,
(35:42):
lifetime value of referred customers, and cost savings compared to
traditional marketing. And I recommend creating just a simple dashboard
to track these metrics monthly and then reviewing them quarterly
with your partner to identify any improvement opportunities. So a
couple of questions here from listeners, Michael, partnership sometimes starts
(36:09):
strong with fizzle over time. Absolutely, what strategies have you
found most effective from maintaining the partnership momentum long term? Well,
that's a wonderful question. Partnership enthusiasm naturally wanes without intentional nurturing,
so I recommend implementing what I call the triple R system,
which is results, recognition, and reinvention. First, regularly share results
(36:34):
concrete numbers showing the partnership's impact for both parties. Second,
provide recognition, Acknowledge your partner's contributions both privately and publicly
when appropriate. And finally, practice reinvention. Every six to twelve months,
brainstorm new ways to expand or enhance the partnership that
(36:56):
keep things fresh and exciting. And additionally, it builds the
personal relationship beyond business and helps tremendously. Some of the
most successful partnerships include quarterly dinners where business discussion is
intentionally minimized in favor of building a relationship. So here's
another question from a listener, What about when a partnership
(37:19):
isn't working is expected? How should business owners approach that
difficult conversation? Well, that's a situation every business owner will face.
Trust me, Not every partnership works out. So I recommend
addressing partnership challenges to what I call a reset reset conversation. First,
schedule a dedicated meeting, don't try to address issues in passing. Second,
(37:45):
begin with appreciation for what has worked in the partnership
because there's usually something that works. And third, use specific
data rather than generalizations to discuss what isn't working. That's
why we track things and finally, proposed solutions. That's something
I've meant forgotten. Proposed solutions rather than just highlighting problems.
(38:08):
For example, instead of saying we're not getting enough referrals,
say we've received three referrals in the past quarter versus
our goal of ten. So you know, we could we could?
We could we discuss that what might be preventing more
referrals and how we might address those barriers. So if
(38:29):
free set attempts don't work, have a clear excess strategy
that allows both parties to maintain dignity and potentially work
together in the future. So before I continue to this discussion,
we're going to take a ninety second break. Hey, their
business owners, let me ask you something. Are you tied
of blending in with your competitors? Frustrated with slow growth
(38:52):
and slim margins?
Speaker 4 (38:54):
Well, I've gotten news for you.
Speaker 3 (38:56):
Everything you've ever learned about growing your business is wrong.
Speaker 4 (39:00):
Don't worry.
Speaker 3 (39:01):
I'm here to let you in on a secret weapon.
Your position of market dominance. It's what sets you apart,
makes you irreplaceable and has customers lining up at your door.
Speaker 4 (39:12):
My name is.
Speaker 3 (39:13):
Michael Barbarrita from Next Step CFO. I know what you're thinking.
Sounds great, Michael. How do I find my position of
market dominance? Well, that's exactly why we've created our game
changing impleitation program called Next Step to Market Dominance. In
just ninety days, we'll guide you step by step to
a position of market dominance by uncovering your unique strengths
(39:35):
that competitors can't touch. By crafting a message that resonates
deeply with your ideal customer, by building a strategy that
turns you into the go.
Speaker 4 (39:43):
To expert in your field.
Speaker 3 (39:45):
Now this is in theory. These are battle tests strategies
that have helped businesses like yours double, triple, and quadruple
their revenue. Don't let another quarter go by struggling to standout.
It's time to dominate your market period. Go to NEXTSTEPCFO
dot net forward slash contact. Fill out the form and
(40:05):
in the message section put the word dominate or call
us at seven eight one three two six three A
two two. That's next STEPCFO dot net forward slash contact
or call us at seven eight one three two six
three A two two. Welcome back to powerful business strategies.
So now that we've covered identifying partners and structuring partnerships,
(40:29):
let's focus on the third critical component, that's implementing successful
joint ventures that create substantial new revenue trades. Joint ventures
take partnerships to the next level by creating new offerings, events,
or marketing initiatives that neither business could or would create
on their own, and they represent one of the most
(40:51):
powerful forms of business collaboration when done correctly. So let
me start by clarifying the difference between a simple partnership
and a true joint venture. So a partnership typically involves
sharing existing resources or customers, while a joint venture involves
creating something new together. Joint ventures can create extraordinary results
(41:11):
because they combine the strengths, the audiences, and resources of
multiple businesses towards a common goal. And let's explore the
four most effective types of joint ventures for small and
medium sized businesses. So Type one is the joint educational event.
This involves two more businesses collaborating to create workshops, to
(41:33):
create seminars or even webinars that provide value to their
combined audience. For example, a mortgage broken a real estate
attorney could host a first time home buyer workshop, with
each presenting on their area of expertise, and both would
benefit from the shared marketing costs. They would benefit access
to each other's audience and enhance credibility through association and
(41:56):
natural opportunity to showcase expertise. I worked with a financial
advisor partnered with an a state attorney and insurance specialists
to create a retirement planning seminar series. So by combining
their expertise and marketing efforts, they attracted three or four
times more attendees then their solo events had previously drawn.
More importantly, their conversion rates nearly doubled because prospects saw
(42:21):
saw them as a comprehensive solution rather than just isolated
service providers. Type two is the co created product or service,
and this involves partners combining their expertise to create an
offering that neither could provide a loan and the key
elements for this for success for this type of a
partnership is clear definition of what each party contributes, detailed
(42:45):
revenue sharing agreements, joint marketing commitments, and defining customer service responsibilities.
And here's a question from a listener, these arrangements do
involve more complete the key to managing the risk. I'm
sorry the question is, Michael. Co created products seem to
(43:07):
involve a lot more complexity and risk than simple partnerships.
How can business owners mitigate that risk while still pursuing
other opportunities. Well, one way is to start with a
very small pilot or test version of your created offering
once again testing. I'll say this over and over again, So,
(43:28):
for example, before developing a full fledged program together, test
the concept with a single workshop or a limited release
to a small customer segment. And this allows you to
validate the concept, to work out all the kinks because
there'll be some, and build trust before making larger investments.
And I also recommend creating clear exit provisions in your agreement,
(43:50):
conditions under which either party can withdraw and how intellectual
property and customer relationships could be handled in that scenario.
So a great example of a successful co created offering
comes from a business coach and a software developer who
collaborated to create business analysis and planning tools, and the
coach provided the methodology and content, while the developer built
(44:13):
the platform, and they started with a basic version that
offered about just twenty clients, refined based on feedback, and
then expanded to a full market release. And neither could
have created this product alone and I mentioned this example
a little earlier in less detail, but together they built
a revenue stream that added over three hundred grand in
(44:33):
each of their businesses in the first year. And the
third type is the joint marketing campaign. This involves multiple
businesses pooling their marketing resources to create a campaign which
with greater reach and impact than they could achieve individually,
and successful joint venture campaigns include aligned timing and messaging,
(44:55):
shared cost and resources, a clip called to action for
each business, and coordinated follow up process. I call a
group of complementary local businesses a high end restaurant, a
luxury spa, and a boutique hotel who created a local
luxury weekend package, and by marketing together, they reduced their
(45:17):
individual marketing costs by sixty percent, They reached audiences they
couldn't access individually, and they created a compelling offer that
none could provide a loan. This created a premium position
in their market and really worked extremely well. Type four
was the bundles of offering. This involves packaging complementary products
(45:39):
or services from multiple businesses into a single, more valuable offering,
and the keys to successful bundling include compatible service product
quality levels also include coordinated delivery or fulfillment to investigate,
and unified customer experience with clear financial arrangements. In this
(46:01):
particular case, and winning photographer and a videographer created a
bundled package that included both services at prices that were
slightly lower than booking them separately, and this arrangement increased
their average transaction value. It reduced their individual marketing costs,
like all these partnerships do. It also simplified decision process
(46:24):
for clients and created a competitive advantage over solo providers.
So let's take a look. You know, I'm getting two
more questions that I certainly want to address. One is
with joint ventures requiring significant coordination between separate businesses, what
systems have you found most effective for managing these complex relationships?
(46:48):
But the most successful joint ventures implement what I call
unified operations systems, and this typically includes three critical components. First,
a shared project management platform tools like asanatrellooor Monday Dot
com where all parties can track progress, responsibilities, and deadlines.
(47:12):
And second, regular structured meetings with clear agendas, typically weekly
meetings during development and launch phases than a bi week
weekly meeting or monthly meeting for ongoing operations. And third,
a designated venture manager from each organization who serves as
the primary point of contact and is empowered to make
(47:33):
day to day decisions without constant committee approvals. So this
combination of technology, communication, rhythm, and clear authority prevents the
coordination challenges that often derail these types of joint ventures.
So second question is for business owners concerned about potential
competitive issues or intellectual property protection, what safeguards do you
(47:59):
recommend when entering joint ventures? So, well, that's a critical consideration.
I recommend a three pot protection strategy. First, start with
a mutual nondisclosure agreement before detailed discussions begin. Second, include
specific intellectual property clauses in your joint venture agreement that
clearly delineate the ip that each party brings to the venture,
(48:25):
what's created together and who owns what if the venture
does end. And then, finally, most importantly, be strategic about
what you share. You can create value joint ventures without
revealing your core proprietary systems or client information. And also
consider the concentric circles approach. Start with the modest collaboration
and outer areas of your business, and then gradually move
(48:48):
toward more central aspects as trust develops. Remember, the goal
isn't to eliminate all risk, but to manage it appropriately
against the potential rewards. We got a ninety second break.
Be right back. Hey there, business owners, let me ask
you something. Are you tied of blending in with your competitors?
(49:08):
Frustrated with slow growth and slim margins?
Speaker 4 (49:11):
Well, I've got news for you.
Speaker 3 (49:13):
Everything you've ever learned about growing your business is wrong.
Speaker 4 (49:18):
Don't worry. I'm here to let you in on.
Speaker 3 (49:20):
A secret weapon, your position of market dominance. It's what
sets you apart, makes you irreplaceable, and has customers lining
up at your door. My name is Michael Barberrita from
Next Step CFO. I know what you're thinking. Sounds great, Michael.
How do I find my position of market dominance? Well,
that's exactly why we've created our game changing implementation program
(49:43):
called Next Step to Market Dominance. In just ninety days,
we'll guide you step by step to a position of
market dominance by uncovering your unique strengths that competitors can't touch.
By crafting a message that resonates deeply with your ideal customer,
by building a strategy that turns you into the go
to expert in your field. Now this is in theory.
(50:04):
These are battle tests and strategies that have helped businesses
like you as double, triple, and quadruple their revenue. Don't
let another quarter go by struggling to standout. It's time
to dominate your market period. Go to NEXTSTEPCFO dot net,
forward slash contact. Fill out the form and in the
message section put the word dominate or call us at
(50:27):
seven eight one three two six three A two two.
That's next STEPCFO dot net, forward slash Contact or call
us at seven eight one three two six three A
two two. Welcome back to powerful business strategies. And as
I leave you for today's show, I encourage you to
take three specific actions. But one is identify your top
(50:48):
five potential strategic partners using the Partnership matrix. We discussed,
develop a specific value proposition for your number one prospect
and schedule conversation with that prospect in the next two weeks.
Remember in business, who you know and who you partner
with can be just as important as what you know
(51:09):
and what you offer. Strategic partnerships just a nice to
have business strategy. They're a sential approach for maximizing growth
while minimizing marketing costs. To get a copy of your
of the book Powerful Business Strategy, simply go to our
website NEXTSTEPCFO dot net. It's totally complementary and until next
(51:30):
Monday at noon Eastern time for Chicky Obio. My name
is Michael Barberita, and remember, don't keep doing what your
competition is doing.
Speaker 2 (51:41):
You have been listening to powerful business strategies finding out
that everything you ever learned about growing your business is wrong.
Tune in next week and every week at noon Eastern
time on W four CY Radio with your host Michael
Barbarita of Next Step CFO and moderator Jugio Yup
The topics and opinions expressed in the following show are
solely those of the hosts and their guests and not
those of W FOURCY Radio. It's employees are affiliates. We
make no recommendations or endorsements for radio show programs, services,
or products mentioned on air or on our web. No
liability explicit or implies shall be extended to W four
CY Radio or it's employees are affiliates. Any questions or
comments should be directed to those show hosts. Thank you
(00:20):
for choosing W FOURCY Radio.
Speaker 2 (00:27):
Welcome to Powerful Business Strategies, where you will find out
that everything you have ever learned about growing your business
is wrong. Finally, a show where you'll learn the right
way to grow your business by learning business and financial
strategies that your competition isn't doing. And now here is
your host resident of NeXTSTEP CFO Michael Barbarita, and joining
(00:52):
Michael for today's show as an executive moderator is Chooky Obia.
Speaker 3 (01:01):
Welcome to Powerful Business Strategies. And by the way, the
reason why you don't hear the more energized voice of
Chucky Obo welcoming you all to the show is because
Chokey Chucky's wife and Chuck recently welcomed their first baby
to the world, Chelsea adeis O bio to the world.
So congratulations to Chukey and his wife and Chuki will
be on leave for a few more weeks so in
(01:23):
the meantime, my name is Michael baber Rita from Next
Step CFO and Next Step CFO is a fractional CFO
and strategic implementation firm. Business owners hire us to double
and triple their profit using business and financial strategies that
their competition isn't doing. Our vision is to ensure overwhelmed
business owners achieve the time, freedom, and consistent profits to
(01:44):
build a legacy and the life the desire. Our mission
is dedicated to guiding small business owners to leveraging their time,
exploding their profits, and building a meaningful legacy. This show
powerful business strategies in our book of the same name
is a step toward accomplishing that vision and mission. Chucky
and I are affiliated and both affiliated with a number
(02:06):
of different organizations and Chocky currently serves as the managing
director of business development for Better Price, a global business
focused law firm, and in addition to that, Checky and
I collaborate to moderate business roundtables around the country and
around the world and document those insights as part of
our book Powerful Business Strategies. But please note that the
(02:27):
views expressed on this show are personal views based on
our own successful experiences. So here's something I like to
share that I've announced before that if you have a
business problem or a business question that you'd like us
to answer, or even a strategy that you might have
on us to talk about or ask about, please email
(02:49):
us at ask at NEXTSTEPCFO dot net. That's ask at
NEXTSTEPCFO dot net. Doesn't matter what the business problem is,
the question what doesn't matter, the strategy, whatever it is,
we'll answer it for you. And there's a couple of
things that we do ask however. One is that to
state whether or not it's something we can put on
the ear, because if it's confidential, of course we won't
(03:12):
put it on the air. And number two, please provide
your phone number because business problems can be complex and
we might need more context or clarity. That email address,
again is ask at NEXTSTEPCFO dot net. And I want
to point out that we have had a few questions
but they requested confidentiality, which we will always honor. So
(03:36):
my inspirational minute today is in honor of last Saturday,
which was International Women's Day, and I'd like to say
to all the women who shape our world, we celebrate
you not just as business leaders, entrepreneurs, and professionals, but
as the architects of change and progress in our communities.
You are the small business owners working late into the night,
(03:58):
balancing spreadsheets while your children leap. You are the startup
founders pitching your dreams to rooms of skeptics while you're
armed with nothing but determination and brilliant ideas. You're the
professionals breaking barriers and industries that once seemed completely close
to you. I'm at the privilege of working with remarkable
(04:19):
women who turns struggling businesses into thriving enterprises, who face
seemingly impossible cash flow challenges and found creative solutions, who
build teams and cultures that transformed industries. But your impact
reaches far beyond balance sheets and profit margins. You mentor
the next generation, lifting as you climb. You create opportunities
(04:43):
where none existed before. You show us that leadership isn't
about power, It's about empowerment to the women still fighting
to be heard in boardroom, still proving your worth in
male dominated fields, still juggling impossible demands, We see you.
Her persistence inspires us, your courage changes us, and your
(05:05):
success lifts all of us. The future of business now,
the future of our world, depends on unleashing the full
potential of all women, not just some, not just a
privileged few, but every woman everywhere. Today we celebrate how
(05:26):
far you've come. Tomorrow you'll continue the work of creating
a world where every girl grows up knowing that her
dreams have no limits, her voice matters, and her potential
is boundless. Thank you for showing us what's possible when
talent meets opportunities, when determination meets support, and when women lead.
(05:47):
Here's to you to your victories, your struggles, your unwavering spirit,
a future of true equality and empowerment. Keep breaking barriers,
keep the firing expectation, keep leading the way. The world
needs your voice now more than ever, so getting into
(06:10):
today's topic. As business owners, we often feel like we're
facing our challenges all alone. The weight of every decision,
every risk, every investment falls squaling on our shoulders. But
what if I told you that the most successful entrepreneurs
aren't those who try to do everything themselves. They're the
ones who build powerful alliances. Look around any thriving business
(06:34):
ecosystem and you'll notice that success really happens in isolation.
The businesses that grow exponentially are those that forge strategic
connections with others who serve the same customers but from
different angles. Today, I want to challenge you to stop
thinking like a lone wolf entrepreneur and stop thinking like
(06:56):
a strategic alliance builder, because when you do, you unlock
growth potential. It simply isn't possible on your own. The
partnerships you formed today could become the million dollar relationships
that scale your business tomorrow. The question isn't whether you
can afford to pursue strategic partnerships, it's whether you can
(07:17):
afford not to. So today we're diving pretty deep into
one of the most overlooked, yet more powerful business growth
strategies available strategic partnerships and joint ventures. And let me
start with the question, what if you could access your
(07:38):
ideal customers through channels you don't currently own without spending
additional money on marketing or advertising. What if you can
leverage other businesses credibility their customer base their marketing resources
while they benefit from yours. That's exactly what strategic partnerships
(07:58):
at joint ventures allow you to do. Yet surprisingly, here
than twenty percent of small businesses are actively using the strategy.
Most owners are so focused on direct marketing you know,
social media, ads, direct mail, all types of networking and
so forth, that they completely overlook the power of strategic alliances.
(08:23):
And let me share an illustration of how powerful this
approach can be. So a home services contractor was spending
about eight grand a month on various marketing efforts. His
customer acquisition cost was about three hundred twenty dollars per
new customer. But when he implemented a strategic partnership program
with complementary businesses like real estate agents, interior designers, and
(08:46):
home stagers, his new customer flow increased by sixty two
percent without spending an additional pity on marketing, and his
effective customer acquisition costs up to under two hundred dollars
when you're combine all the strategic activities with the ads
that he was running. Today, we're going to break down
(09:09):
exactly how to implement this strategy in your business, regardless
of your industry, and we'll cover first how to identify
the perfect strategic partners which are businesses that serve the
same customers as you, but don't compete it directly. Second,
how to approach these potential partners with a value proposition
(09:29):
that makes saying yes the obvious choice. And third, how
does structure these partnerships for mutual benefit, ensuring their sustainability
and profitability for everyone involved. And the beauty of strategic
partnerships is they can work for virtually any type of business,
whether you're a retailer or a service provider or manufacturer
(09:51):
an online business. The principles we'll discuss today apply across
the board, and what's particularly exciting about the strategy is
that it's something your competitors are likely overlooking while they're
fighting over the same ad space and bidding up the
cost of Google keywords, for example. You'll be tapping into
(10:12):
established channels of trust and influence that deliver prequalified, high
quality prospects. So grab that pen and paper, because you're
going to learn how to double your revenue without doubling
your marketing budget through the power of strategic partnerships and
joint ventures. And remember, if you're driving you certainly don't
grab that Benet paper as you can listen to the
(10:34):
recording again at Powerful Business Strategies dot com. So let's
dive into the first critical component of successful strategic partnerships,
and that's identifying the right potential partners for your business.
The perfect strategic partner is a business that shares your
target customer, but offers products or services that complement rather
(10:58):
than compete with, your wards. And these businesses have already
done the hard work of building trust and credibility with
the exact people you want to reach. So let me
start by sharing the three types of strategic partnerships that
you can develop. One is the direct referral partnership. Now,
this is basically the simplest form where business owners or
(11:21):
business partners refer customers to each other. For example, a
financial advisor would refer clients to a say, a state
planning attorney, and vice versa. That's the first time direct
referral partnership simple form. Second is the co marketing partnership.
(11:43):
Here's where two or more businesses jointly market their combined
cut to their combined customer basis. So think of a
remodeling company and an appliance store creating a joint promotion.
And then the third is what I call the full
joint venture. This is the most involved partnership where businesses
(12:04):
create a new offering together, combining their expertise and resources.
For example, a business coach and a marketing agency creating
one product which would be a COMPREHENSI let's say a
comprehensive business growth program. So the type of partnership that
you choose depends on your specific business goals, resources, and
(12:28):
the nature of your relationship with the potential partners. But
regardless of the type of partnership, the identification process starts
the same way. So I want to share with you
a step by step system for identifying your ideal strategic partners.
We call this the partnership Matrix and it works for
businesses of all sizes and all industries. So step one
(12:53):
is list your ideal customers journey. So start up by
mapping all the businesses that your ideal customer interacts with before, during,
and after they do business with you. For example, if
you runt the wedding photography business, your clients likely work
this way, where the wedding planners, the engagement ring jewelers,
(13:18):
they're before you. The venues, the caterers, the dress shops,
the florists, they're around the same time as you. The
photoshops or photo frame shops, album makers, interior decorators are
after you. And each of these touch points represents a
potential strategic partner. So step two is analyze value alignment.
(13:43):
What that means is you have to evaluate which of
these businesses shares similar values and service standards as yours.
The best partnership the best partnerships form between businesses which
aligned to have aligned a pro is to customer service
and quality. So if you know, for instance, if you're
(14:05):
a high end service provider, you want to partner with
other premium businesses that share your commitment to excellence because
they're likely have custom more customers that are that you're targeting,
and then align with with what you're trying to achieve.
And step three is access reciprocal value. This is crucial.
The best partnerships offer reciprocal value. Ask yourself, what can
(14:28):
I offer this partner's customers that they can't What can
they offer my customers that I can't? How will this
partnership benefit both businesses? That is a critical These are
these are the three critical questions, and we'll get to
the We'll get to the more detail a little later.
But this is critical because a lot of partnerships fizzle,
(14:51):
and there's a reason why they fizzle, and we'll get
into that. I have a question from a listener, Michael.
Many business owners might worry that entering these partnerships means
giving away business or sharing their hotdened customers. How do
you address this concern? Well, first of all, that's an
(15:13):
excellent question, and from my vantage point, this feast stems
from what I call a scarcity mindset, the belief that
there's only so much business to go around, and in reality,
effective partnerships they operate on an abundance mindset. You're giving
away your customers. You're enhancing their experience by connecting them
(15:33):
with trusted resources that they need anyway. And if you
don't make these recommendations, they'll find these services elsewhere without
your guidance and without the opportunity for specifical referrals. Partnerships
actually strengthen your relationship with customers by increasing your value
to them as a trusted advisor. If you remember, one
(15:54):
of the components of a compelling offer is adding more
value to your product of Servicetrategic partnership, if done correctly,
can go a long way to adding more value to
your products or services. And step four is prioritize your
list after identifying potential partners, and prioritize them based on
(16:15):
the size of their customer base the frequency of customer interaction.
You know, if a customer, if one of your partners
that you're looking to partner with, has it communicated with
their existing base, you know for six months or a year,
that's not good. You know, you want to make sure
because they because they forgot about them, they're not going
(16:36):
to know who they even are potentially, and then alignment
with your brand values. Make sure that your partner has
alignment with your brand values and can bring high value
of referrals. So I recommend creating a simple scoring system
where you rate each potential partner on these factors from
one to five and then total the scores to identify
(16:58):
your top prospects. So let me share a real example
of how this works. So a landscaping company wanted to
increase that client base without additional marketing spend. I think
we all want to do using that partnership matrix and
they identified potential partners including real estate agents who know
when people move into new homes, homebuilders whose clients need
(17:21):
landscaping after construction, lawn maintenance companies who don't offer who
don't offer design services, pool installation companies whose clients offer
need surrounding landscape around the pools, and outdoor furniture retailers
whose clients care about outdoor living spaces. So, after prioritizing
this list, they focused on building relationships with local real
(17:44):
estate agents and homebuilders first, as they offered the highest
volume of qualified prospects, and within six months, these partnerships
with generating forty percent of their new business leads, all
without spending an additional penny on advertising. Now, let's talk
about approaching these potential partners effectively, because this is where
(18:05):
most business is. Most businesses go wrong and because they
lead with they what they want rather than the value
they provide. So here's a four step framework for making
a partnership proposal that gets attention and interest. Step one,
research before reaching out. So before contacting a potential partner,
(18:27):
research your business that business, their business thoroughly understand their offerings,
the customers, understand the customers the pain points that those
customers go through and the goals of that business and
that product. This allows you to customize your approach and
speak directly to their specific needs. Second, lead with value.
(18:50):
Always start your conversation by explaining what's in it for them.
How will this partnership help them grow their business? And
how will it better help them serve their customers? How
will it better help them solve a problem that they're facing.
Step three, be specific, don't make vague proposals. Present specific
(19:12):
ideas of how the partnership will work, complete with examples
of successful libitation in other contexts if possible. Step four
is to start small. Propose a simple pilot or test
of the partnership that involves minimal risk for both parties.
This allows you to prove the concept before asking for
(19:35):
a larger commitment. And remember, one of the beautiful things
about business, I say this all the time is you
can always test things, Always test things. You don't have
to go full blown into something. A physical therapist wanted
a partner with orthopedic surgeons, and instead of simply asking
for referrals, she created a comprehensive post surgery recovery guide
(19:58):
that co granted with the surgeon practice. This added value
for the surgeon's patients and position the therapist as part
of the medical team, and the surgeons were happy to
distribute this resource and referrals increased naturally as a result.
So now let's address the different types of strategic partnerships
in more detail, starting with the direct referral partnership. So,
(20:21):
the most successful referral partnerships include these key elements. This
is so important. Number one is a formal agreement, document
expectations on both parties, the work that both parties have
to do, document the referral process and any compensation structure
back and forth. Second is a tracking system implement This
(20:46):
is so critical. To implement a way to track referrals
in both directions, to assure balance and accountability, and to
make sure that the partnership is working and to keep
it working. And then training ensure that both teams understand
each other's services well enough to make appropriate referrals. And
then regular communication. Oh my god, this is critical. If
(21:09):
you don't communicate regularly, the partnership fizzles. Believe me, I'm
sure you've I'm sure you've seen this in your own,
your own journey. But you've got to schedule regular communication,
schedule monthly check ins to review results and address any
issues you know. I worked with a mortgage broker who
(21:31):
implemented this exact system with real estate agents. And instead
of the typical informal I'll send you clients if you
send me some arrangement that you know that always fizzles
out as I was saying, they created a structured program
with a dedicated referral coordinator, weekly updates on client status,
educational lunch and learn for agents, quarterly review meetings to
(21:53):
assess results, and this formalized process an approach resultant in
the two hundred percent increase in referrals within the first year.
And by the way, the golden nugget here is structure,
both sides doing the work and tracking the metrics. The
only way it works. Two questions from listeners, Michael, what's
(22:17):
the biggest mistake you see businesses make when trying to
establish strategic partnerships? Well, the biggest mistake, by far is
approaching partnerships with what's in it for me mentality rather
than what's in it for them. Approach successful partnerships always
stop by delivering value to your partner first. I've seen
countless businesses fail at establishing partnerships because they lead with
(22:40):
requests rather than offerings. Remember, the more focus, the more
you focus on solving your partners problems and helping them
achieve their goals, the more success your partnership will have.
And stop by giving more giving value before expecting to
receive it. The other thing, isership are not just meeting once,
(23:01):
shaking hands and you have a partnership. A partnership needs
that multiple meetings, multiple brains storming sessions, and time and
effort commitments from both parties. It's really really important. I
mentioned that a little earlier. That's critical, otherwise the partnership fizzles.
And there's another question from a listener for business owners
(23:25):
in highly competitive industries, how can we approach potential partners
who might already have relationships with their competitors. Well, that's
an important question. So when approaching partners who might have
existing relationships with competitors, you need to differentiate your partnership offer.
(23:47):
Don't just propose the same arrangement they likely have with others.
Instead identifying gaps in those existing relationships and offer something unique.
For example, if your competitor is fighting basic referrals you
might offer the co branded educational content, or joint workshops
(24:07):
or exclusive offers for their customers. The key is understanding
what would make a partner consider adding or switching to you.
Usually it's either solving a problem that their current relationship
doesn't address or offering a high level of service or
revenue opportunity. And my bet is that they're not tracking
(24:28):
metrics and they're not keeping in close communication with each other.
But that's just my bet. So anyway, before we continue
this discussion, we're going to take a ninety second break. Hey,
dear business owners, let me ask you something. Are you
tied of blending in with your competitors, frustrated with slow
growth and slim margins? Well, I've gotten news for you.
(24:49):
Everything you've ever learned about growing your business is wrong.
Don't worry. I'm here to let you in on a
secret weapon. Your position of market dominance. It's what sets
you apart, makes you irreplaceable, and has customers lining up
at your door. My name is Michael barber Rita from
Next Step CFO. I know what you're thinking. Sounds great, Michael,
(25:12):
How do I find my position of market dominance? Well,
that's exactly why We've created our game changing impleitation program
called Next Step to Market Dominance in just ninety days.
We'll guide you step by step to a position of
market dominance by uncovering your unique strengths that competitors can't touch.
By crafting a message that resonates deeply with your ideal customer,
(25:34):
by building a strategy that turns you into the go
to expert in your field. Now this is in theory.
These are battle tests and strategies that have helped businesses
like yours double triple and quadruple their revenue. Don't let
another quarter go by struggling to standout. It's time to
dominate your market.
Speaker 4 (25:52):
Period.
Speaker 3 (25:53):
Go to NEXTSTEPCFO dot net forward slash contact. Fill out
the form and in the message set put the word
dominate or call us at seven eight one three two
six three A two two. That's next STEPCFO dot net
forward slash Contact or call us at seven eight one
three two six three A two two. Welcome back, and
(26:17):
remember you can catch all the recordings of our show
at Powerful Business Strategies dot com. And now that we've
covered how to identify potential partners and make that initial approach,
let's dive into the second major area, structuring partnerships for
mutual benefit and maximum results. Now, the structure of your
partnership is critical to its success, because a poorly structured
(26:39):
partnership will just fizzle out, while a well structured one
can thrive for years, generating substantial revenue for both parties.
So let's start with these three essential elements every partnership
should include. Number one is clear expectations. Both parties must
understand exactly what they're expected to provide and what they'll
(27:01):
receive in return. Second is mutual accountability. Establish metrics and
regular reviews to ensure both sides of fulfilling their commitments
and making sure that the partnership is on track. Third
is value balance. The partnership must create roughly equal value
for each businesses for both businesses over time, though not
(27:23):
necessarily in the same way or on the same timeline. Now,
let's explore four proven partnership structures that you can implement
your business. So structure number one is the simple referral exchange.
This is the most basic structure where partners refer business
to each other without financial compensation. So the value exchange
(27:46):
is the referrals themselves and For this to work effectively,
you need a formal tracking system for referrals, not as
I meant said, formal tracking system. Second, regular balance assessments, Third,
clear understanding of what constitutes a qualified referral, and fourth
a process for making these introductions. So two professionals, a
(28:09):
business attorney and a CPA implemented the structure, and they
established a shared tracking spreadsheet and created standard email templates
for introductions to each other and met monthly to review
their referral referral balance within a year, both receiving thirty
percent of their new clients through this single partnership. The
(28:32):
second structure, it's called the revenue share model. In this structure,
partners pay each other a percentage of revenue generated PRIMP
clients refer and the key components here include clear definition
of what constitutes a referred client. That can get confusing,
so you've got to make sure that's clear, established commission rates,
(28:52):
transparent reporting system and payment schedule and methods. For example,
a web designer established a tempt revenue share with a
digital marketing agency, and when the designer referred clients who
needed ongoing marketing services, they received ten percent of the
first year's revenue. Similarly, when the agency referred clients needing
(29:13):
a web website design, they received ten percent of the
pop project fee. I got a question from the listener, Michael,
how do businesses determine the right revenue share percentage for
their partnerships. Is there some kind of standard number that
works across the industries? Well, not really, there's really no
(29:33):
one size fits all percentage. The right revenue share depends
on several factors. Number one of your gross profit budget,
also the lifetime value of a customer, and the cost
it otherwise incur to acquire that cosme through traditional marketing.
That should be incorporated in your thought process of what
type of revenue share they should be. But generally we
(29:57):
see ranges from five to twenty five percent of the
first year revenue. I recommend starting by calculating your customer
acquisition costs, because if you're spending three hundred bucks to
acquire a new customer through advertising, theoretically you could offer
partners up to that amount per referral and still come
out of hand. Not necessarily recommending that, but that gives
you a guide, and the key is ensuring the arrangements
(30:19):
remain profitable while providing sufficient incentive for your partner. Structure
three This is the co created offering. This is a
more advanced structure and involves part and is collaborating to
create a new product or service that neither could do alone.
This is really interesting. The essential elements include defined roles
(30:43):
and responsibilities, revenue distribution agreement, joint marketing commitments, and intellectual
property consideration. So a business coach and a software developer
created a business analysis tool together. The coach provided the
methodology and content while the developer built the platform. They
(31:05):
split revenue fifty to fifty and marketed to both their
customer basis. This partnership generated over three hundred grand in
the first year, and neither would have captured that revenue individually.
The fourth structure is what I call the embedded service model.
In this structure, one partner's service is embedded within the
(31:28):
others offering, creating a seamless customer experience. And those components
include service level agreements, white labeling possibilities, customer communication protocols,
and pricing and margin agreements. And here's an example. A
commercial cleaning company partnered with several property management firms to
(31:51):
become their in house cleaning service. The service was presented
as part of the property management offering filled by the
specialized cleaning company. This arrangement increased the cleaning company's client
base by forty five percent while allowing the property managers
to offer additional value without developing a new service line.
(32:16):
So now let's address some of the practical considerations for
implementing these partnerships. First is a legal framework. While many
partnerships started formally, documenting your agreement is critical for long
term success, and at a minimum, your agreement should come
with the scope of the partnership, the responsibilities of each party,
(32:39):
the financial arrangements, terms of termination conditions, and confidentiality provisions.
And you don't necessarily need an expensive, complex contract. A
simple memorandum of understanding can suffice for many of these partnerships.
Doesn't have to get crazy, and the important thing though,
is to have in writing to prevent any misunderstandings later on. Second,
(33:04):
the communications system establish regular check ins to maintained partnership momentum.
These might include weekly email updates, this is, monthly performance reviews,
some quarterly strategy sessions, and annual partnership evaluations. This is
critical for keeping the partnership communication going and I found
(33:26):
that partnerships that incorporate this regular communication are at least
three times more likely to succeed in the long term
than those who don't that simple. Third is a training
component for partnerships. To generate maximum results, each partner and
each partner's team needs to understand the other business well
(33:50):
enough to identify opportunities and make the appropriate referrals. So
effective cross training might include an exchange of service and
product information, job shadowing or observation, joint customer journey mapping,
and regular knowledge sharing sessions. And I recall a financial
(34:12):
advisor who created a partner resource center. It was a
password protected section of their website with videos explaining their
services along with client profiles and referral processes. And this
resource made it really easy for partners to understand exactly
which clients were ideal referrals, resulting in higher quality leads.
(34:38):
And fourth is the marketing support, providing partners with ready
to use marketing materials, significantly increasing referral activity. And so
consider creating a co branded brochure or some type of
website digital asset. Consider creating email templates for introductions, social
(35:00):
media content for sharing, and joint case studies or success stories.
A whole remodeling company contractor that we worked with created
professional before and after portfolio books for their real estate
agent partners and these books sat on the agent's desks
during client meetings, naturally prompting conversations about renovation possibilities and
(35:22):
generating a stream of referrals. So let's also address how
to measure partner partnership success because the metrics you track
should include the number of referrals received and given, conversion
rate of referred prospects, revenue generated from partnerships from the partnerships,
(35:42):
lifetime value of referred customers, and cost savings compared to
traditional marketing. And I recommend creating just a simple dashboard
to track these metrics monthly and then reviewing them quarterly
with your partner to identify any improvement opportunities. So a
couple of questions here from listeners, Michael, partnership sometimes starts
(36:09):
strong with fizzle over time. Absolutely, what strategies have you
found most effective from maintaining the partnership momentum long term? Well,
that's a wonderful question. Partnership enthusiasm naturally wanes without intentional nurturing,
so I recommend implementing what I call the triple R system,
which is results, recognition, and reinvention. First, regularly share results
(36:34):
concrete numbers showing the partnership's impact for both parties. Second,
provide recognition, Acknowledge your partner's contributions both privately and publicly
when appropriate. And finally, practice reinvention. Every six to twelve months,
brainstorm new ways to expand or enhance the partnership that
(36:56):
keep things fresh and exciting. And additionally, it builds the
personal relationship beyond business and helps tremendously. Some of the
most successful partnerships include quarterly dinners where business discussion is
intentionally minimized in favor of building a relationship. So here's
another question from a listener, What about when a partnership
(37:19):
isn't working is expected? How should business owners approach that
difficult conversation? Well, that's a situation every business owner will face.
Trust me, Not every partnership works out. So I recommend
addressing partnership challenges to what I call a reset reset conversation. First,
schedule a dedicated meeting, don't try to address issues in passing. Second,
(37:45):
begin with appreciation for what has worked in the partnership
because there's usually something that works. And third, use specific
data rather than generalizations to discuss what isn't working. That's
why we track things and finally, proposed solutions. That's something
I've meant forgotten. Proposed solutions rather than just highlighting problems.
(38:08):
For example, instead of saying we're not getting enough referrals,
say we've received three referrals in the past quarter versus
our goal of ten. So you know, we could we could?
We could we discuss that what might be preventing more
referrals and how we might address those barriers. So if
(38:29):
free set attempts don't work, have a clear excess strategy
that allows both parties to maintain dignity and potentially work
together in the future. So before I continue to this discussion,
we're going to take a ninety second break. Hey, their
business owners, let me ask you something. Are you tied
of blending in with your competitors? Frustrated with slow growth
(38:52):
and slim margins?
Speaker 4 (38:54):
Well, I've gotten news for you.
Speaker 3 (38:56):
Everything you've ever learned about growing your business is wrong.
Speaker 4 (39:00):
Don't worry.
Speaker 3 (39:01):
I'm here to let you in on a secret weapon.
Your position of market dominance. It's what sets you apart,
makes you irreplaceable and has customers lining up at your door.
Speaker 4 (39:12):
My name is.
Speaker 3 (39:13):
Michael Barbarrita from Next Step CFO. I know what you're thinking.
Sounds great, Michael. How do I find my position of
market dominance? Well, that's exactly why we've created our game
changing impleitation program called Next Step to Market Dominance. In
just ninety days, we'll guide you step by step to
a position of market dominance by uncovering your unique strengths
(39:35):
that competitors can't touch. By crafting a message that resonates
deeply with your ideal customer, by building a strategy that
turns you into the go.
Speaker 4 (39:43):
To expert in your field.
Speaker 3 (39:45):
Now this is in theory. These are battle tests strategies
that have helped businesses like yours double, triple, and quadruple
their revenue. Don't let another quarter go by struggling to standout.
It's time to dominate your market period. Go to NEXTSTEPCFO
dot net forward slash contact. Fill out the form and
(40:05):
in the message section put the word dominate or call
us at seven eight one three two six three A
two two. That's next STEPCFO dot net forward slash contact
or call us at seven eight one three two six
three A two two. Welcome back to powerful business strategies.
So now that we've covered identifying partners and structuring partnerships,
(40:29):
let's focus on the third critical component, that's implementing successful
joint ventures that create substantial new revenue trades. Joint ventures
take partnerships to the next level by creating new offerings, events,
or marketing initiatives that neither business could or would create
on their own, and they represent one of the most
(40:51):
powerful forms of business collaboration when done correctly. So let
me start by clarifying the difference between a simple partnership
and a true joint venture. So a partnership typically involves
sharing existing resources or customers, while a joint venture involves
creating something new together. Joint ventures can create extraordinary results
(41:11):
because they combine the strengths, the audiences, and resources of
multiple businesses towards a common goal. And let's explore the
four most effective types of joint ventures for small and
medium sized businesses. So Type one is the joint educational event.
This involves two more businesses collaborating to create workshops, to
(41:33):
create seminars or even webinars that provide value to their
combined audience. For example, a mortgage broken a real estate
attorney could host a first time home buyer workshop, with
each presenting on their area of expertise, and both would
benefit from the shared marketing costs. They would benefit access
to each other's audience and enhance credibility through association and
(41:56):
natural opportunity to showcase expertise. I worked with a financial
advisor partnered with an a state attorney and insurance specialists
to create a retirement planning seminar series. So by combining
their expertise and marketing efforts, they attracted three or four
times more attendees then their solo events had previously drawn.
More importantly, their conversion rates nearly doubled because prospects saw
(42:21):
saw them as a comprehensive solution rather than just isolated
service providers. Type two is the co created product or service,
and this involves partners combining their expertise to create an
offering that neither could provide a loan and the key
elements for this for success for this type of a
partnership is clear definition of what each party contributes, detailed
(42:45):
revenue sharing agreements, joint marketing commitments, and defining customer service responsibilities.
And here's a question from a listener, these arrangements do
involve more complete the key to managing the risk. I'm
sorry the question is, Michael. Co created products seem to
(43:07):
involve a lot more complexity and risk than simple partnerships.
How can business owners mitigate that risk while still pursuing
other opportunities. Well, one way is to start with a
very small pilot or test version of your created offering
once again testing. I'll say this over and over again, So,
(43:28):
for example, before developing a full fledged program together, test
the concept with a single workshop or a limited release
to a small customer segment. And this allows you to
validate the concept, to work out all the kinks because
there'll be some, and build trust before making larger investments.
And I also recommend creating clear exit provisions in your agreement,
(43:50):
conditions under which either party can withdraw and how intellectual
property and customer relationships could be handled in that scenario.
So a great example of a successful co created offering
comes from a business coach and a software developer who
collaborated to create business analysis and planning tools, and the
coach provided the methodology and content, while the developer built
(44:13):
the platform, and they started with a basic version that
offered about just twenty clients, refined based on feedback, and
then expanded to a full market release. And neither could
have created this product alone and I mentioned this example
a little earlier in less detail, but together they built
a revenue stream that added over three hundred grand in
(44:33):
each of their businesses in the first year. And the
third type is the joint marketing campaign. This involves multiple
businesses pooling their marketing resources to create a campaign which
with greater reach and impact than they could achieve individually,
and successful joint venture campaigns include aligned timing and messaging,
(44:55):
shared cost and resources, a clip called to action for
each business, and coordinated follow up process. I call a
group of complementary local businesses a high end restaurant, a
luxury spa, and a boutique hotel who created a local
luxury weekend package, and by marketing together, they reduced their
(45:17):
individual marketing costs by sixty percent, They reached audiences they
couldn't access individually, and they created a compelling offer that
none could provide a loan. This created a premium position
in their market and really worked extremely well. Type four
was the bundles of offering. This involves packaging complementary products
(45:39):
or services from multiple businesses into a single, more valuable offering,
and the keys to successful bundling include compatible service product
quality levels also include coordinated delivery or fulfillment to investigate,
and unified customer experience with clear financial arrangements. In this
(46:01):
particular case, and winning photographer and a videographer created a
bundled package that included both services at prices that were
slightly lower than booking them separately, and this arrangement increased
their average transaction value. It reduced their individual marketing costs,
like all these partnerships do. It also simplified decision process
(46:24):
for clients and created a competitive advantage over solo providers.
So let's take a look. You know, I'm getting two
more questions that I certainly want to address. One is
with joint ventures requiring significant coordination between separate businesses, what
systems have you found most effective for managing these complex relationships?
(46:48):
But the most successful joint ventures implement what I call
unified operations systems, and this typically includes three critical components. First,
a shared project management platform tools like asanatrellooor Monday Dot
com where all parties can track progress, responsibilities, and deadlines.
(47:12):
And second, regular structured meetings with clear agendas, typically weekly
meetings during development and launch phases than a bi week
weekly meeting or monthly meeting for ongoing operations. And third,
a designated venture manager from each organization who serves as
the primary point of contact and is empowered to make
(47:33):
day to day decisions without constant committee approvals. So this
combination of technology, communication, rhythm, and clear authority prevents the
coordination challenges that often derail these types of joint ventures.
So second question is for business owners concerned about potential
competitive issues or intellectual property protection, what safeguards do you
(47:59):
recommend when entering joint ventures? So, well, that's a critical consideration.
I recommend a three pot protection strategy. First, start with
a mutual nondisclosure agreement before detailed discussions begin. Second, include
specific intellectual property clauses in your joint venture agreement that
clearly delineate the ip that each party brings to the venture,
(48:25):
what's created together and who owns what if the venture
does end. And then, finally, most importantly, be strategic about
what you share. You can create value joint ventures without
revealing your core proprietary systems or client information. And also
consider the concentric circles approach. Start with the modest collaboration
and outer areas of your business, and then gradually move
(48:48):
toward more central aspects as trust develops. Remember, the goal
isn't to eliminate all risk, but to manage it appropriately
against the potential rewards. We got a ninety second break.
Be right back. Hey there, business owners, let me ask
you something. Are you tied of blending in with your competitors?
(49:08):
Frustrated with slow growth and slim margins?
Speaker 4 (49:11):
Well, I've got news for you.
Speaker 3 (49:13):
Everything you've ever learned about growing your business is wrong.
Speaker 4 (49:18):
Don't worry. I'm here to let you in on.
Speaker 3 (49:20):
A secret weapon, your position of market dominance. It's what
sets you apart, makes you irreplaceable, and has customers lining
up at your door. My name is Michael Barberrita from
Next Step CFO. I know what you're thinking. Sounds great, Michael.
How do I find my position of market dominance? Well,
that's exactly why we've created our game changing implementation program
(49:43):
called Next Step to Market Dominance. In just ninety days,
we'll guide you step by step to a position of
market dominance by uncovering your unique strengths that competitors can't touch.
By crafting a message that resonates deeply with your ideal customer,
by building a strategy that turns you into the go
to expert in your field. Now this is in theory.
(50:04):
These are battle tests and strategies that have helped businesses
like you as double, triple, and quadruple their revenue. Don't
let another quarter go by struggling to standout. It's time
to dominate your market period. Go to NEXTSTEPCFO dot net,
forward slash contact. Fill out the form and in the
message section put the word dominate or call us at
(50:27):
seven eight one three two six three A two two.
That's next STEPCFO dot net, forward slash Contact or call
us at seven eight one three two six three A
two two. Welcome back to powerful business strategies. And as
I leave you for today's show, I encourage you to
take three specific actions. But one is identify your top
(50:48):
five potential strategic partners using the Partnership matrix. We discussed,
develop a specific value proposition for your number one prospect
and schedule conversation with that prospect in the next two weeks.
Remember in business, who you know and who you partner
with can be just as important as what you know
(51:09):
and what you offer. Strategic partnerships just a nice to
have business strategy. They're a sential approach for maximizing growth
while minimizing marketing costs. To get a copy of your
of the book Powerful Business Strategy, simply go to our
website NEXTSTEPCFO dot net. It's totally complementary and until next
(51:30):
Monday at noon Eastern time for Chicky Obio. My name
is Michael Barberita, and remember, don't keep doing what your
competition is doing.
Speaker 2 (51:41):
You have been listening to powerful business strategies finding out
that everything you ever learned about growing your business is wrong.
Tune in next week and every week at noon Eastern
time on W four CY Radio with your host Michael
Barbarita of Next Step CFO and moderator Jugio Yup
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