By Patty DeDominic
Is the entrepreneurs’ journey really a solo trip to riches based on their own brilliance? Or is it still pretty “lonely at the Top?” Let’s face it, many a small business owner feels the whole weight of their future is on their shoulders. They think the whole reason their business is successful is on them…and they are probably right if they have not built a team.
But how to build a team when the business is small and finances are tight? Reinvesting for growth is one way and I recommend that all businesses reinvest in their people, in training and in systems. Another way to grow, and be bigger and less lonely than a “solo- preneur,” is to partner with others for mutual benefit. I love Strategic Alliances and limited join ventures for growth oriented businesses. Mary Ohara Devereaux tells us to “learn to drink at dangerous waters” during chaotic economic times. Our competitor could be our partner tomorrow and competition can come from all over the world so we better find others who share some of our values, our vision and a reason to partner with us for mutual benefit.
It does not have to be expensive to add to your credentials. You can bring on millions of dollars’ worth of talent with the right Strategic Alliances. With creative licensing arrangements you can also “borrow” others halo with branded merchandise, white labeled products and services too.
As founder and entrepreneur, you are probably the whole reason for your business existence. And if you are over a few million dollars in gross revenues now, you are most likely the reason for your small business staying small or being stuck in a rut now too. YOU, the owner are THE GOOD NEWS but you can also be your own bad news too if you don’t keep on growing. It’s time for you to reach out and connect with some “business partners” to expand your team. Too many small enterprises run without the benefit of outside advisors. Now I don’t expect you to all run out and get an advisory board or even a coach, although it might be a great idea for you to do both. Give some thought to adding some strategic alliances this quarter to help you provide added expertise to your team and deeper resources for your customers too.
Over the years and again this year, I have added some great experts as part of the team at DeDominic & Associates. I brought on people with shared values yet difference skills and varied points of view. Adding strategic partners can help you reach out and connect with advisors and others outside the business who can give you another set of eyes and ears. Strategic Alliances can also help you expand your service offerings without adding overhead. We at DeDominic & Associates have just added special advisors and experts in the Marketing and Social media, sales training, a business plan system and financial services arenas. We did this by finding other business owners who share our values and who also love helping small business owners grow.
Try it…. You can only grow as a result of every new business “adventure” you engage in. I would love to hear your success stories. Please write to [email protected] and let us hear from you about your own Strategic Alliances and joint ventures.