Home
>
Small Business
>
Leveraging Business Relationships for more Profits

Leveraging Business Relationships for more Profits

When should you leverage the relationship?

Leveraging sometimes brings a negative connotation to the mix. It does not have to be that way. Leveraging with alliances can work into a win-win situation were both parties become more profitable and they form more solid business relationships. Leveraging should be taken seriously and not as a way to step on another business to make your own headway. If you work with the alliance partner, you will both be able to leverage the relationship for mutual benefit.

For example, a store I was working with in the past had several channel partners that they wanted to leverage. A meeting was setup to discuss how the relationship could be expanded so that it benefited both parties. It was discovered that the partner wanted to learn more about the products the company was selling and get more into the training aspect for its customer base. The parent company on the other hand wanted to find ways to support the customers of the partner in order for the partner to gain more sales.

In this case, both parties were able to leverage the others' contacts and offer better customer service. The channel partners also were able to find additional customers because they had more of an inside track on the products being offered. They were able to train new customers and give a new dimension to their offerings. The parent company profited from the additional sales.

Through leveraging the current customer base and the product lines, both companies could offer better customer service. As a result of this success, the parent company offered the same alternatives to other channel partners and found that most of them welcomed the additional opportunity. The opportunity, in order to be successful, has to be presented to the right level of decision makers.

Who You Need (to Form a Relationship With)

At what level should the relationship be established?

A question that is often asked is "How do you get to the right person in an organization for making the decision?" The answer is not an easy one as some organizations have decision making at various levels, and of course it depends on the size of the organization. If you are dealing with 10 or fewer employees, you are likely to need to work with the owner or CEO of the organization. It is imperative that you do not deal with those that cannot make the appropriate decision. You may find that you are dealing with influencers, but in the long run they cannot make the decision to go or not to go with the alliance.

So how do you get to the right person? There are many answers to this question, but the simplest answer is to start at the top. I know that many CEOs do not want to deal with sales people and certainly not with a lot of the everyday information that comes their way. So getting to them may be a bit difficult. The best way to form a relationship is to appeal to their business pain (that which concerns them the most) and offer a solution to that pain. For example, a company I worked with wanted to setup a channel or partner network to sell their products, since they only had a couple of dealers at the time but needed to move to the next level. They had to deal directly with the owners of the companies and offer them a profit, as the proverbial carrot, to entice them.

Profit is not the only way to get to the CEO, you also need to understand their business goals and see how you can fit into the formula before making the approach. The key here is to show that you have something to offer that is of value to them.

Bette Daoust, Ph.D. has been networking with others since leaving high school years ago. Realizing that no one really cared about what she did in life unless she had someone to tell and excite. She decided to find the best ways to get people's attention, be creative in how she presented herself and products, getting people to know who she was, and being visible all the time. Her friends and colleagues have often dubbed her the "Networking Queen". Blueprint for Networking Success: 150 ways to promote yourself is the first in this series. Blueprint for Branding Yourself: Another 150 ways to promote yourself is planned for release in 2005. For more information visit http://www.blueprintbooks.com

affordable house cleaning Wilmette ..

In The News:

A new phishing scam targets family photos with fake "Cloud Storage Full" alerts. Criminals steal credit card information through fake sites. Learn protection tips.

South Korean scientists create ultra-thin fabric muscles that turn clothes into robotic assistants, lifting 33 pounds while weighing under half an ounce.

Archer Aviation has acquired Hawthorne Airport for $126M to launch an LA air taxi network ahead of the 2028 Olympics, featuring AI-powered eVTOL operations and next-gen aviation tech.

Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents now and for the future.

Fake AI apps disguised as "ChatGPT" and "DALL·E" are flooding app stores with dangerous malware that steals data and monitors users without detection.

Fake buyers demand specific vehicle reports from unknown sites to steal credit card information from car sellers, but warning signs can help identify these scams before paying.

Android users can now manage apps across multiple devices more easily with Google Play Store's updated remote uninstall button in the latest update.

NASA's Perseverance rover discovers shiny metallic rock on Mars that could be a meteorite from an ancient asteroid, containing high levels of iron and nickel.

Holiday scams spike during Black Friday and Cyber Monday as criminals exploit your leaked personal data. Learn how to protect yourself from fake stores and phishing.

Commerce Department proposes TP-Link router ban over Chinese security risks. Learn how this potential prohibition could affect your home network and devices.

Hyundai AutoEver America suffered a data breach affecting 2,000 current and former employees, exposing names, Social Security numbers and driver's license information.

Washington court rules automated license plate reader images are public records, even when stored by vendors like Flock Safety, setting precedent for transparency.

Fake airline texts claiming flight cancellations are targeting travelers with convincing scams. Learn how cybercriminals steal personal data and credit card info.

Discover how iOS 26's new Adaptive Power feature automatically extends iPhone battery life by learning your usage patterns and adjusting performance intelligently.

New TikTok malware campaign tricks users into running PowerShell commands that download Aura Stealer, which steals credentials and authentication tokens.

Gaia Family offers fixed upfront pricing for IVF cycles with unlimited embryo transfers and financial protection, partnering with over 100 U.S. fertility clinics.

The Jetsons Act aims to position Pennsylvania as a leader in advanced air mobility by establishing regulations for hybrid ground-air vehicles.

Fake Geek Squad invoice emails are targeting users with convincing charges and urgent phone numbers to steal personal information and money.

Fox News Digital's artificial intelligence newsletter digs into a robot in Russia that faceplanted, George Clooney's alarm and OpenAI's rivalry with the New York Times.

Major data breach at Conduent exposes personal information of 10+ million people. Government contractor hit by cyberattack affecting Medicaid, child support systems.

Texas startup Janta Power raises $5.5M for innovative vertical solar towers that generate 50% more energy than traditional panels while using just one-third the land.

NASA's twin ESCAPADE spacecraft launched aboard Blue Origin's New Glenn rocket Thursday afternoon from Cape Canaveral, beginning their journey to Mars with arrival expected in 2027.

Learn how to set email reminders on iPhone and Android so you never forget to reply again. Simple built-in features help you stay organized and on top of messages.

Discover how Apple's passkeys revolutionize Mac security by replacing vulnerable passwords with biometric authentication and encryption for ultimate protection.

New survey reveals 78% of parents fear AI scams targeting their kids, yet nearly half haven't discussed these threats. Learn why this dangerous gap exists.

Leveraging Business Relationships for more Profits

Small Business