Anyone trying to build a successful business knows how difficult it can be. Trying to do it all by yourself can be a very challenging, not to mention lonely, endeavor. One of the best suggestions we can make is to put time and energy into developing strategic alliances, or what we like to call “power partners.” We typically recommend starting out with 2 or 3 trusted individuals who you like and want to help in their business. Once you have agreed to help each other, you can discuss others that may be a good addition to your team. While it is not necessary that these folks are in the same industry as you, it does help if they are at least going after similar prospects. The most important aspect of the group is a sincere desire to help one another. A “me first” attitude will not work in this scenario.
Surrounding yourself with other like-minded individuals can help you in many ways as you travel down the road of success. One of the first ways that power partners can help you is in generating referrals for your business. This is the most obvious benefit, and the reason most people seek others to partner with. However, a strong group of power partners can also benefit each other through support, sharing ideas, and pooling resources. You never know who someone else knows, and everyone comes to the table with private knowledge gained from years of being in the business world.
One of our favorite sayings is, “A rising tide lifts all ships.” A group of individuals working together and committed to each other’s success can accomplish so much more than any one person could do working alone. The key is having the right people on your team. Therefore, the first step in developing your power partner team is identifying your teammates. Who do you know that is in a position to help you in your business that you would like to help as well? That should be your first phone call. Let them know what you are considering and gauge their interest. Ask them who else they would want to include, as well as any suggestions on how the team should be organized.
Next, set up a meeting with the initial handful of people and talk about the concept. Most people in business understand the idea of strategic alliances, but very few do it correctly. Everyone likes the idea initially, but once they discover it takes work, the team starts falling apart and eventually folks start looking elsewhere for business. Make sure everyone is on the same page as far as expectations, requirements, and commitment. One of the most important suggestions we can make is to make sure folks understand that this is a business team, not a social club or support group.
Some common mistakes are expecting too much too soon, not putting the time or effort required into the group, not seeing the group as an important ingredient in one’s success, and not sticking with it long enough for the effort to pay off. This strategy is not a short-term fix for a business, it is a long-term strategy for success. Like most things in life, it is front loaded with work and back loaded with reward. Remember the famous acronym for TEAM: Together Everyone Achieves More.