Partnering to Grow Your Business

January 26th, 2007 by Cristina Favreau

Jerrilynn Thomas, President/CEO of the IVWCC defined for us the different forms of partnerships you can create to help grow your business:
Partnering is defined as the synergistic affect from pooling of resources to work together toward a common goal. This reduces duplication of effort, helps ensure that the appropriate level of resources are available. The savings in time, money and expertise can then be reinvested into other projects.
Strategic alliances are formed for joint marketing, joint sales or distribution, joint production, design collaboration, technology licensing, and research and development.
Cross-marketing partnerships can include “bundled” offerings, joint media appearances and events, and unconventional cause-related marketing. It could also include collaboratively produced how-to’s and other resource booklets and videos, co-branding, coop advertising, and shared space.
A joint venture is when two or more businesses join together under a contractual agreement to conduct a specific business enterprise with both parties sharing profits and losses.
Developing partnerships is something I’m concentrating on this year. In fact, according to these descriptions, I’m already involved in a cross-marketing partnership. But more on that another time.
What types of partnerships are you involved in? How have they helped your business? Are you looking to form partnerships, but aren’t sure where to start? Don’t let that stop you. Make yourself available, and let your network know you’re open to discuss a partnership. You’ll attract those who are looking for the same thing and create something that works for everyone!
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A special note to women in business: This year, IVWCC is focused on teaching its members how to network and how to apply different forms of partnering to your business. They will delve into cross marketing partnerships, strategic alliances, and joint ventures. Every time members learn how to tap into a new target market, they will spend 30 days learning to effectively develop smart partnerships to capitalize on it. For more information, contact me.

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Category Networking, Partnerships | 3 Comments »

  • http://www.tinasbusinesssolutions.com Tina Carter

    This blog was very informative. I certainly want to learn more about partnering. I checked out the IVWCC website and subscribed to their newsletter.

  • http://www.loanmodifyexpress.com/ Loan Modification

    “Cross-marketing partnerships can include “bundled” offerings, joint media appearances and events, and unconventional cause-related marketing. It could also include collaboratively produced how-to’s and other resource booklets and videos, co-branding, coop advertising, and shared space.” I agree to this statment

  • http://www.loanmodifyexpress.com/ loan modification

    A joint venture is when two or more businesses join together under a contractual agreement to conduct a specific business enterprise with both parties sharing profits and losses. ——————— this is a loss point in most of the people today