With 2015 nearing the end, this can be the perfect opportunity to think about new goals and objectives for next year.
Knowing that building effective strategic alliances [referral partnerships] is typically on most Advisers’ ‘to do list’, I’d like to take this opportunity to suggest a strategy that has worked like a dream for one of my clients, and it just might work for you too.
Twelve months ago Bob [name withheld for privacy reasons at his request] was keen to develop mutually beneficial relationships with some key service providers. He already had a great relationship with a mortgage broker who also shared Bob’s desire to build more professional relationships.
Bob and his mortgage broker had a common goal, to find the right professional services businesses that could work together for the purpose of helping each others clients. They decided to work together and set out a plan that would attract and retain the right type of businesses.
Together Bob and his mortgage broker decided on the following:
1. What the core values of each business were.
2. What their client value promise is.
3. Who their ideal client is.
4. What services they could offer other businesses that would be of value.
5. What the service level expectations would be.
6. Code of ethics.
7. Joint marketing opportunities that could be offered.
8. Commercial agreement.
They packaged this up into a professional document and then set about networking and developing professional relationships.
Every month they met and held each other accountable, and that is where they both believe the magic happened. It was having someone else to not only brainstorm with and share the load, but someone external to the business that held them accountable for what they wanted to achieve and the easy part was, they both wanted to achieve the same things.
Twelve months down the track and they have built a professional strategic alliance group that has been able to help each others clients and grow each others businesses.
Bob and his group are working closely to make this alliance continue to prosper. They have monthly structured meetings, joint marketing activities and a combined approach to the growth of their businesses.
There is no quick fix. We all know that building a successful business takes time and effort so, if you can share a common goal with a mutually beneficial business partner, surely that’s a good thing?