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Portage County Farmers Market

Strategic Alliances Present Opportunities

By Portage County Business Council

Looking for ways to accelerate growth or to diversify your revenue stream? Engaging in strategic alliances or partnerships can be a great way to gain entry into new markets, to increase your share of existing markets, and to add a new revenue source to your business model.

In my own case, I entered into a working relationship with a large East Coast career services firm about a year ago. This action was preceded by my gaining an important industry certification that paved the way for fruitful discussions that eventually led to a contract opportunity with this firm to provide writing and consulting services.

Since then I’ve benefited from this relationship in multiple ways. These include learning about new approaches and best practices in resume preparation, enhancing my understanding of specific employer preferences relative to resumes and cover letters, and increasing my knowledge of new technological developments impacting resume and cover letter preparation and submission, as well as by adding another revenue stream to my business.

My experiences are similar to those of other business owners whom I’ve met who have enriched their companies and gained new revenue sources by implementing partnerships and alliances. Sometimes these efforts can even involve “co-opetition,” which is working with an entity that is normally a competitor in new and different ways—essentially blending cooperation and competition—with ideally  equal benefits for both organizations.

Strategic alliances and partnerships can provide a key source of new business and growth. Sometimes these opportunities require some effort to uncover—but sometimes they simply involve looking at your existing business model or even a competitor in a whole new way.