How can your growing business gain influence in a market? When you understand this simple concept, you can double business profits and reach key decision makers easily.
What helps you leverage hidden assets to sustain growth? Strategic relationships are moral, ethical, and perfectly legal ways to transform business relationships into profits.
Cultivating business relationships is a topic often bantered around, yet not well understood. What are business relationships? How do you measure business relationships?
To sustain growth in business every relationship matters. Yet some business relationships matter more than others. Business relationships aren’t about customers linking you. This kind of relationships seeks mutual value.
When you understand the concepts of strategic relations you unlock doors to decision makers. You’ll measure relationships both on access and contributions to profits – for each party involved.
More powerful than reaching decision makers who want to buy is how you use these methods for cultivating network value. Not social media, not business networking, but instead something that builds nations.
Understanding the relationships between organizations mirrors country relationships. A simple insight that provides better value to customers and more profits for you.
[Here’s a great introduction for those new to the topic of strategic relations in business.]
Here’s an excerpt from INNER CIRCLE RELATIONSHIPS where Justin Hitt defines strategic relations as well as provides examples of its application. Ask yourself these questions and consider your answers.
Four easy steps to leverage strategic business relationships for profits:
- Understand strategic relations. How are you already connected with resources, organizations, influencers, and situations? What do you have to offer beyond services when it comes to access?
- Define inner connecting relationships. Who are the 100 most influential people in your field? What rules (assumed or legal) do you comply in relationship to that list?
- Position business for access to resources. What opportunities do you have to help or otherwise serve those identified relationships? Which relationships do you operate a toll position?
- Cultivate relationships for mutual profit. Where is the mutual gain, opportunity, or situation where all parties profit? How does or what is the opportunity for each pair to profit by mutual gain?
- REPEAT
This concept is in constant application, often hidden from public view. That is because these methods are so powerful, they are often misunderstood.
Many feel uncomfortable creating a portfolio of relationships for mutual gain because it can feel like stalking. That’s why the most practical application for strategic relations is in sales and marketing.
Success in your business is often determined not by who you know, but instead “Who knows you and the value you deliver to them.” Can you see how that matters more?
The enlightened self-interest of those in your network is what makes strategic relationships so powerful. Because you are helping others first, you are more readily able to profit from your association. Strategic relations will double business profits because you’ll focus resources on fewer target buyers. This helps your customers while growing your influence in your market.
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