What is a Power Partnership and why is it important for your business? A Power Partner is a business with whom you often share a client base, but who may not provide the same service(s). Some examples would be an attorney and a financial advisor, an auto body repair shop and an auto tire/service business, a women's apparel shop and a shoe store, etc.
Power Clusters take this concept even further: An attorney specializing in elder law could partner with a home healthcare provider, an assisted living facility and an accountant. A beauty salon owner could partner with a yoga or fitness studio, a massage therapist and a nutrition/wellness business.
And what is the value to your business of forming Power Partnerships? Service is so much better for your client. By helping them solve a problem, you are providing a higher level of service for your customer. Referring them to a business that satisfies a need makes you much more valuable to them. And, you are establishing a steady referral network for both you and your partners.
Some points to remember:
- Learn about the other person’s business. This is KEY. "Tell me what you love, what you do, what you don't do, what problems you solve for people."
- You must be comfortable with who you refer business to. It's about Trust and Integrity. Remember, people like to do business with people they know, like and trust. It is your reputation as well as the person’s to whom you refer.
- Build a relationship. Take networking a step further to qualify a person. This isn’t about sales; it’s about learning how you can help. Ask, "It would help me a bit if I know what you are looking to accomplish."
- Ask permission. Ask the party before you refer a person to them.
- Think about your own clients’ needs. How can what this person does help your clients’ needs?
Need help identifying a good Power Partner for your business? Let's talk. The Chamber staff can help you think through this process and connect you with other business owners to help you form relationships that can grow your business.
To your success!