Are you looking to grow your firm’s revenues, but feeling like you’ve already done everything you can in-house? Collaborations and partnerships can be great ways to take your firm to the next level.
Your firm may have reached the point where it’s time to start making those connections, but how do you do that? Here are a few things to look for when you want to increase your firm revenues through strategic partnerships.
What to Look for in a Strategic Partner
If you’ve never worked with a strategic partner before, you may have some questions about how to choose the right one. You’ll want to find an organization that can help you achieve your goal of increasing your firm’s revenue. To do that, your strategic partner should have access to resources you don’t already have, be on-side with the goals you have, and provide a reasonable certainty of success.
Resources
When thinking about strategic partners, it’s important to consider what they’re bringing to the table, so you can see how you might benefit from working together. For example, Engineered Tax Services created an easy-to-use app that allows users to quickly determine whether a cost segregation study would render money-saving benefits for their organization.
Not only should your strategic partner provide resources you don’t already have, but these resources must be easy for you to access. Partnerships where each partner holds their cards close to their chest often don’t work out.
Compatibility
A strategic partnership should be a win-win situation. One way to evaluate compatibility is to consider how easy it is to work with someone. Do they offer the same level of service your firm provides? Is the process for working with them laid out? Do they make it easy to contact them, and when you contact them, do they get back to you in a reasonable amount of time?
Another more obvious sign of compatibility is that they can help you achieve your goals. So, if you want to increase your firm’s revenues, they must have a clear way of helping you do that. This can be harder to spot but look for testimonials from other firms they’ve helped achieve similar results.
Probability of Success
Success is never guaranteed, but if you’ve done your homework, you should have a good idea of the likelihood of achieving your goals through this partnership. In addition to indicating compatibility, client testimonials and referrals are also a great indicator of success. What past clients say is often a good prediction of what your experience might be like.
Benefits of Working with a Strategic Partner
Now that you know what to look for in a strategic partner, how does working with one increase your firm’s revenue?
Some of the ways working with a strategic partner can increase your revenues is by generating new revenue streams, developing in-demand niche markets, and increasing their competitive advantage. By working with a strategic partner, you may realize non-financial benefits as well, such as feeling more in control of your client relationships, solidifying existing client relationships, and diversifying your firm.
Of course, all these benefits are connected. When you improve client relationships, you may also see an increase in revenue.
If you’re looking to partner with an organization to increase your firm’s revenues, be sure to do your homework first. Consider what they are bringing to the table: How accessible are their resources and how easy is it to work with them? You’ll also want to clarify your goals, so you and your new strategic partner can get straight to work on a plan for how you will achieve those goals.
