We are told that we live in an economy whose backbone is a strong service economy. Yet, this sector carried a disproportionate share of the COVID-recovery when their fragile revenues and fixed expenses- model was laid bare.
Leaders of service businesses are expert-deliverers. They are passionate, and tend to be nimble operators of small-but-dedicated shops.
But when they lose a key account – it can be a while to find another to replace it. Pivots to new models – despite popular opinion – don’t happen easily, because the pockets aren’t as deep as needed, and the strategic might isn’t necessarily focused on the the entire market.
Building scale involves partnering.
Service providers that partner with others – even informally – generally find that doors are easier to open, RFP’s easier to win, costs easier to manage, and revenue grows.
These partnerships can be initiated informally – literally over coffee – or strategically – where a deliberate effort is made to source partners that fit certain criteria.
Regardless of how they are started, a deliberate framework to manage the partnership should be in place (even just a set of talking point to bring forward to each meeting can be helpful to keep the partnership on track).
But to achieve significant, beyond organic growth, requires the partners coming together to vision an entirely new entity – including new prospects, products, pricing, and markets.
Interested in growth-by-partnership? Let’s talk.