I have a new big booking for my 'coaching briefs' and it has come about by linking with another business. It is money in the bank for me and money in the bank for them, new clients all round and everyone is happy.
Linking with business buddies is a great way to grow your business and theirs at the same time, what's not to like?
So what is a Business Buddy?
Business Buddies are businesses that are complementary to yours and offer services or products that are along similar lines but are different enough that they aren't going to be competing with you.
Can you give me an example?
There are lots of working examples of how businesses have joined together to help one another, co-operatives, village markets, craft fairs etc. Sometimes these can still have lots of competition involved though, nothing wrong with that in principle, a little competition gives you information, drive and helpful hints to improve your own business. Business Buddies however are businesses that create referrals for each other just by going about their daily business. Its the graphic design company that links with a printer and gets their clients a good deal.
Good for the graphic designer - they have a reliable service that they can count on and might be able to ask them favours like a last minute job that needs to be done. As a regular customer they are likely to give you credit and the best deals meaning that you can pass on some or all of the discounted rates to your customers.
Good for the customer - they will be able to get a better deal from you on design and printing than they would be able to get on their own.
Good for the printer - they get business from you that they don't have to pay marketing and advertising costs to go out and get. This is likely to make them work hard to ensure you stay with them.
Everyone wins!
So how can I find a business buddy?
Start to think about the types of businesses that might complement yours. If you run a florists can you link up with wedding services? If you sell food can you link up with someone that sells drink and offer the two together at a really good deal and sell more through joint efforts? If you run a cafe can you link with a delivery service, a healthy eating campaign project, offer a meeting space to business people in the area, sell some books for people to read whilst they are there and link with a bookshop?
There are a million ideas to go through so take some time to look around at your market place and think about what would really benefit your customers or someone else's customers and start approaching people with your ideas!
What are the other benefits?
Having someone else to refer you is a huge help to any business, customers like to find people to work with that have been recommended to them or that they already have a relationship with - be that person by having genuine and meaningful links with people you trust and feel happy to promote.
New links can lead to new opportunities. Who knows where that new link could lead you? Your Business Buddy might have new ideas for you, directions you had never even thought of that they suggest because they know that their client base would like it. Take the example of the cake decorator: the cake decorator links with a wedding planning service and makes wonderful wedding cakes for their client base that people love. One day the wedding planners have a wedding where the bride is gluten intolerant, the wedding services ask if you might consider putting some gluten free options into your current range and you jump at the idea. Now the bride is super happy and whenever her friends get married she recommends you because you helped her out, she also tells people wherever she goes that if they want a really great gluten free cake they should come to you. You (the cake maker) end up with a best selling range of high end gluten free cakes for special occasions. It's a simple example of things that happen all the time when you link up with new people.
You're spreading the word about your business far quicker. We all know how this works, you tell one person, they tell two, those two tell another two people each and it all grows at the rate of compound interest but in a far more positive direction! This can happen anyway through your customers (you hope its all good of course!), but the important difference about the way this happens with Business Buddies is that you are more than likely spreading the word through your target markets. The printer telling people about your design service is potentially more value than the fruit and veg shop telling them (although all good publicity is fantastic, always be nice to people you meet, you never know if that fruit and veg shop are about to rebrand...). People who use printing services are more likely to want graphic design services at some point in the future or to know others who might.
Business Buddies have been a great way for me to help expand my business and in turn I can help others to expand too, it always goes both ways and it always should - beware the 'Buddy' who takes but never gives...do you really want to refer your customers to someone like that?? They won't thank you for it!
Buddy up today! Do you have a good Business Buddy? Who are they and how does it work?
Love Nova xxx
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