How to Use Collaboration to Grow Your Professional Services Company

Building a professional service company can be a very rewarding and exciting endeavor for entrepreneurs. The early years are the most challenging as you work to build a reputation in your niche and build your customer base. Although entrepreneurship is often considered an “individual’s game,” many owners fail to see the potential for growth in using others outside of their organization. Building the right strategic partnerships within your professional network is the most effective way to unlock new opportunities to expand your company’s reach and tap into new sources of revenue and growth.

In highly competitive environments, business owners need to use whatever resources they have in order to achieve profitability and growth. This is often difficult for small companies with limited budgets and small teams. A strategic partnership is a great opportunity to quickly grow your company’s capabilities and work in partnership with another growing business. Focusing on the right types of partnerships can bring significant results to your agency.

Related: Want to Grow Your Business? Here’s Why You Need Strategic Partnerships to Succeed.

1. Related businesses

Building relationships with businesses that provide services that are relevant to your company is a perfect way to build a mutually beneficial partnership. For example, if your marketing agency specializes in print marketing, partnering with a web development firm can allow you to offer a wider range of services. This allows you to provide clients with a complete marketing service while still being able to use the resources of another organization. This can also improve client retention as clients tend to stay with an agency that can handle a variety of marketing needs well.

Building relationships with related businesses is also a great source of referrals. By focusing on building relationships with other companies that specialize in related services, you can establish a network that provides your company with a constant flow of new clients and projects.

2. Technology providers

The professional service landscape is changing rapidly with digital transformation and innovation. Currently, more than half of all marketing takes place online or in digital environments. Building relationships with leading technology providers is a great way to provide your clients with the best technology solutions for their marketing and advertising needs. These partnerships can give your customers early access or discounted pricing to help you stay ahead of the competition. Using the right technology can also improve the effectiveness of your marketing campaigns by providing advanced analytics and AI capabilities.

Related: Successful Partnerships Depend on Planning and Careful Execution. Here are 7 Things You Need to Ensure Partnership Success.

3. Industry influencers and thought leaders

Clients want to work with firms that have a reputation for delivering results. Establishing this strong name can be a big challenge when you start your company. Building relationships with industry leaders is a great way to improve your visibility and credibility. However, implementing these recommendations from respected industry figures can be a major hurdle. To avoid creating a one-sided relationship, find ways to provide them with value such as offering to connect them with your network, speaking opportunities or creating high-quality industry content for their social media or other digital platforms.

4. Educational institutions

Building relationships with educational institutions such as business schools and local universities is a great way for companies to get a steady stream of talent and new ideas. This can be equally beneficial as educational institutions need to be able to demonstrate that a large number of their students find employment opportunities upon graduation. Companies can offer to provide internships, workshops and other training programs to the students of the institution. Engaging in this type of partnership can help your company stay up-to-date on the latest trends in education programs.

Related: How To Harness The Power Of A Partnership Strategy In Your Business

Building effective partnerships within your network

Building strategic partnerships offers professional service companies many benefits, but like any part of your business operations, this requires consistent effort and the right approach. Owners should continuously engage with other industry leaders by attending industry events, workshops and webinars. While your goal is to secure some form of profit for your business, the relationship must be mutually beneficial to be successful. Look for opportunities to bring value to another group such as providing them with an important resource or connection they need. This will create a situation where they are open to revenge and return the favor.

Often building strong partnerships takes time. Allowing the relationship to develop naturally can take several months to connect regularly. However, the efforts you put into cultivating these relationships will pay off in the long run by giving your company the network it needs to succeed in a competitive environment.