Sometimes, being a small business is kind of like living under an ethos—a group of David’s competing against a group of Goliaths.
In this spirit, I have discovered that forming strategic partnerships with other businesses that I have synergies with opens a realm of opportunities for my business. These strategic partnerships can be in the form of subcontracting, joint ventures, or any agreement that all parties feel are the best fit for everyone involved. In short, people who know people know people.
For example: Since I have a small tax return prep client base, I partnered with a larger accounting firm in Switzerland. This accounting firm has more than doubled their client base over the last couple of years, but they didn’t have the staff that could prepare the returns and get them filed in a timely manner (also, there aren’t a lot of Accountants who truly understand foreign income tax returns). So, by exploring the possibilities of the B2B route, I’ve greatly increased my tax return prep income.
Situations like these are win-win for me and the companies I’m partnered with: I’m providing them with the help they need due to their limited staff and they’re getting the kind of dedicated focus they can depend on from a small business.
So, I really think companies should look more into developing strategic partnerships with other companies that provide complimentary services or even the same services. It can create multiple channels of income and other opportunities for growth, especially if you’re a small company like me.
JeFreda R. Brown, CEO
Brown Accounting Solutions LLC
P.O. Box 1118
Pinson, AL 35126