MDVBO-20000-HOWARD-COUNTY-MD

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FILL-IN CROSSWORD PUZZLEU.S. StatesLTHYGAOSSERCABHNONIASOLUTION ON PAGE 23• Montana• Tennessee• Florida• Kansas• Nevada• Utah• Iowa• Kentucky• Delaware• Missouri• Virginia• Nebraska• Oklahoma• IllinoisMontana • New ColoradoTennesseeFloridaKansasNevadaHampshire Alaska• New YorkWisconsin• Wyoming Idaho• Colorado AlabamaUtah • Alaska Maryland• Wisconsin• Idaho• Alabama• Maryland• California• Oregon• Louisiana• New Mexico• Arizona• Texas• Ohio• Washington• Maine• HawaiiFOR GREAT OFFERS AND FREEBIES IN YOUR NEIGHBORHOOD VISIT OURTOWNSDEALS.COM • ©2020 DISCOVER THE BEST OF MAGAZINE • OURTOWNSFINEST.COM • 818-573-5443
Doing Everything YourselfWon’t Lead To SuccessOne of the biggest mistakes many entrepreneursmake is doing everything themselves.To solve this, they must hire andtrain the right employees, but this is anexpensive venture. The other option is tooutsource and leverage strategic businesspartners.Gaining new customers is one of the reasonsfor forming partnerships. But a goodpartnership will also give your businessaccess to new products, a new market,block competitors and increase customerloyalty.The key to building successful partnershipsis to make sure they are built ontrust, commitment, collaboration, andcommunication.Here are five reasons why strategic partnershipsare important for business successand happiness:1. Attract New Customers and ExpandMarket CoverageThe most popular reason for venturing intopartnerships is access to new customersand markets. By forming a strategic partnership,businesses can serve larger territorieswithout investing more infrastructureor expanding their distribution network.For example, a coffee delivery service canpartner with an office supply company todeliver office supplies on their regularroute in exchange for a presence in theoffice supply company’s physical stores.Both companies will attract new customersand their market territories will expandwithout adding new stores or routes. Thisarrangement will offer their customersmore value.2. Overcome Business FearsAt some point, many entrepreneurs fearchange and they worry about its impacton their businesses. These changes caneither be market-driven, industry-specific,or regulatory.Implementing business solutions with thehelp of a strategic partner can help reducethe impact of changes that mightinhibit your business growth.3. Strategic Partnerships Offer YourBusiness a Competitive EdgeWorking with a partner with a win-win approachcan give your business the boost itneeds to beat its competitors. If you worktotally on your own, you risk your company’ssuccess becoming stagnant. And remember,a poorly thought-out partnershipcan impact your business negatively.4. Broaden Your Product and ServiceOfferingsIf you already have an existing customerbase and you’d like to expand your productline, you benefit by aligning yourselfwith a firm that offers complementaryproducts.For example, if you offer audio visual services,you can partner with a companythat provides computer services. Hereeach company has its own products, systems,and suppliers. But they have similarcustomer bases. By pooling your resourcestogether and cross-training service andsales personnel, you can improve yourproduct lines with minimal investment.5. Strengthen Weaker Aspects of YourBusinessIt’s clear that the benefits of strategic partnershipsare many and diverse. A meaningfulpartnership can strengthen weakeraspects of your business, enabling youto grow and expand to an extent whichwould have been impossible on your own.Outsourcing is one of the most cost-efficientways to grow your business. It’s howthe biggest and most profitable businessesin the world generate the wealth andfreedom their owners enjoy.FOR GREAT OFFERS AND FREEBIES IN YOUR NEIGHBORHOOD VISIT OURTOWNSDEALS.COM • ©2020 DISCOVER THE BEST OF MAGAZINE • OURTOWNSFINEST.COM • 818-573-5443
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