TIGER Talk Recap: How to 4X Your Business With Strategic Alliances

Written by Innovate New Albany@InnovateNA7 years ago

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No one can be an expert at everything, but when you form strategic alliances with reputable professionals that have strengths where you don’t, you can be experts together to better serve your clients.

Molly Grubb is a successful entrepreneur, speaker, author and the founder of Grubb Wealth Management. After her family lost everything in a bad business transfer when she was growing up, she built a business around coaching business owners on how to be successful, how to transfer a business on their own terms and in their own time frame, and how to achieve all that is important to them personally. She was Innovate New Albany’s TIGER Talk speaker on May 25, presenting “How to 4X Your Business With Strategic Alliances,” where she shared her formalized way of gaining strategic alliances.

Molly said the first step in forming strategic alliances is to identify three to five industries that would elevate your business, and who would reflect who you are as a person and a company. Through an exploratory meeting, ask a series of questions that would help you determine if they have the right mindset, entrepreneurial spirit and traits such as caring, competency, cost-effectiveness and good character. The company should have enough ideal clients that are similar to yours. Then frame your pitch, get a soft commitment and identify the alliances’ key decision makers.

After holding a key stakeholder meeting, which is similar to the exploratory meeting but with individual stakeholders, have a strategic action plan development meeting where you put together all the key items, decide how they will function, and determine the gaps you will fill for each other. Then you can develop a pilot program that will lay the foundation for your alliance, the process by which you will collaborate, and how you will “build the economic glue” through a formalization process. The pilot program will be presented during the strategic action plan presentation meeting.

Molly said ongoing meetings with your alliances should be light and fun, but are also a time to track new business and determine if your alliance is profitable. She advised keeping a binder on each strategic alliance for data collection, where you can record what happened during each meeting.

The best strategy is to source your best clients from a few strategic alliances. Molly said forming strategic alliances helps you generate more revenue, work smarter, and better serve your clients in a more collaborative way.

If you’d like to learn more about Grubb Wealth Management or forming strategic alliances, contact Molly at Molly@GrubbWealth.com, connect with Grubb Wealth on Twitter @GrubbWealth, or visit their website at www.grubwealth.com.

Innovate New Albany, the city’s incubator for technology startups, entrepreneurs and small businesses, features 16,000 square feet of space within the New Albany Business Park’s Signature Office Building, 8000 Walton Parkway.