In recent years, we have been hearing more and more about service partnerships in the world of business. This isn’t exactly a new concept, but the benefits to be had by partnering with other businesses make them even more attractive than they already were. Before looking at some of the most important services every small business should partner with, let’s get a better understanding of exactly what a service partnership is.
A Basic Understanding of Service Partnerships
Sometimes referred to as a business partner, business partnerships are a way of finding services that align with key objectives within your company. These would be other businesses that also have something to gain from the relationship. In other words, it’s a reciprocal agreement between two companies through which both stands to gain something of value to their bottom line. These partnerships will also provide something of value to your clients or customers. It’s a two-way street between the partnerships with rollover value to consumers being served.
The Underlying Reason for Service Partners
Perhaps it’s better to put the relationship between service partners another way. It is a way of gaining the services which you can’t reasonably provide, but are necessary for your business operations. Business partnerships share such things as skills or processes the other business doesn’t have available.
This is often why you see so many services being outsourced, which you can consider as a business partnership of sorts. Most commonly, you will see areas like accounting, HR, marketing, and maintenance being partnered, but there are other vital services your small business needs which we’ll look at a bit further in depth.
1. Delivery and Courier Services
Many small businesses simply don’t have the resources to make deliveries or courier documents as needed. Therefore, they outsource these services to a courier or delivery service. This has become increasingly important with such widespread breakdowns in the supply chain. It is a way of keeping products and documents moving when other modes of transport are backlogged beyond what is acceptable.
Consider for a moment just what it would cost your company to have a fleet of delivery or courier vans. Not only is the cost of the vehicles a major factor but so too would be the upkeep. Even though you can find reasonable rates with Quotezone courier insurance using side-by-side comparisons between insurance providers, that is the least of your worries. Compared with the cost of setting up and maintaining that fleet would be counterproductive. Courier insurance may be reasonable, but everything else is not!
2. Accounting Services
Here again, you may not have the budget for an accounting department in your small business. You can partner with accounting services that provide something of value to both companies. Obviously, the accounting service would be making a profit from the services they provide your company, but you will find that things like payroll and year-end reporting are put in hands more capable than yours.
Accounting services also provide benefits to consumers in that they can also take on the responsibility of keeping up with accounts. Statements will go out time as well as payment confirmations. It’s a triple win if you look at it that way.
3. Marketing Services
This is another department most small businesses can’t keep on staff. It’s something that needs to be outsourced much of the time, providing you with skills and expertise you simply don’t have available to you.
Beyond being able to charge for the marketing services a team like this has to offer, they stand to gain other clients based on their winning track record for your company’s marketing strategies. Consumers benefit in that they are more likely to find products they need when marketed adequately. Marketing services help keep an influx of new business coming in whilst aiding in customer loyalty for the retention of those you have.
4. Janitorial and Maintenance Services
Janitorial and maintenance services are also likely to be valuable business partners with your company. Instead of hiring a team of janitors or mechanics, you can partner with other small businesses that offer these services. They have the equipment and personnel you simply can’t maintain.
A Long List of Advantages
There really are so many advantages to working with service partners that you will find new ones every day as you go along. Not only can you outsource work that you don’t have sufficient staff or experts in but you can begin to grow your business because you can take on more work with less effort.
Service partners also learn key skills by working with each other and this makes both entities much more efficient at what it is they do. Anytime you can partner with services you don’t have can give you opportunities for growth and expansion you wouldn’t otherwise have. The whole point of entering into a service partnership is to give both companies opportunities to learn from each other and grow in the process. If you are looking to increase your profitability, learn about other services you could partner with.
