Collaboration vs competition – drastically different views of the same world. We had a meeting today with an account representative from a Digital Advertising Agency. His company offers services that we don’t offer and we offer some services that his company doesn’t offer. When you start a new business, sometimes the tendency is to expand your services quickly to offer items outside of your wheelhouse. As the owner / owners of the company, you need to have some understanding of the service so you can at least know if it is getting done correctly.
Even company’s services overlap with your services, there may be one or two unique offerings that your business doesn’t do and vice versa. This is a great opportunity to either white label the services or create a referral contract where your company gets paid a commission when you refer business to the other company and vice versa. In order to do this, build a relationship with the other company, so you feel comfortable referring or white labeling business to them.
Too often, we see another business that does something similar to us as competition instead of collaboration. Why think in terms of collaboration vs competition? As you grow your company, you will determine your niche and see who you attract as clients. One client may come to us while another one goes to a “rival,” but in the end there is more than enough business for all. Ultimately, you want the right clients that fit your vision for the company. Not every potential customer that knocks on your door is your “ideal” client.
I always recommend that a new business write out their vision for their business. Who is your ideal client? Please don’t say everyone. The more focused your description of your ideal avatar can be, the better your branding and marketing message will be as well. You help your company, your sales team and your closing process when everyone has a clear picture of your ideal client.
Resources for Entrepreneurs and Business Owners
If you are considering starting a business or in the early stages of entrepreneurship but aren’t quite sure what your next steps might be, set up a 30-minute complimentary discovery call with me. Check out our podcast and video pages on DreamPlanStartGrow.com for additional resources for someone considering starting a business, someone having started a business or someone who has been in business. I believe we learn from many types of people and I interview some amazing entrepreneurs on how they got their start. Within that, each person shares some great tips that they have learned along the way.