Power Partnership is the idea of business professionals, that work together, to build a mutually beneficial relationships, that strategically maximize each other’s success through networking.
So basically, we use our own professional expertise to help strengthen an aspect of our partners business, that they are not experts in.
We all have areas like that in our business.
Maybe its financial. Could you benefit from having an accountant power partner?
We should be have a broad network of business professionals we work with, if you don’t, you MUST start networking now, because you are missing out on bettering your business.
However, you should have only a few Power Partners, within that network, that help your business bloom. In return, you should be blooming their business as well.
What does this look like?
John is a real estate agent who happens to be friends with a general contractor named Bob. John has a client who is selling a home, but needs their porch fixed to meet the city code. John calls Bob and asks him what steps his client should take. Bob informs John, who then informs his client on what should be done.
That was an example of networking. It’s similar to being a Power Partner, but the difference here is the John didn’t offer Bob’s service to his client, only his advice.
John is a real estate agent who happens to be friends with Bob, a general contractor. John and Bob meet regularly to talk about common issues that John runs into when selling homes. Bob advises on best actions to take for those situations and offers discounts to clients that use his service, when referred to by John. John also helps Bob find homes that need repairs and they work together to flip homes.
John and Bob are not just networkers at this point. Instead, they are building eachothers business in areas where each other are considered “experts”. Could John find another contractor to help with his clients porch? Sure. Could Bob buy houses that he could flip on his own? Yup.
The difference is that John can refer to a contractor that he knows will do an A+ job for his clients, while Bob knows that he is getting the best deal on houses, by going through John for real estate. Mutual beneficial relationship that builds business.
How to find a Power Partner?
There are a lot of factors you should consider, but let’s start with 4.
- Do you and your potential Power Partner resonate with with each?
- Are there areas you can boost in their business, and visa versa?
- Do you both want the other to succeed from each other’s help?
- Is it realistic and measurable for you both to take the time to nurture each other?
Being a Power Partner takes work. It isn’t a referral program, it’s a mutual growth program. You both invest in each other through expertise.
What does being a Power Partner look like?
Your partner has a story to tell. Its similar to the Buyers Journey they have a problem and you have a solution, but you need to really understand their problem, in order to provide the best solution.
This isn’t a time to be judgmental, you’re in this together. Listen to understand and give fair advice. Also, don’t be offended if you don’t like what you partner tells you when its their turn.
This is about growth, and there is pain in growth. Be open, be honest, be humble, and be kind.
Some people will say you should get permission first, but honestly, don’t get into a Power Partnership with someone who doesn’t want to be held accountable.
Its hard, for both parties, but if you aren’t going to be great at what you do, why are you doing it?
The President of the United States of America has advisers that tell him the hard truths and hopefully, if they are good advisers and the President is a good listener, good things happen.
You are not perfect and you are probably not an expert in every aspect of your business, so be accountable to your improvements. Be open, be honest, be humble, and be kind.
Again, don’t become Power Partners with someone who you don’t trust their work. Part of being a Power Partner is referring work their way, it’s apart of networking, it’s apart of the small business community.
Your Power Partner may not be the best person for some jobs, so don’t refer them in those situations, but otherwise, they should be your go-to for the areas they have expertise.
Set each other up for success.