One of the biggest mistakes many entrepreneurs make is doing everything themselves. To solve this, they must hire and train the right employees, but this is an expensive venture. The other option is to outsource and leverage strategic business partners.
Regardless of what industry your business operates in, having an ally in the form of a strategic partner can significantly benefit your company and thus facilitate success.
Gaining new customers is one of the reasons for forming partnerships. But a good partnership will also give your business access to new products, a new market, block competitors, and increase customer loyalty.
The key to building successful partnerships is to make sure that you build it on trust, commitment, collaboration, and communication.
Here are five reasons why strategic partnerships are essential for business success and happiness:
1. Attract New Customers and Expand Market Coverage
The most popular reason for venturing into partnerships is access to new customers and markets. By forming strategic partnerships, businesses can serve larger territories without investing more infrastructure or expanding their distribution network.
For example, a coffee delivery service can partner with an office supply company. The coffee delivery service can deliver office supplies on their regular route in exchange for a presence in the office supply company's physical stores. Both companies will attract new customers, and their market territories will expand without adding new stores or routes. This arrangement will offer their customers more value.
2. Overcome Business Fears
At some point, many entrepreneurs fear change, and they worry about its impact on their businesses. These changes can either be market-driven, industry-specific, or regulatory.
Implementing business solutions with the help of a strategic partner can help reduce the impact of changes that might inhibit your business growth.
3. Strategic Partnerships Offer Your Business a Competitive Edge
"Two heads are better than one"; this is also true when building strategic partnerships. Working with a partner with a win-win approach can give your business the boost it needs to beat its competitors. If you work totally on your own, you risk your company's success becoming stagnant. And remember, a poorly thought-out partnership can impact your business negatively.
4. Broaden Your Product and Service Offerings
If you already have an existing customer base and you'd like to expand your product line, you benefit by aligning yourself with a firm that offers complementary products.
For example, if you offer audiovisual services, you can partner with a company that provides computer services. Here each company has its products, systems, and suppliers. But they have similar customer bases. By pooling your resources together and cross-training service and sales personnel, you can improve your product lines with minimal investment.
5. Strengthen Weaker Aspects of Your Business
The benefits of strategic partnerships are many and diverse. A meaningful partnership can strengthen weaker aspects of your business, enabling you to grow and expand to the extent that it would have been impossible on your own.
Remember, there's strength in numbers, and success comes when we work together. A worthwhile partnership is better than the sum of its parts, and together, you can reach new heights.
Is the secret to living a long & healthy life happiness and balance? With so many of us striving for inner peace it would seem the key to longevity is in face happiness and balance. In fact, in Japan, they have a concept called “ikigai”. Read more about ikigai in this blog by LifeVantage below
Most of us spend our entire lives trying to achieve happiness and the perfect life balance to leave us fulfilled. What is the key to biohacking your body to live longer? In Japan, a concept called “ikigai” is central to finding one’s satisfaction and meaning in life. In fact, Ikigai translates to “reason for being.’’
Ikigai is certainly not tied just to financial status. It’s more about what puts a smile on your face when you wake up in the morning and keeps you motivated. Finding your ikigai can be a super long process that requires deep reflection into your wants and needs in all areas of your life. In short, it’s finding the answer to the question: “what should I do with my life?”
This question has many of us struggling to understand our whole lives. While some people feel a call to a specific profession or passion early in life, the majority spend a good part of their lives figuring out what truly makes them happy.
Ikigai Breaks Down Into Different Areas:
More and more Americans are suffering from sleepless nights. But why, and how do we fix that? Nutrigenomics Company LifeVantage dives deep in to the science of our sleep cycles and explains why sleepless nights are on the rise and how to improve your sleep on a nightly basis. Read the blog below
There’s an eye-opening trend that’s happening in the fascinating world of sleep: sales of over-the-counter sleep aids are up—way up. Some research suggests that transient insomnia might be affecting up to 80% of the US population. That’s alarming.
It’s especially alarming because sleep might be the single most important thing we do every day. It’s a critical component of our overall health. If you’re chronically sleep deprived, you increase your risk for heart disease, obesity, higher blood pressure, and developing a much weaker immune system.
But with so much riding on the line, why are people struggling to get more than six hours of sleep a night (doctors recommend a minimum of 7-9)? There are probably a lot of answers. Our culture puts a greater emphasis on busy-ness and productivity than rest. People who sleep a lot (i.e. the exact amount they should) are often labeled as lazy or unmotivated when nothing could be further from the truth. It’s also no surprise that we’re loading our diets with sugar and caffeine that can keep us up at night.
Additionally, a lot of the new technology that’s woven its way into our lives is interfering with our natural sleep cycles that have evolved over thousands of years. Toss light pollution, noise pollution, and a lot of other factors on the pile, and you end up with the perfect recipe for a sleep epidemic.
Whether you have difficulty falling asleep, waking up multiple times during the night, or just feel extra tired in the morning, it might be time to take back control of your sleep with a few tips to help you biohack some shuteye.
Try sleeping in complete darkness. And no, we’re not talking about turning off your light. Think DARK. Like Bat Cave dark. Why? For more tips on better sleep Click Here
Gut health is everywhere these days from cleanses to prebiotics to probiotics. You cant go far without someone talking about your gut. But, is all the hype true or just a trend? Nutrigenomics Company LifeVantage breaks it down perfect in the article below.
If you haven’t noticed, gut health is big in the news. It seems like every week new research is coming out showing the connection between gut health and just about every other aspect of health. Though not conclusive, the mounting evidence suggests that maintaining a happy, healthy gut might be an important first step when trying to achieve better overall health.
Not sure where your gut health stands? Here are 6 signs your gut could use a little tender-loving-care (TLC):
What is Biohacking and how can it help your sleep? Nutrigenomics Company LifeVantage describes biohacking and its connection to sleep below.
Biohacking is commonly used as a term to describe the management of one’s personal biology using an approach that employs a combination of nutritional, medical, and even electronic solutions.
When was the last time you woke up without an alarm clock, feeling energized and not needing caffeine? Have you slept well this past week? If you answered no to either of these questions, you are in good company. Two-thirds of Americans report getting less than the ideal 8 hours of sleep per night.
In this modern age of “wake up and grind”, it can be almost shameful to announce to your friends and family that your bedtime is 10 pm. We live in a culture that is in a constant state of stimulation and hustle. No wonder we are seeing an increase in diseases like Alzheimer’s, obesity, and autoimmune disorders.
While sleep is not the only factor in sustaining weight loss, it is a key component that is, often, overlooked. If you have a serious problem getting enough sleep Click Here to read the full post
Do you wish you had more energy to do your day to day things? Me, it used to be the afternoon slump. Everyday around 2:00pm I would loose steam and feel like I needed a nap. I tried everything from supplements to crazy high energy drinks.
The Nutrigenomics company LifeVantage has some great healthy hacks to help increase energy naturally. Read more below
When you go to the store, you’ll see a multitude of vitamins, herbs, and other supplements touted as energy boosters. Some are even added to soft drinks and other foods. But there’s little or no scientific evidence that energy boosters like ginseng, chromium, and guarana actually work. Thankfully, there are things you can do to enhance your own natural energy levels. Below are a couple of tips and tricks to help give you that natural energy.
Exercise almost guarantees that you’ll sleep more soundly. It also gives your cells more energy to burn and circulate oxygen. Exercising causes your body to release epinephrine and norepinephrine, stress hormones that in modest amounts can make you feel energized. Even a brisk walk is a good start for exercise.
Stress-induced emotions consume huge amounts of energy. Talking with a friend or relative, joining a support group, or seeing a psychotherapist can all help diffuse stress. Relaxation therapies Click Here to read the full Blog
With so many trends and fads how do you know what diets really work? To be honest, I'm not much into fad diets and believe more in small lifestyle changes for long term results. The BioHackers Diet by Nutrigenomics Company LifeVantage is probably my favorite. Read it below.
Sure, you can take probiotics, digestive enzymes, and other supplements to support digestion, but you should also get familiar with natural, easy-to-afford foods that support digestion, including:
Click Here To Read More
Our health is one the the most valuable things we have. It's also one of the things we take for granted the most. Think about it, if you didn't have your health where would you be? Maybe missing work, family events, in and out of the hospital, or maybe you would just continue on day to day but suffering in silence.
Read the full LifeVantage blog post below.
If your health fails, it can overshadow everything else that’s going on in your life. From relatively minor health issues such as aches and pains, lethargy, and indigestion to major health problems that can threaten your existence, health can really affect happiness and stress levels. Making a commitment to hacking your health for healthier habits this year can have a far-reaching payoff: you’ll feel better in everything you do.
This is particularly important as it relates to stress. The stress that comes from poor health is significant because when you’re facing a health challenge, it affects so many areas of your life. Daily tasks become more challenging, health expenses can pile up, and your ability to earn a living can even be in jeopardy. And stress itself can exacerbate health issues from the common cold to more serious conditions and diseases, so it really does pay off to maintain healthy stress management habits not only to be able to manage the stress of poor health, but to help avoid it altogether by staying healthier longer. For seven ways to hack your health Click Here and read 7 Ways YOU Can Hack It!