Strategic Partnerships for Small Business

One of the biggest strengths that small and medium-sized businesses have over their larger corporate competitors is the ability to engage with the local community in truly authentic and personalized ways. This is commonly exemplified quite clearly through the relationships you build with customers and clients.

However, an alternative opportunity for community engagement — both incredibly powerful and frequently overlooked — exists in the form of other local organizations. Regardless of where you live, you are undoubtedly surrounded by other small business owners just like you, who are also striving to compete in today’s marketplace. Here are just a few examples of organizations who you should be reaching out to:

Gyms and Other Subscription-Based Organizations.
In October of 2015, review aggregator Glassdoor published a study containing the following (and now hugely influential) statistic: four out of every five employees would prefer more perks over a moderate raise. In other words, offering employees a couple of fifty-dollar per month subscription services might be a better HR strategy than a thousand dollar annual raise! Moreover, by forming a strategic partnership with organizations such as gyms, movie theatres, local publications, etc. you can likely negotiate a significantly cheaper corporate subscription rate for these services.

Most business owners strive to have a positive impact on the world through their work — and partnering with a charity is a great way of ensuring that this happens. Beyond the morale boost that this strategy can offer you personally, remember that supporting a charity is also a great way of garnering tax breaks and generating positive publicity. It is truly a win-win!

Restaurants and Retail Stores.
Negotiating an employee discount with these types of organizations can be mutually beneficial. You enjoy the advantage of offering your employees discounts that apply to their daily lives, while your partners can take advantage of increased traffic and sales. To enhance the effect even further, you can opt to promote each other on social media, thus generating loads of easily-shareable content!

For more useful stats, facts, and strategies for improving employee satisfaction visit the Precise Payroll HR Support page today!

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