We Have Partnered Up with APOGEE: Why Are Business Partnerships Important?

RLTP Accountants are proud to have recently partnered up with R&D tax credits provider, APOGEE. With no lock-in contracts and a 100% success rate, APOGEE can always be counted upon to liaise with the HMRC on your behalf, allowing you to focus more of your time on your ever growing, developing business.

In conjunction with the accountancy services we have available here at RLTP Accountants, you’ll have a solid strategy in place for managing your finances, including your tax credits. Partnerships in business are an important development, especially if you own a small or startup company. So why, exactly, should you build a business partnership?

The importance of business partnerships

There are several benefits associated with business partnerships and they all involve ensuring the success and growth of your business, regardless of the industry you’re in. Here at RLTP Accountants, we’re already experiencing improvements but it also helps to enhance the services our clients receive.

We pride ourselves on providing first-class customer service, always to a highly-professional standard, and our partnership with APOGEE will only improve this further for our clients. Here’s why you should consider a business partnership:

They give you a strategic advantage

Trust and loyalty are common characteristics of a business partnership and this carries through into the customer service you offer. Often, the success of any company lies with the conversion of new customers into loyal ones and a business partnership will only help to enhance their trust in you.

If trust in your brand is acquired, then a customer is far more likely to express an interest in the services you provide and products you offer and partnership with another business who also has a solid reputation will play an integral part in improving customer/company relationships. 

You might find that a business partnership gives you the edge over your competitors, especially if you know that they aren’t in a partnership with another company themselves. Essentially, undertaking a business partnership should be considered a strategic move to set you apart from the crowd.

You’ll see an increase in customer base

As a result of increased trust and loyalty from customers, you’ll likely see an increase in your customer or client base. Partnerships in business are essential if you’re looking to increase the number of customers you get and also retain them. As already touched upon, trust is imperative and it can be gained by partnering up with another successful company. 

According to a study, 90% of customers believe that the most important aspect of customer service is the satisfying resolution of an issue they have. If you have another professional company working alongside you, then this side of customer service becomes far easier and less stressful. 

Even if you rarely receive complaints, it can be difficult to deal with when one does come along. By having another expert alongside you, you can ask for advice on how to effectively deal with the problem and ensure customers always leave happy and satisfied. 

This way, they know that if a problem arises again, they’ll be dealt with in a respectful manner and offered a resolution that suits them. This then helps to retain your customer base as they’ll be far more likely to return, even after a complaint has been made.

Customer lifetime value will improve

According to Semrush, 76% of businesses are in agreement that customer lifetime value is a highly-important concept within their organisation. As already discussed, good customer service is paramount and with the integration of effective customer relationship management, you’ll be able to:

  • Easily manage your customer database
  • Deliver excellent customer service in a timely, professional manner
  • Improve and ensure the lifetime and value of your company 

This is far easier to achieve when you undertake a business partnership, especially if the company you’re collaborating with holds the same values. It helps to spread the word about your business and the products and/or services you offer. As such, you’ll generate more of a presence both online and in real life. Exposure is an important part of generating leads and improving customer lifetime value.

It helps to generate stable, healthy revenue

According to Bain, companies who provide excellent customer service will generate a revenue that’s, on average, around 4%-8% higher when compared to their competitors or those who operate in the same industry. 

Seeing as business partnerships help immensely when it comes to delivering professional customer service they also, in turn, help to generate higher-than-average revenue for companies who might have otherwise been struggling to improve those numbers. If your revenue increases, it allows you to focus on other parts of your business, such as:

  • Relocating offices
  • Upsizing or downsizing your office
  • Take on more staff
  • Reduce staff numbers
  • Invest in marketing services
  • Delivering exceptional customer service
  • Building a solid relationship with your business partner

RLTP Accountants are pleased to provide clients throughout Derby, Nottingham Leicester and the surrounding areas with outstanding accounting services that’ll allow you more time to focus on what it is you do best. As well as self-assessment tax returns, company formations, cloud accounting and payroll services, we’re pleased to offer auto enrolment and bookkeeping services, together with budgeting and forecasting services. For more information about how we can help your business today, regardless of the industry you work in, get in touch with a member of our highly-qualified team – we’re always happy to hear from you.