Alone we can do little; together, we can do much: this famous quote from Hellen Keller emphasizes how working together helps each of us. Partnerships are an excellent way to propel the business. Knowledge, skill set, funding, and perspectives multiply when companies are run through partnerships. A strategic partnership could be based on sharing investments to partnering on knowledge and ideas. A good partnership, whether between two or more businesses or partners in one business, will always be based on trust and respect for one another.
Partnering with people or organizations with a shared vision and an aligned way of thinking can lead to strong ties and several advantages to the business. A strategic partnership is built to access knowledge and get a competitive edge.
A business partner should be one who you genuinely like on a personal level. If there is a personality clash, then the partnership cannot sustain. A partner with the same values but complementary skill sets would be the best match. A good partnership will be based on:
a) A shared vision and goal
b) Mutual hard work and skill alignment
c) Open communication and mutual respect
d) Effective conflict resolution
Find Common Ground
For a good business partnership, a value match must be found. The fundamental values need to be aligned. Mutual trust is required for the partners to grow together, which can be built when the fundamental values and thought patterns align. A partnership will thrive when working towards a shared vision, founded on trust and alignment of value.
Consider their Reputation
The most important thing before plunging into a partnership is to scrutinize your prospective partner's reputation. Since, when you join hands, your brand equity will merge with your partner's, it is crucial to ascertain the background. You need to check the person's credentials through social media pages or even look closely at their clientele.
Scan Your Network
To find a great match in the form of a partner, it is best to revisit your network for a referral. Your network can provide great suggestions and references. Your network is the primary source of reaching out to prospective partners. You can also receive great ideas and tips about partnerships from the people in your network.
Partnering with Established Businesses
Again, you must decide whether you want to partner with an established player or a startup. It entirely depends on your short and long-term goals. In any case, the shared vision should be well-defined. Being able to partner with an established business may require more effort but will strategically prove to be beneficial. On the other hand, partnering with a startup will infuse fresh ideas, energy, and contemporary thinking.
Local Meetups
As an entrepreneur, you must attend many local events, meetings, or seminars. It's a good idea to keep networking at such events to find prospective partners. Personal interactions will lead to more understanding of personality types and help you strike a stronger bond with your prospective partners.
Online Professional Networks
To remain connected through online professional networks is very helpful. It opens vast avenues for networking on a global scale. Apart from getting new insights, online platforms also provide an opportunity to find partners who can be a good match. Through online platforms, you can track history, converse, and expand your network to reach a large number of prospective partners. During the pandemic, online networks have proved to be extremely beneficial in forging partnerships and building professional relationships.
Who Not to Pick as a Partner
A partnership going kaput is the most dreaded and frustrating experience. It's a complete time and energy drainer. Therefore, much attention needs to be paid to who not to pick as a partner. First and foremost is personal and financial credibility. The organization or the person you want to partner with should stand in a good place. The track record needs to be viable financially too. Indeed, you do not wish to partner with someone with extreme financial liabilities. A sound financial background is a must before plunging into a partnership.
End Thoughts
Personal friendships or likings should not be the sole factor in selecting a partner. Your business will succeed only when the partner adds value and requisite skills. To be avoided entirely are the people with inappropriate communication skills, poor business ethics, legal or emotionally tangled, and even those with low emotional intelligence.
