SmallBiz Strategic Partners
Creating a Match Made in Heaven
Strategic Partnerships for Small Business
Cohesive business partnerships typically don’t happen in a day, but itdoes not mean they’re not attainable. Small businesses are doing their homework when it comes to teaming up with other businesses. They are looking for mutually beneficial relationships that can open up additional opportunities and leverage which may not otherwise be available.So how are they doing it you ask? For starters they are considering these 3 core principles.
They understand each partner has to be trustworthy and have an equal share in the decision-making
In any form of partnership, trust plays a critical role. Trust is vital to the foundation of the relationship. A trustworthy and committed small business understands the value of each partner’s input and decision making abilities.They know trust keepsthe strategic partnership relationship in a healthy state with everyone working from a place of strength.
They understand with each business working on new ideas and innovations allow the team to leverage strengths to support a larger or comprehensive strategy.
Business compatibility can set the tone of the relationship. Determine compatibility by asking “Is my corporate culture and vision similar to that of my potential partner? Is there a firm understanding of the business risk?”Good business synergystrengthens the quality of products, services and the ability to respond to the demands of given opportunities.
They acknowledge each other’s strengths and weaknesses to create client focused solutions.
Last but not the least, having complimentary skills in a strategic partnership can give new life to both businesses. When business skillsets are combined, the task of accomplishing goals becomes less frightening and more attainable. They use leverage by entering multiple business partnerships to either intro or permeate a market. It’s a great way to share in the risk.
So as you finish out this year with a bang, consider your long-term strategic partnership goals and how you could possibly expand your capacity. For the right team member, it’s worth evaluation.