Having an ally on your side in the form of a strategic partner will benefit your company. It’s absolutely important to decipher who can be the right partners for you, lest you make a mistake which could cost you lots, and may ruin your business.
The business world is treacherous and you have to be wise how you choose your partners. If you get the right strategic partnership or an alliance will give you a competitive advantage and an opportunity to access a broader range of resources and expertise.
There are a few things you should consider before choosing a right partner, which we will be talking about.
- How Long you have Known them
A business partnership is like marriage. You need to have known your partner for quite some time (at least a year) before getting into business with him/her. Within this time, you must have studied them enough to know if you can be in business with them. Study their strengths and weaknesses to know if they compliment you.
- Be Sure, they Compliment you
Choose a partner who has what you don’t have so you people can be a whole full body. Someone who fills in your gaps. If you’re an introvert, find a partner who is an extrovert and vice versa. Getting someone who has the same strengths as you, will only end up with the same mindset and approach.
- What your guts tell you
Choose right partners whom you like and trust. Before choosing a partner, it’s good to go with your guts. Trust your guts. If you don’t like them or feel they can’t make a great partner then don’t go on with it.
- Get on the same page up front.
Form partnerships that are long term and a win-win too. Discuss the terms of the partnership with your partner and clarify whatever needs to be clarified. Also, make sure you discuss the core values of the business.
- Your Partner Should be Better than you
When it comes to partnerships, the mathematical ideology of one plus one equals two, doesn’t play well. One plus one has to equal three. That’s where synergy comes in. There must be synergy. A partnership must be more than the sum of its parts; otherwise, you’d just as well outsource different parts of your business.
To achieve unprecedented feats in business, sustainable partnerships must be built by choosing the right partners. A majority of successful businesses are built on partnerships. Sony Electronics partnered with Ericson to come forth with a magnificent cell phone known as SonyEricson.
Don’t feel threatened by your partner’s skill. Get past that to achieve a grander vision. “The Father of Advertising”, David Ogilvy said you should hire people smarter than you.
I hope this piece will encourage you to establish substantial partnerships. Remember your skill plus your partner’s skills will always put your business on a competitive edge.