28 Feb 2020, 10:30 — 4 min read
The disruption brought in by digital technologies is expected to accelerate in the coming years. Small business owners can either take advantage of this opportunity to transform their business or lag behind in the race. For those who choose the former, they can either do this on their own or seek strategic partnerships.
Strategic partnerships are defined as collaborative efforts between two parties working together for a mutual benefit. These can take many forms but usually, these relationships are built on having complementary offerings.
Building this ecosystem and learning how to collaborate with other businesses and professionals alike unlocks new opportunities and areas for growth. Sounds exciting? Or you might have questions popping up such as: Where can I find a partner? How do I know if they are the right match? Do I really need one? Do not fret, here are some tips:
Also read: It's a match: How to find the right business partner
It is important to identify your business’ needs first. You can ask the following questions to yourself:
You need to understand your goals as this will be helpful in communicating your plan with your prospects.
This is where the power of networking comes into play. Look into your local and digital network. Look for those who run complementary businesses, even those in different industries. Who knows what idea you might come up with!
Once you have found a potential partner, it is best to be direct with your objectives while noting key points on how you both can benefit. It is also important to be upfront with your limitations. If you’re looking for a long-term business partner, you should also evaluate and gauge if you share the same vision. When you have a different vision, this can bring trouble to your business as both of you have a different direction towards the future of your venture. Being aligned with your business partner can save you from headaches in the long run!
Aligning your business with the right partners will allow you to grow not only your business, but also your network - unlocking new and great opportunities.
All this sounds exciting but before locking into a partnership, make sure that the dynamics are right for both of you. How will you know? Consider answering the following questions:
Finding the right partners and reaching an agreement may take some time but it will surely be worth it. Aligning your business with partners, complementary businesses and even professionals will definitely allow you to grow not only your business, but also your network - unlocking new and great opportunities.
Image source: shutterstock.com
Recommended articles for you
By Shiv Joshi
By Varun Bhagat
21 Jun 2020, 09:30
13 Mar 2020, 12:00