As a business owner, you have probably spent a lot of money in marketing campaigns to grow your brand and your business. Do you have the feeling that there is just something missing that is preventing you from getting the exposure you need and the competitive advantage you deserve? Have you ever considered seeking another business to form a partnership?
The key is to find another business that does things you cannot do to combine your strengths to create something very unique and valuable. Let’s look at some important 3 considerations in selecting business partners to give a competitive advantage over time:
The Alignment of Business Values
One of the first things to look for in choosing a business partner is the alignment of core values. What values seem to be the most important? Are there values the business is unwilling to change, even when under pressure?
Different businesses can value different things. Some important values include things like honesty and integrity. In other situations, there may be more focus on treating others with respect or customer service. Still others may tend to focus more on innovation or creativity. If your values are totally out of line with a potential partner, then maybe that should be seen as a sign to not move forward.
Consider How The Partnership Will Compliment Skills
One very important lesson to learn in seeking a business partner is that it is not always necessary to seek a partner business that is good at the same things as you. You must first clearly define the reason you wish to enter a business partnership. Are you simply looking for new products or new markets? Is your search based mainly on financial considerations?
Once the reason is clearly defined, you must determine what you lack in terms of achieving your objective. If you have very strong business skills, you may seek a business that is technically strong. If you feel that you are a creative genius, you may seek a partner that has very strong organizational and ope rational skills. For a partnership to obtain a competitive advantage over time, it must be designed to take the maximum advantage of the combined skills of both partners.
Consider The Benefits Of The Partnership
It is very strange how some businesses enter into partnerships without having a clear understanding of the benefits to both partners. If the partnership is to work for the long term, it is critical that both businesses experience benefits. Negotiations must be open and honest about why a partnership is being pursued and what each business stands to gain by joining forces. If you or a prospective partner seem obscure about why you are seeking a partnership, it may just be impossible that one can be formed on the right foundation.
There are very good business reasons to seek and create business partnerships. The combined resources, skills or assets can certainly be a driving force in business development and gaining a competitive advantage in the marketplace. Trust must be the core foundation, because without it everything else about the partnership will be very difficult.
When you are ready to find business partners to expand your business, we’re here to help. We have 30 years of experience in sales, marketing, strategic alliances, and management. For more information, browse our website, review our blog, and then contact us.