Reaping the rewards of a successful business venture sometimes means collaborating with other business leaders or forming a partnership that promises big dividends. Indeed, businesses that do this often benefit from increased employee skill sets and resources that weren’t previously accessible.
However, companies looking to form lasting alliances must first consider several key factors. After all, business relationships can be fragile and require the right combination of strategy, vision, and leadership compatibility to ensure success. Here are three winning strategies for forging effective business partnerships.
1. Seek Partnerships with Mutual Core Values
Finding the right business partner will be crucial for the success of your venture. When considering such an associate, you want to find a company or individual that reflects or complements your company’s core values. Operating with the same set of principles and/or company standards will make for more fluid communication in the boardroom. You will be discussing products, all facets of manufacturing, and the overall business model.
Your goal should be to find a partner that you can grow with and who shares your vision. Forging a business partnership with a company whose leader brings a different perspective or set of skills to the table also gives you an opportunity for discussions that can lead to positive change or more efficient productivity.
Communication is imperative for a business partnership to thrive. In that vein, be open and honest about your expectations and what you hope the partnership will accomplish. Additionally, make sure you have a demo of your product or service so that your potential partner can see it in action.
2. Merge with Winning Teams
When considering teaming up with another entity, be aware of what a company can offer you in terms of employee skills or services. Bigger isn’t always better, and sometimes larger companies may not be the best fit for your brand. Decide what you want to accomplish, whether it’s manufacturing a new patented product or providing additional services that your customers will appreciate.
Additionally, do your research and discover what a partnership can offer you in terms of productivity before scheduling a first meeting. Of course, you’ll want to explore options with more than one company. When meeting with a potential new partner, take notes of important information, which will allow you to make a more informed decision.
Furthermore, effective business leaders know how to recognize opportunities with grand potential. Case in point: As a global executive, East West Bank Chairman and CEO Dominic Ng regularly interacts with business leaders and other key stakeholders to build strong relationships at the local, national, and international levels.
3. Develop Your Business Model Together
Celebrate Your Success and Grow Together
Forming a strong alliance with a business partner that shares your goals is just the beginning. From there, you’ll want to nurture the relationship and celebrate any and all milestones together. Make sure you communicate regularly and provide meaningful feedback. Plan joint events or projects that highlight your partnership’s mission or brand and enjoy the journey together as you build a prosperous and coveted relationship.
