How to Partner with Other Companies

The partnership is a way to make the business world more profitable and less predatory among entrepreneurs because there is nothing better than a successful partnership! So it is not by chance that it is one of the oldest trading strategies. In a mature and transparent way, when both sides clarify their needs, intentions, and promises, they end up giving and doing more. But if a balance is not maintained, the relationship between giving and receiving does not work and partnership instead of generating gains creates conflicts. Do not take risks. Learn how to establish successful partnerships.

A partnership is the gathering of individuals to a certain end with common interest. But for it to be successful, it must be thought and rethought before any approach with the other party is initiated. This is so that there is a balance between what is given and what is received. And even after defining partners, your company must be able to keep partnerships healthy and happy for the success of the business (and the business of the other party). For this, it is essential to have at your side a series of trusted partners and experienced professionals to ensure a job that meets your goals. In addition to ensuring productivity within the company, with successful partnerships is better able to offer the best to its customers.

1. Get ready to lose some control

If you are used to controlling the fate of your company yourself, prepare to lose some domain and be vulnerable to potential partner failures. Also prepare to share knowledge, including information about your own weaknesses. This situation can make you comfortable, but there is no other way to ensure a successful partnership.

2. Understand your strengths and weaknesses

Before establishing any partnership, you must take into account everything your company brings to the partnership and how you can help the partner. Well, the easiest way to perceive it is by conducting a SWOT analysis (where you will align your strengths, weaknesses, opportunities, and threats). Then evaluate the areas where your company can help your partner, as well as the areas where your business needs help.

3. Set your goals

Do not establish partnerships without first determining their objectives. Sell more? Promote your brand? Advertising your services? Raise leads? Conquer more customers? Analyze what is the result you want to achieve with the partnership (s) and from there listing all possible partners who can help achieve those goals with a fair, clear exchange.

4. Select the right partner

Look for individuals or companies that have strengths where your business has weaknesses. And vice versa. This type of partnership has everything to go right. For example, if you have an excellent product but few sales, look for a company with big sales and a medium or bad product. Then assess your willingness and willingness to partner with the other party. If it's feasible, fine. Otherwise, you have to hit the other door.

5. Know your potential partner well

Before establishing a partnership with a person or company, you should thoroughly investigate it: customers, employees, products/services, etc. See if the partner is really interested in joining your company because the enthusiasm of both parties is already halfway to success. The rest of the course can be ensured if you obtain in advance some information to ensure that the partner is indeed committed and will not miss with your word.

If you do not have any partners in sight, make a list of the names of all the people/companies that are part of your universe and who can help you reach your strategic objectives with the partnership. And do not make the mistake of just looking at your own belly button, you'll also have to assess how your company can help achieve the partners' goals. Only in a giving and receiving process does a partnership work.

6. Build an action plan

Once you have the idea of a partnership drawn up, build a plan of action to deal with this and other opportunities that may arise. If it is a formal partnership, you will need a contract, for example, but if the partnership is informal, it is enough a partnership protocol or a written sketch describing in some detail the actions of the activity or the assumptions underlying the partnership, as well as expectations and responsibility of each partner.

7. Fulfill the promise

Once the partner has been chosen, both should make clear their real needs and make the respective promises of what they can deliver as a counterpart. In other words, both should honor their word. There is nothing more demotivating in a partnership than failing to deliver.

8. Seek similarities

It is not that the difference is not interesting or profitable, but in a partnership, if you have the support of a company that shares the same ideas as yours, the process will be easier. In fact, there are fundamental issues that need to be in harmony during a partnership so that conflicts and disagreements do not arise. With shared goals and values, the rest of the processes are much more peaceful and harmonious.

9. Period of experience

If you are not 100% convinced that the partnership will work, you can propose to the partner a trial period, after which you will meet for an evaluation and, if necessary, some adjustments.

10. Make first

Once the agreement is sealed, take the initiative. Do not wait for your partner to be the first to comply. Do your part now! Show spirit of initiative. And then, if your partner cannot match you, use that experience in your favor: from now on you will have to improve your planning, you will have to improve the choice of partners and better see who in fact gives more guarantees of not miss his word.

11. Share control with partner

In a partnership, activity control must be shared: neither party should centralize power. Therefore, agree with your partner on the actions that will influence both and - if necessary - give up control you have in some areas of the business and show interest in areas of your partner that will be under your control. By sharing responsibility, you divide the work and power the gains.

12. Go beyond your commitments

The best partnerships require trust between partners. But that already knows. What you may not know is that your confidence level will increase if you can offer a little more than you initially promised. And so, your partner will also deliver your services with the best quality possible.

13. Be patient.

If the partnership is slow to reveal results or triggers a problem, do not react with anger or frustration. Keep calm, patience and faith in the project at least until you are absolutely sure it will not work.

Avoid taking any action that goes against your partner's advice. A partnership is a learning process, too. It takes a lot of readiness to learn and teach. Exchange of experiences is very important for both parties to partner with the necessary information and, over time, remember that your business may have a particular pace of business or procedures that are not necessarily those that your partner has. You will have to go through a period of adaptation so that you both come in at the same pace.

14. Monitor the partnership

You will have to constantly evaluate the results of a partnership. Many partnerships end up out of lack of communication and not because they are effectively ineffective. Strive to have continuous communication so that both parties monitor the relationship and are able to resolve challenges in a timely manner. And do your own analysis. Do not leave this registration just for your partner. Comparing your results with those of your partner increases the chance of finding problems and avoiding conflicts. The idea is that the process is always balanced and transparent. If the benefits bear the same weight for all sides involved, the better.

15. Restore

When you have completed the established partnership period, you should meet with your partner and reassess needs and commitments. If everything goes well, establish a new cycle with new goals.

Following these tips is able to establish strong and confident partnerships that can generate gains for both parties in a short time.

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