How To Create A Successful Strategic Partnership
How can you grow your business this week? Develop Strategic Partnerships!
A strategic partnership is a beneficial partnership between you and another business owner that expands your reach, knowledge, skillset, and network.
So how do you find the perfect strategic partner for your business?
Here are some of our favorite tips for meeting and securing a genuine and successful partnership:
1. Work with people you know, like, and trust.
This is KEY! It really must be all three when choosing a partnership. You may like a person or even like what they're building, but if you don't trust them then the entire relationship will crumble. Be sure you truly know the person you're shaking hands with, from business to personal life. It will save you hours of pain and paperwork in the end.
2. Work with people serving your target demographic.
From customers to clients, be sure whoever you're partnering with understands and is currently doing business with your target market. For example, if you specialize in teen clothing, you wouldn't want to partner with someone who works in geriatrics. Be sure to study their reach and full audience scope before committing.
3. Be patient.
Truly great partnerships are worth waiting for, and rushing the process could result in catastrophe. Take your time getting to know a potential partner, learn the why behind their business and ensure your visions match up. Good relationships take work! Treat any partnership with care and consideration.
4. Get it in writing.
Great partnerships require great protection. Seal all agreements in writing to avoid messy breakups in the future. Respect yourself enough to protect yourself and your ideas. If a possible partner responds negatively to signing anything in writing, walk away thankful! Partnerships require trust and integrity, so be sure to lead with that expectation.
Do you have an example of a solid strategic partnership in your life? We are always looking to meet and connect with new businesses! Shoot us an email from our contact form to connect with us!