Partnerships are a collaborative effort that offer opportunity for businesses to contribute towards achieving a shared goal. They range in size, purpose, and duration. Just because you’re a small business doesn’t preclude you from entering into these partnerships. In fact, businesses of any size can enter into mutually beneficial partnerships. They just vary based on the goals both parties are trying to achieve.
Its important to temperature check your business, its mission, and goals. By regularly reviewing your business you’re able to see areas of growth potential and Identify what you’re looking for in a partnership. Think about who you want to associate your brand with, what values and expertise are you looking for? During this process, there are three key steps to consider;
- Audit your business – Remembering your business purpose and goal, take a look at your business and think about what its future looks like. Business plans are a helpful tool when reviewing your business. They allow you to look back on your plan and think about how you can take your business to the next level. Ask yourself, through partnerships how can you leverage other business expertise to achieve your goal whilst providing a mutual benefit? What’s your preferred time frame for a partnership?
- Identify your businesses existing strengths and weaknesses – What does your business do well in, how can you use this to provide value to in a partnership and where can others support you to build in areas of weakness? Everyone has strengths and weaknesses, businesses included. By identifying areas, you can improve, you become aware of the expertise to look for in a partnership.
- Research – Create a prospect list of businesses that you would like to partner with and identify the ones that offer high value in a partnership. Knowing the strengths of your potential partners allows you to determine what businesses you want to establish a partnership with. Look at who does what well and how can that benefit your business?
Affiliating your business with like-minded entrepreneurs opens up opportunity for accelerated growth. Evaluating partnership options is a conscious and thought-provoking process. Allow yourself to identify, prepare and welcome your businesses growth and development.
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