A strategic partnership is a mutual agreement between two or more businesses to achieve a favourable result. In this growing world, businesses cannot afford to sit back and wait for opportunities to spring up; they need to attract these opportunities.
Building a strategic partnership is one way to position a brand for growth. However, many businesses still fail to develop these partnerships because of one reason or the other. Is there a right way to build real partnerships to boost your business growth?
We share a six-step process on how to do that.
- Do Your Research About the Partner
Find out all you can about your potential partner. Knowing about the company you intend to collaborate with will give you an idea of their brand’s goals and values. Also, this will give you insight into what to expect from them in the long run.
- Establish A Common Objective
Decide on your goals. What do you hope to get out of the relationship? Clarify your objectives before forging new partnerships.
- Make Sure There is an Agreement
Once you have decided on your goals, seek to establish a common ground with your partners. Ensure you both have a mutual agreement on the relevant aspects of your business. Have the agreement in writing.
- State Your Unique Selling Proposition
Defining what makes you unique as a brand is just as important as your brand’s goals and interests. By stating your unique selling proposition, you stand out amongst other brands.
- Find Out If Their Strengths Complement Yours
A partnership should be beneficial to both parties. If you have a weakness, your prospective business partner should be able to fill in the gap. Your business should do the same too.
6. Maintain the Relationship
Some businesses often forget to sustain strategic partnerships. When business relationships are maintained over a long period, you build trust and respect among partners as you continue to expand.
Why Building Strategic Partnerships Matter
No matter how talented you are as an entrepreneur, forging partnerships gives you a competitive advantage. You need to nurture them by establishing your business’ objectives, sharing what makes you stand out, and ensuring you find the right fit for your business. Sustaining the relationships between partners can also boost your growth. So, it is a win-win collaboration for everyone.
