Think Apple & IBM, or Spotify & Uber. These are strategic partnerships that exemplify business synergy. While these brands were giants in their own spheres, their association opened up new markets, offered them competitive advantages in their current ones and benefit from each other's positive brand image.Business partnerships can be excellent relationships wherein two separate businesses come together to achieve more than either could have while operating solo. The key to this kind of a successful partnership lies in finding the right partner. So what makes for a good partner? In this blog, I will discuss some of the most important elements of a good partnership.
An ideal business partner will not only help you to achieve your goals but will also push you to reach for more than you ever thought possible. More than that, a good partner will work with you every step of the way and will take on equal responsibilities that complement your own. To make a partnership work, however, it’s important to lay out ground rules so that each partner knows what's expected, and so that everybody is clear on the objectives of the relationship.
Find a Partner that Brings Out the Best in You
There are many different types of relationships in life, but they all serve a similar purpose: bringing people together to accomplish more than what a single person could do alone. A business relationship is no different, which is why it’s essential that your business partnership agreement creates an entity that’s more successful than the sum of its parts.
This is what people in the business world typically call synergy, and when it comes to business partnerships, the key to synergistic relationships is finding a potential partner that shares similar goals with you, but who complements your strengths and weaknesses.
Do Business only with a Partner you Trust
Before you bind yourself (and your company) into a partnership, make sure it is someone you can trust. Read and understand your partnership documents before you sign them. It’s important for business partners to have clear partnership agreements. Be sure to conduct background checks and call personal references, if required.
Choose a Partner that Makes Your Best Even Better
Another thing to look for when seeking out a potential business partner is looking for somebody who can push you out of your comfort zone so that you can achieve more. A good business partner doesn’t just sit by and allow for the status quo to stand; rather, a good partner will challenge you to set loftier goals, encourage you to reach for bigger dreams, and support you as you work towards your accomplishments.
Establishing Ground Rules
One of the most important considerations when starting a partnership is creating a partnership business structure that lays out the responsibilities and financial obligations of both parties. Like any relationship, a business partnership hinges on mutual goals, respect, and hard work, so it’s important that both parties carry their weight.
The only way to ensure that happens is by laying out ground rules, and that everybody knows what's expected, what they must contribute, the financial terms of the partnership, what happens if the terms aren't met, and how difficulties should be handled. Any business partnership has advantages and disadvantages, but knowing your responsibilities and how to address problems will ensure that nothing derails the opportunity.
As a small marketing agency owner, some of your best business partnerships could be with others in the same field that can complement your skills. An alliance with another digital marketing company, for instance, could be an excellent way for you to expand your current service offering to provide your clients with more robust digital marketing strategies, help you land new customers, and allow you to attract larger clients who are looking for a full-service firm.
Working with a digital marketing agency is similar to a business partnership in that both parties will work toward similar goals, both offer complementary services, and both specialize in different aspects of the same industry. When you enter into a strategic relationship with another digital marketing agency, you end up with happier clients, more business, and greater opportunities.
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