Do you understand the power of partnerships?

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Today partnerships can now be anywhere in the world

 

Who is going to help you grow your business?

There are two types of partnerships

  1. A person who comes into the business and takes equity. This type of partnership is not necessarily good for the business in the longer haul. While the new partner may have all the resources and complementary skills that you want and you are both very excited about the potential, time could see you drift apart. An added complication is when spouses come on the scene.
  2. An external organisation who will work with and help your business to mutual advantage. These are the types of partnerships that you want and there may be a number of them. As an organisation, they can, or should add to your credibility as well as give you access to resources and expertise you need.

Creating key partnerships, particularly in the early stages of building your business, or non-profit, can take years of the time it takes to reach your vision.

With the rise in globalisation and the exponential growth of cloud computing, mobility and information technology, many are finding it difficult to compete in isolation. Running a business is never easy, especially when the market is constantly changing.

It has become increasingly difficult to find ways for a business to stand out from the crowd and move forward in a more sustainable way. However, one answer to making a real difference lies in creating a small number of relevant partnerships.

Partnerships are now being developed every day with small-medium business and making a real difference to their future prospects along with those of the community they live and work in as they turn stale businesses to create the lifestyle they are seeking.

Start by taking a fresh look at the sort of partnerships that could be of great value to you and your business:

  • To lift your use of the new technologies.
  • To help you with innovation and new product development.
  • To improve your marketing effort.
  • To improve your working capital.
  • To have access to
  • To establish a distribution system for your products and services
  • To improve community services and build a better community to live in.

 

“Choose your partnerships carefully; too many strong personalities and your vision could eventually clash”. Peter Sergeant

 

There are any number of ways a good partnership can support your aspirations and improve your business outlook. But, don’t rush in you need to approach each partnership with clear communication, as managing these relationships can create additional complexities for your business.

It is a good idea to start with simple things that can immediately decrease your workload and costs. Partnerships that you can learn the process with and if they don’t work out you won’t have lost much. Things such as:

  • Secretarial
  • Telephone answering.
  • Computer services.
  • Writing your content. 

Are you ready for a partnership

Having partnerships presents a complex mix of interpersonal and business issues and both need to be addressed for it to work.  It’s a big step and should be given serious and prudent consideration before finalising.

A partnership is a big deal and should not to be entered into lightly. Partners need to share the same vision and values for the business, as you do.

When you’re contemplating a new business, it starts off seeming easy and totally within your capabilities. You get so excited you’re already envisioning where your offices will be located and brainstorming new products and services.

But when it comes time to present to potential partners, that’s when your dreams seem to sour. This is because many don’t stop to fully flesh out a credible go-to-market strategy, or get the business ‘Investor Ready’, which will be important to good potential partners.

 

[read more=”Personal Experience” less=”Personal Experience”]

Personal Experience:

Over the years many people have told me that I was ten years ahead of my time. Well, perhaps I was because I was always looking for a technology partnership ever since I saw one of the first IBM PC to come to Australia. I remember saying it would change the way small businesses were run, and it did.

The problem I had was that the information technology was either inadequate for small-medium businesses or it was away to expensive for me. It is a different story today with the advent of cloud computing and software being priced appropriately for small-medium businesses. We can communicate and work well with anyone in the world.

I often talk with businesses about partnerships as a way to stop their struggles with work overload and lack of real profitable growth.  This has given me a very clear understanding of why more small-medium businesses don’t do more outsourcing.

In most cases, they simply have a low belief level that it will impact their businesses in a positive way if they do it right. Unfortunately, many have a high belief level that they will be ripped-off, or they will lose control of their businesses. Others simply have no idea what to do and where to start.

Many years ago I received three pieces of good advice about how to make a business successful. They were:

  1. Partnerships
  2. Partnerships
  3. Partnerships

[/read]

 

 

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