Business Partner Strategy
How a successful Business Partner Strategy works
We know that business partner strategy is vital for opening up new revenue streams. For expanding your business and for selling more services and products. We also need to understand, why managing a successful business partner is critical to your success.
You will need to choose your business partners well. A successful business partner will work with, and for you. In the same way, you will help to drive their business forward as well. You have to create a shared vision and mission. You define this together; you have to understand and be able to explain your companies vision. Having this mission statement in place is critical for both partners to succeed. Make sure you take the time to discuss this mission statement early to allow both companies to align.
Agreeing Partner Needs
Ensure that the agreement meets each partner’s needs. You will need to ensure your anticipated outcomes are clear and concise. In some cases, it may be capital raising, others more revenue or more customers. Whatever the reasoning for the partnership, make sure each party knows what to expect. It is vital to identify and utilise the strengths of each partner. This could be reputation, market share or the skills of individuals within the respective partners. Using these strengths will enable the motivation and the energy to ensure long term success.
While we address the strengths of the partnership. We should not ignore the limitations and problems that could arise. This is why business partner strategy is so important. These need to be identified early. A clear dialogue should be put in place. Seek help from non-traditional partners ( Business consultants, Financial Analysts ). Ensure the partnership goals are reviewed to ensure that any frustrations and disappointment are handled early on. Remember that the partnership focuses on cooperation and collaboration. Each partner hopes that the benefits from the partners will be greater than those from individual efforts.
In Conclusion
A way to ensure this is in place. Is to define the tasks that each partner is performing. This partner role definition is crucial and the management even more so. Let your partner do the same from their side to ensure you are all aligned. Barefoot MS Ltd can help you define your strategy and manage your early engagement. Call us today for an appointment to discuss your business partner strategy.