Why is it important and beneficial to your business to establish business partnerships?

If you strategically align your business with good partners, you are providing your own business with the opportunity to grow, improve and widen your reach—especially if you are a small business with a limited number of contacts.

Contacts are incredibly important assets for any sort of business owner, both big and small. Knowing people open up your business to new streams of possibilities that can help to improve and grow your fledgling company.

People (contacts) are the gatekeepers to most everything a business owner wants access to new, untapped markets, new products, and more access to the competition. Everyone knows someone who knows someone, so why don’t you partner your business up with one belonging to someone who knows a lot of people.

In a partnership, both sides must benefit, which is why you need to strategically research, vet and select your potential business partners. For example, if you are clothing designer who wants to get your clothes noticed by the public, you probably want to partner with a modeling agency that wants a stylist for some photo opportunities.

In this situation, both partners win. The clothing designer gets the exposure they longed for, and the modeling agency got the content they needed. Both businesses will grow from and benefit because of the mutual partnership, as each partner gave the other a resource they did not previously have access to.

Especially in the cases of small businesses, it is more than likely your business has some points of weakness that need to be evaluated and ultimately strengthened. Therefore, you want to strategically and intentionally partner with another business whose weaknesses are your strengths, and whose strengths are your personal weaknesses. This way, you each get a lot of value out of working together, and you each get to tap into each other’s network of people.

Moreover, partnerships hold people accountable. When you both have skin in the game, you want to come through and fulfill expectations, produce deliverables, and maintain and beneficial working relationship.

If you are just starting out your new business or even if you have a well-established one, you should always look for ways to partner with others. If you pick a good partner, you can feel good about supporting a peer while watching your own business flourish and grow.

Do you need help finding the perfect partners for your business? Drop us a line at connect@vessconsultinggroup.com, we’d love to help!