How to succeed in business partnership

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Knowing how to choose a business partner is a key factor in making any growing company successful. A partner can let you leverage their brand to give you more exposure. They could help you win business by offering services that you can’t, while you build out those competencies on your own team. When it works well, a partnership can be just what you need to speed up the growth of your business.

The partnership between a language center and an international business school is a good example of a partnership with mutual benefits. We helped one of our clients to collaborate with a top business school in Singapore to help students reach the necessary languages proficiency for entering the programs. This gave our clients the opportunity of being the leader of the local market. It also allows them to deliver a better experience to their online customers. In return, business school got the benefits of increasing their students’ population.

Partnerships are about getting to market fast, accessing talent and resources as an alternative to an aggressive hiring process. Here are few steps in developing successful partnerships:

  1. Finding the right partner is the same as finding new talents. You’ll be working closely together, so it’s important to have a good connection.
  2. Establishing clear objectives give you benchmarks for measuring a project’s success. Understand what you want to get out of a partnership, and have a solid grasp of your partner’s goals. This will make sure that everyone is aligned on the same vision.
  3. Seeking partners who are experts in a particular area will free you up to focus on your core competencies.
  4. Understanding what makes your business unique will help you negotiate the terms of any agreement. It also helps to determine when you should work with a partner or do the work in-house.
  5. Asking a local firm to look for businesses partner with an established track record.
  6. Communicating frequently to talk through any problems.

These steps will keep confidence levels high on both sides, and means you can deal with any unexpected issues or changes swiftly. You are looking at entering a new market and you need a partner? Contact us for more details on our Business Partnership service.