Strategic Partnering: Stay Ahead of the Curve

Strategic Partnering: Stay Ahead of the Curve

June 11, 2012

No single company can do it all. We each have our ‘niche’ and areas where we can use some help, or need to source out. If you’re looking to increase your exposure, broaden your scope and open yourself to new markets: consider strategic partnering. If done right, partnering up can be the tool you were looking for to get fresh and stay ahead of the curve.

 


 

The How and What

Strategic partnering means exactly what it says—carefully and intelligently forming alliances with other businesses in order to assist one another in achieving common goals. It almost always involves sharing resources, and necessitates a mutually beneficial relationship—to be successful, the partnership must be balanced.

 

Typically a strategic partnership is a formal partnership; that is, it is formalized by a business contract, and both parties expressly agree upon the details and nature of the partnership.

 

Partnerships, like any other endeavor, have the potential to fail. But while thinking ‘small’ may seem to be the safe route, taking risks is necessary to succeed in business. Just make sure those risks are calculated; make those partnerships targeted, balanced, and mutually beneficial.

 

For Small Businesses

 

For smaller businesses, strategically partnering with larger companies isn’t only a capacity builder—it can also be a great selling point; a ‘name-dropping’ tool, if you will, and a dynamic strategy to pull in new clients.

 

The exchange is win-win; larger companies often look to qualified small businesses to fulfill certain state requirements, and to increase their breadth, while smaller companies can benefit if their partner has certain core competencies that they lack.

 

First, identify the areas where your company is challenged, and where you believe another business may be able to fill in the gaps.  Then, consider the arenas in which you excel, and what services, skills or assets you can conveniently offer; determine what companies have the most partnership potential—and get to networking!

 

 

What’s Stopping You?

 

Whether or not your business has experienced recent growth, partnering is an option you should never rule out. If you’re excelling, you can always go further. If you’re stagnant, you can get out of your rut. Brainstorm, strategize, and make your move!

 

If you’re looking for that ‘thing’ to bring your company to the next level, get to networking. Locate strategic partners, sell them on a mutual relationship, and then make that relationship work for you!

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