How to Establish Lasting Partnerships

establish business partnership

Want to succeed in your business’s market? Chances are you won’t get to the top alone. Every business needs to combine forces with another at some point, and that’s where partnerships comes in.

Partnering with another company — such as a provider of cloud solutions designed to deliver essential business services — can help you to provide increased value to existing customers as well as reach new ones in your industry.

The problem? Research shows that a whopping 80% of partnerships fail. This means that not all partnerships are good partnerships. Rather, it takes the right partnership to catapult you to claim a large share of your market.

Here’s a rundown on how to build the solid foundation needed to establish lasting partnerships in 2021 and beyond.

Connect With Someone Over Something Common

One of the most important steps you can take to establish a lasting partnership this year is to connect with a person or company who shares your passion. So, if you’ve purchased something like personalized gift cards for businesses that you plan to exchange with potential business partners, don’t choose companies that don’t agree with your philosophy. Instead, go with companies that share your vision. This common bond will not only bring you two together but also take you both into a potentially bright future as allies.

For instance, perhaps you are in the fruit packing business and are passionate about both buying and delivering only local products. You can partner with an agriculture supplier that provides locally manufactured food-grade wax known for its consistent freshness. When you and your partner are on the same page from the start, you can more easily build a working relationship that will last years.

Ensure Mutual Value

Another important step in creating a lasting partnership is to make certain that both parties add value to each other. There should not be any overlap in your offerings, as this could spark competition between the two of you. Instead, you both should offer something — whether it’s customers, referrals, payment processing or cloud technology, packaging solutions, financial resources, skills, or even knowledge and experience — that will benefit the other party.

There are companies that offer technology that can help companies of virtually every industry to more effectively meet customers’ demand or streamline their information technology services. However, only a few are really up to scratch and can offer a solution to the problems your company may be experiencing, so do your research and pick wisely!

Managing the Relationship

Once you’ve found a valuable partner to share resources with, you’ll need to be proactive about managing the relationship long-term as well. Like your personal relationships, your business relationships will remain healthy only if you nurture them, which includes resolving inevitable conflicts, fixing problems, and maintaining a high level of communication.

Also, remember that both you and your partner are human, which means you will both change over time and you will also make mistakes. In light of this, be sure to allow your partnership to adapt over time as both of your needs and desires change.

Keep Communication Going

Maintaining ongoing communications is another critical component of establishing lasting partnerships. Oftentimes daily communications between partners end up turning into weekly chats, then monthly emails, and then yearly check-ins. At some point, the communications may end altogether, ultimately leading to failure.

To combat this, create a communication schedule that works for both of you. The more you stay in touch and make yourselves available to each other, the more likely you are to remain united.

Also, be transparent and honest in your communications. For instance, make your shortcomings and strengths known upfront, and demand your partner to deliver the same transparency level. The more honest you are with each other about what you can offer and what you lack, the more you can capitalize on all opportunities presented to you.

business partnership

Grow Your Business and Your Partnership’s Success Today

Forging the right business partnership can no doubt be complex and challenging. However, mastering it may be an invaluable step in facilitating your company’s evolution into something incredible. With a well-thought-out business partnership, you can be well on your way to expanding your customer base and growing your name recognition locally, nationwide, and even worldwide. Follow the above-listed steps to start creating a relationship that both you and your current or future partner can benefit from in the months, years, and even decades ahead.