Best partners forever? Important tips for successful business partnerships and alliances
Teamwork makes the dream work. This saying is truer than ever when it comes to business partnerships or alliances! No matter if you are a startup or an established company, the right partner can offer big competitive advantages for your business: it can give you an opportunity to access a broader range of resources and expertise. This may be a distinctive skill set or a product line that is better than the competitors’.
So, if you found a bpf – a best partner forever – to go through thick and thin together, you surely want to keep the partnership running. For a business alliance or partnership to be successful, there is a lot to consider. However, keeping these four tips in mind will help you on your journey:
Tips for successful business partnerships and alliances #1: vision
The first step to a successful business partnership is finding a joint vision. If you are not going in the same direction, problems are bound to rise. Therefore, it is important to be clear about your goals and to agree on your objectives and methods. It is always helpful to put the joint vision in a written partnership agreement to prevent misunderstandings – and of course adapt your joint vision if needed.
Tips for successful business partnerships and alliances #2: strengths
You enter a partnership or alliance because you mutually want to benefit from your partner’s strengths. But beyond the obvious strengths of your companies, there may be even more underlying ones. When brought out, these can often make a big difference in long term motivation, commitment and success. So, better make note of your strengths and ask your partner to do the same. Then sit together and discuss how you can apply these to the business for your advantage.
Tips for successful business partnerships and alliances #3: equality
Partnerships and alliances should be mutually beneficial. Both sides need to gain something from the collaboration for it to be worthwhile. Make sure to build your partnership on the principle that the work involved in maintaining the alliance as well as the benefits are equally shared, rather than one partner carrying the load whilst the other reaps the benefits.
Tips for successful business partnerships and alliances #4: communication
The same as in friendships or marriages, probably the most important factor to keep the relationship healthy is communication. Like in any relationship, disagreements are bound to happen and communication is the only effective way to handle them. Open and effective communication in a partnership or alliance will ensure that there are no misaligned expectations or misinterpretations. A good communication culture within the team should also include regular meetings and the implicitness to approach the other when something needs to be addressed.
Ok, now you got the knowledge on how to build and maintain a successful alliance – but you are still missing the right business partner? At CODE_n CONNECT you can browse through promising startups and experienced companies and easily find the perfect partner with the help of our matchmaking function!