Things To Consider When Setting Up A Business Partnership
BY: VESELINA DZHINGAROVA ON FRIDAY, APRIL 08, 2016
One of the best ways to grow a business is to set up strategic partnerships. Every single smart and successful business manager understands this. The problem is that you cannot simply agree to everything that you may be offered. It is vital that you are patient and that you analyze every single aspect of the deal you are about to sign. While there are many things that you will have to consider, some are more important than others. Always think about the following facts.
Complementary Services Work Best
Some of the very best partnerships are those that are based on complimentary products or services. For instance, let’s say that you sell shoes. Setting up a partnership with a company that repairs shows can bring in new clients. When someone gets shoes repaired, the person there can refer your store. When someone is at your store and has shoe problems, the repair shop can be referred.
When you set up a complementary services partnership, you can be sure that you are going to get new clients that would actually be interested in your service. Also, such a partnership is normally free and you will not have to incur extra expenses.
Don’t Forget About Online Exposure
Many business owners remain focused on the local opportunities when looking for partnerships. Why do that when you can easily set up online partnerships? Your business surely has a blog and that blog can easily be used in order to offer some sort of leverage to be used for negotiation purposes.
Many different online partnerships can be set up. You surely know about the possibility of using B2B marketplaces but have you ever considered some sort of writing partnerships with the use of the company blogs? This is just an example of what can be used. You can include social media in the mix and basically set up various different online support partnerships. A simple share that is obtained from a partner can bring in a lot of business so you do want to focus on online exposure, especially when it is well-targeted.
Putting A Value On The Partnership
Most business partnerships fail because one party thinks that it does a lot more than the other. Because of this, it is really important that you figure out exactly how much a partnership is worth. You do not need to go too precise but you want both parties to invest an equal amount. After all, it is a partnership.
For instance, is your company blog a lot stronger than the partner’s and you offer more exposure? If so, you could negotiate a blog post from the partner’s blog and a couple of extra posts on social media. No matter what you think about value, what is important is to discuss these aspects. The more you add to the contract you are about to sign, the higher the possibility that no discussions will appear in the future!
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