In business, often working together leads to more rewards. Partnerships can open new doors and opportunities that might not have been possible. Sometimes to truly unlock the potential of your own business, working with another is the key.
Two heads are better than one
Strategic partnerships offer you the chance to combine resources, meld minds, share expertise, and create something greater than the sum of your individual parts. No matter how great your business is, it will have some limitations. Maybe everything’s going well in the local market, but you could use some help growing internationally. Maybe you’ve got the perfect product but not the marketing team who can bring it to the right audience. By partnering with a company that is strong in your weaker areas, you can overcome hurdles that might otherwise have been insurmountable.
Choose a partner wisely
Not all partnerships are set up to succeed. A successful partnership will share values, complement each other’s strengths, and work together to fulfil a vision. Look for a business that can fill your own organisation’s gaps. Make sure to set clear goals from the get-go: being on the same page throughout will help avoid any confusion or disagreement further along the line.
A bad partnership can be worse than no partnership
Every partnership should have a clear purpose and strategy. If two businesses disagree on the best way forward, the road ahead will be clouded, and you may be wasting time in entering an agreement. Before committing to a partnership, make sure you’re clear on the specific problem, or problems, the partnership aims to solve, how it advances your business goals, and the value you’re creating together that you couldn’t create separately.
Consider seeking expert help
A well-planned legal agreement makes sure that the partnership is set up on solid ground. Ensure you have a watertight contract that protects your business’s interests, and everything from profit-sharing to intellectual property (IP) rights is clearly defined. A corporate solicitor can advise on these aspects of a deal, as well as employment law and regulatory compliance.
A partnership may be a marathon, rather than a sprint
Building a successful partnership will likely take time, effort, and patience. The early days may be about your businesses learning to work together and align your processes. Try not to be discouraged at the first sign of trouble. Instead, view any hurdles as opportunities to strengthen your partnership and forge a clearer vision.
Stay flexible
As markets shift and technology evolves, consumer preferences change. If a partnership is too rigid, it may be left behind. A solicitor can help you include clauses in the agreement that allow for regular assessment of your goals and strategy. You might want to set up processes for pivoting if market conditions shift.
Keep communicating
Communication is important in a partnership, as in every other area of business. Make sure to have regular check-ins to discuss progress and any concerns. Being transparent can encourage your partner to follow suit. Remember that you’re in it together. Open communication can better equip you to tackle any challenges.
