Partnerships are essential to bolster core business strategy and create a competitive advantage. As a result, businesses can tap into innovations and resources that would be otherwise impossible on their own. To become successful, however, strategic partnerships require genuine collaboration with the right company.
Below are four tips from Maquiraya and Associates that you can use in selecting the right partner and creating successful alliances:
Tip #1 Choose a Partner that Shares your Vision.
Of all the things to look for in a partner, a shared vision is probably the most important. It makes it easier to achieve business goals if you work with someone who share your views and expectations. There will be disagreements along the journey, but a shared vision will make you put the same amount of effort and level of commitment to ensure that goals can be achieved within the stipulated time.
Tip #2 Choose a Partner who can Compliment Your Capabilities.
Strategic partnerships should combine the best of what both companies have to offer. The right business partner should have qualities that can support and complement your own.
This can be a deeper understanding of the market, a secure business network, or specific credentials and expertise that can increase the value of your business and improve your chances of achieving success. The more skills and resources you and your partner bring to the business together, the easier it will be to grow a joint venture.
Tip #3 Choose a Partner who has Financial Strength and Tolerance for Risk.
In any business, you will come across certain situations that require you to get out of your comfort zone and risk your money. Hence, it would be wise to look for a business partner with financial stability and a high tolerance for risk.
The financial ability of both your companies will enable you to achieve the goals you have set. Therefore, it will be good to agree on how much each partner will contribute to the business.
Tip #4 Choose a Trustworthy Partner.
Enter partnerships with someone you can trust. Select someone who values honesty and practices good personal and business ethics.
Alliances usually require considerable investment and effort before a substantial payoff can be realized. It is only logical, therefore, to choose a partner that you can foster mutual trust with.