Your new startup can operate smoothly, and it is high time to take it to the next level. If so, you have to make well-calculated decisions to ensure you are in a win-win position when working with external partners. Partnerships in business, if strong, can help derive increased innovation, revenue, and lots of opportunities. For example, Microsoft enjoys a 95% paywall (commercial revenue) from its partners. Best-in-class relationships offer psychological security. Since your suppliers provide the very best, you, as the CEO, can relax and focus on improving your business further. Everyone succeeds when your partners align their interests with your own. However, how can we develop such fruitful bonds?
Five effective ways to strengthen business partnerships
1. Marketing:
Share the spotlight with your partners, as it strengthens your bond. If you pay for any marketing services, showcasing your partners will not cost you anything extra. However, you may derive immense rewards. You may even include your partners in your company’s marketing manual. It’s indeed a win-win situation for everyone. Your partner derives a real boost from that extra exposure. It helps them, especially if your partners are independent or small businesses. Helping your partners might even enable you to get invites to future campaigns that they undertake.
2. Data:
You may even provide your partners with your original research. It could be via email, through free online services, or white paper. It enables you to showcase your company’s expertise and attract new clients. You may even consider developing a unique index for investors. It may contain vital information to guide investment decisions, like price appreciation, average scores, average price, etc. Usually, these are chargeable. However, sharing them with others for free will enable you to increase your investor base.
3. Industry insights:
It is not humanely possible for anyone to know everything. Sharing insights with clients and partners will ensure everyone stays updated. At the same time, everyone can benefit from the lucrative trends together. If you notice a price hike in the future for any product that you deal with, share it with your customers. They can stay updated on the latest product investments. Simultaneously, suppliers might share with you recent trends and recommendations that can enable you to make wise investment decisions. Such close collaborations help relationships strengthen further.
4. Time:
You may share your precious time with your partners. The world has now switched to online meetings and remote working. Hence, face-to-face interactions are more important. Research states that making in-person requests will be 34 times more effective than WhatsApp or email messages. Arrange in-person meetings with your partners, as it can strengthen relationships considerably. It also means attending networking functions physically, visiting the supplier’s office, or co-hosting events together. Quality time spent together provides more opportunities for relationships to blossom.
5. Vision:
Share the visions you have with your partners. Also, get to know their vision. Whatever your business, you may explain its mission to your partners. It will lay the groundwork for success in the future. At the same time, it helps develop the strong partnerships required to operate your business smoothly and overcome unforeseen hassles. It will benefit your business in numerous ways.
Power of Sharing
Successful businessmen are those who understand the importance of sharing. You may share your knowledge with your partners, enabling them to use it to their benefit. This mantra, when followed correctly, can help strengthen business partnerships. Both of you can work and grow as a team and benefit each other’s businesses. This is indeed among the most successful strategies that you may implement immediately for collaboration.
