Before getting someone to sign up and share with you as a business partner, you need to earn their trust and demonstrate your willingness to listen, learn and be committed. There are several ways to discern if a partner would be the perfect match. Some of the most common ways are outlined below.
A Common Ground Is Important
For a lasting and beneficial relationship, some common ground is necessary. Look at their values, are they similar to yours? If there is no overlap then the partnership will be unbalanced.
Compare if their clients match yours, for example, if you serve small to mid-sized B2B customers and your potential partner has built their business on enterprise clients, then you may need to search further.
What Is Their Reputation?
Remember that when partnering with someone, you connect your business to theirs. That implies that you need to know their reputation, background by thoroughly researching the company.
Dealing with a firm associated with a bad name will do you more harm than good. Look at their LinkedIn profile, search for them on search engines and browse their Facebook pages for more on how they are regarded.
Go for Established Entities
To some companies, start-ups may prove profitable. However, it would be in your best interest to for companies that already have a lot of clients. Identify those businesses with large email lists of clients and a strong social media presence, Take your time and talk to them personally before signing any contract. If you are not ready, you can hire a business development firm to assist you.
Look for Alternative Products or Services
It is important to have a partner with a complimentary service or product yet still has similar need as yours. If you are in the medical industry, they source for a firm which is compatible in the field.
If you offer a product, look for an individual that could provide a service which could blend with the product. If you are a service provider, the approach an entity with a great product to bring to the table.
Referrals Are Important
You could have shortlisted some local business and just require to source a connection to bring you in. Let everyone in the industry know if you are genuinely looking for a business partner. It may come as a surprise that your network has several ideas. If it does not work, check out your list and see what you have in the end.
Don’t rush to put your signature before doing all the above. Take your time and base your decisions on solid facts and not because of a deadline. Interview potential partners and research each one of them.
Don’t be way into the business just to realize that you had overlooked something major in the Agreement. If you are genuine and have a well-planned strategy, then partnerships could be just the channel you have been looking for to grow your business. Partnerships will always work if you are all on the same page.