Image by mohamed Hassan from Pixabay

By Samantha Higgins

A strategic partnership can help grow your small business, create a new product, enhance exposure, improve your brand profile, among other things. Unfortunately, strategic partnership is not something that every business can do. It requires a lot of calculations and planning. Let us look at some of the best tips on how to start growing your business with other partners.

– Help them help you

Just like in any other deals, unless you are both positioned to win, then the partnership is more than likely to fail. Even if you manage to do certain things together as a team, after some time, things will fall apart.

Start by thinking about the pitch you sent to the brand from their perspective. What do they stand to gain from that partnership? Maybe the deal is intended to give them more clients or even a referral fee bonus. It is vital to always begin with what is in the agreement for the next company.

Unless you do this, despite how fruity the deal might look, they won’t accept it.

– Be sure to prioritize

It is never easy to carefully analyze partnerships to realize the possible impacts they might have on your business. To make this process a bit easier, you should begin by looking for partners who serve the same customers as you. This will take you a day or two, based on the number of options you have at your disposal.

For example, if your business is all about swimming pool cleaning, you will look to partner with a company that provides swimming pool cleaning supplies. The two companies have similar clients, and will also solve a problem that the same customers are struggling with.

Look at the things that matter to you the most. This will help you come up with a priority list.

– Nurture the relationship without competing

This is not an instance where you either close the deal or close the file. You are looking to form a long-term partnership with another brand. Therefore, that is what you are supposed to focus on no matter what. Since some of these partnerships might need a lot of time to get moving, set your expectations as you work on building a healthy relationship.

The other company should not see you as a competitor because they won’t partner with you if that is the case. The fact that this relationship will take time to build might make you feel tempted to start competing, but that is not how it works. Taking a business from your partner is a sure way to kill that relationship.

– Do your due diligence

It is good to do your homework before you start contacting the company asking for a partnership deal. Once you notice that a certain brand can be a good partner, begin by looking for their reputation from online resources. This will give you a hint about the type of company you are about to strike a deal with.

Confirm the strength of their brand. It is also a smart move to contact other companies that the company has partnered with before. Do this to ask about their experience when they worked together with the company you intend to pitch.

– Negotiate the terms

Before you begin working on partner tracking, it is vital to negotiate the terms of the partnership. The truth is that there will be ups and downs as you work on signing the partnership deal. However, regardless of how well you know your partner, it is advisable to write an agreement. This will deter any misunderstandings that might arise along the way.

The agreement will also protect you when it is time to end the contract so that everyone goes their separate ways. The terms will include things like the resources and assets that each party will provide, how each company will be compensated.

Closing thoughts

Do you feel there is a good company somewhere that can serve as a good partner? You should use the tips shared above to ensure that the deal is signed and that both of you are safe. Start by researching the company and forming a good relationship with them. If you have any questions, you are supposed to ask instead of doing guesswork. You must never start working as partners unless you have both signed the contract.

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Samantha Higgins is a professional writer with a passion for research, observation, and innovation. She is nurturing a growing family of twin boys in Portland, Oregon, with her husband. She loves kayaking and reading creative non-fiction.