The benefits of strategic partnerships for small businesses
Have you ever noticed that small business owners often feel lonely, tired, overwhelmed and don't know where to go from here. After all, starting a business, maintaining it, leading it to success and growth is often stressful. From our own experience, we can say that a partner who will take on some of the tasks, risks and responsibilities, reduces the burden on the owner and helps to get more enjoyment out of their business. But not everyone decides to take on a partner in an established, working business, so you might consider a strategic b2b partnership as an opportunity to expand and take some of the burden off yourself. Together with a business partner and a like-minded person, you can move forward more easily by supporting each other.
In order to understand which company you can enter into a business partnership with, you need to determine a few things.
- What is your market? Who are your customers? Make a list of the interests that your customers have. Many small business owners would like to expand the list of services provided to clients, but don't have that option.Ask yourself what else your clients need and look for a provider of those goods and services to partner with.
- Partnerships are most beneficial when both companies serve the same type of customer. If you sell seeds in the agri-market, you can team up with those who produce fertilisers; expand your production and customer base together and offer your customer a better service.
- You should care about your partners as much as you care about your clients. This creates trust and confidence.
- Think about partnering with non-profit businesses or organisations. They don't have to be related to your line of business at all. People like socially responsible businesses. You could declare, for example, that a percentage of every sale goes to a shelter for homeless animals. Or sponsor a charity event. This can have a huge impact on the growth of your business, increasing visibility and sales.
Invest time and energy into the partnership for the mutual benefit of all involved: you, your partner and, of course, your customers.