In a recent article, SCORE recommends strategic partnerships to – among many growth opportunities – help businesses gain access to a new target market, develop or expand a new product or service, elevate a brand profile, or license and utilize another company’s technology.
The article recommends some ways to approach and sustain a strategic partnership:
Set some goals
Determine the desired results of a partnership so your company can identify and approach potential partners that would best fit your company’s needs and wants.
Search for potential partners
Businesses that have what you need but also share your company’s core values make successful partners. If both companies are committed to the same cause, the partnership will also adhere to both their brands.
Do your homework
Before making contact with a potential partner, find out its reputation online, on social media and in the business community.
Build a relationship
Use social media and face-to-face interactions to learn as much as you can about the company – from its current status to its long-term goals. Before pitching the partnership, get to know the company to be sure it fits well as a partner.
Finalize the deal
Take time with the partnership company to negotiate the partnership’s terms and sort out its details. Then, create a written agreement stating all of the determined terms and conditions – this will protect your company if the contact at your partner business leaves.
Stay on the same page
Each company must work to maintain and adjust this new partnership. This takes time, energy and consistent communication, but will help both partners achieve their desired goals and promote mutual growth.
