Building a partnership is essential to the growth or financial success of a company. A strategic partner can help you raise capital, gain more exposure, and offer services that are beyond your scope.
However, finding the right strategic partner can be challenging. It’s like finding needle in a haystack. But once it works out, you can enjoy the many benefits it brings to your business.
So how do you know if a company is the right strategic partner for your company? Here’s how:
- Shared core values.
Upholding the same aspirations is essential to building and nurturing a partnership. When the mission and vision of two companies align, it’s easier to prioritize goals that will bring in more growth. Before entering a collaboration, think about why you should work together. Start with the big picture in mind: What’s in it for both companies? Do your research. Your partner should be able to deliver what they promise and vice versa.
- Long-term vision.
Joint ventures are like marriages—you’re in it for the long haul. Once you’ve determined the reasons why you want to work together, have an in-depth communication about your goals, expectations, and strategies. What direction will the company take in the next five years? 10 years?
- Balancing skillsets.
Affiliating with someone who has the same strengths as you do invalidate the reasons why you’re in a strategic partnership. You need someone who complements your skillsets—not someone who’s in the same boat as you do. If your company excels in operations, your partner should ideally be someone who’s good at strategy. Ask yourself: What can you bring to the table?
- Proactive communication.
Communicating at every stage of your partnership is important if you want to keep your professional relationship. Talking about difficult issues like finances will help you iron out troubles the moment they arise.
Trust is important in partnership. So is documentation. Protect your business with an agreement that benefits both parties in case things go south.
Keeping the above things in mind will help your partnership weather storms in your business. Don’t settle for the first partner to offer their help—do your research first before committing to a partner.