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How Partnerships Can Help the Success of Your Business

By Satish Patel

October 3, 2013 1 Comments

Most businesses attain success because they excel at what that they do, whether it is providing a particular product or a range of services. However, maintaining that success is often a result of effectively managing ongoing operations and developing a cohesive infrastructure consisting of strong financial management, sound business strategies, and an able workforce.

For small businesses and start-ups, the business owner often wears multiple “hats” and acts in multiple capacities, diverting his or her focus from growing the core business. In such instances, business owners can benefit from partnering with professionals or businesses which provide expertise in specific key areas, thereby leveraging these partnerships as an extension of their internal team. With effective partnerships, business owners can focus on the business while the partner manages the more operational or administrative tasks. In addition, this can also lead to increased profitability as a professional with expertise in a functional area can perform that task more efficiently and proficiently then an individual who is completing that task out of necessity with possibly minimal experience or training in that area. Relationships with knowledgeable partners can help a company transition rapidly from a start-up to a fully functional small business.

Selectively Choose Partners

Establishing compatible partnerships can take a while, but that investment in selecting the right partner will be worth it in the long run. A reputable partner who delivers valuable expertise will take care that they continue to deliver high quality service.

To identify a good match, evaluate potential partners by the same standards that you would apply to yourself, if you were a customer. Probe them for area expertise, professional knowledge, quality control parameters, dedication, etc. Request testimonials or references, and research them thoroughly. Once you are convinced that they are the correct fit, consider and map out areas of the business that can benefit most from the partnership- including how that partnership can be leveraged to help you stay focused on your core business.

Comment

    Excellent write up- one that obviously reflects the power and the importance of business partners; and the need for participants to the organization that adds value and potential help one another to achieve distinctive advantage when compared with their counterpart.

    It also highlighted the economic benefit of partnership.
    Good job!

    Joseph

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