By Analytix Editorial Team
For a business to do well, it needs a strong support system and infrastructure, including established processes for financial management, streamlined operations and smooth execution. When a small business launches, the owner is often forced to multitask, which can lead to their focus being diverted from the main business deliverable or core functions.
Forming partnerships can help immensely in such cases. Partnerships can provide business owners with the necessary support for key operational and back office tasks. Meanwhile, this leaves owners free to focus on building the business.
As a small business, what are the partnerships you can consider?
Small businesses should choose partners who can help them make the switch from a startup to a fast-growing company, rapidly and effectively. A partner is an entity who can not only provide your business with the resources you may be lacking, but also bring expertise to the table.
Partnerships can be of several types: supply chain, outsourcing, product partnership, alliances, etc.
Here are a few examples of partnerships that can prove to be successful:
If you run a CPA firm, you can benefit from a partner with robust support of infrastructure and trained resources. CPAs can be expensive to hire; even essential accounting and bookkeeping tasks can be a time consuming and expensive proposition. You could look at partnering with a firm that can provide you with strong record keeping and document management capabilities to help track transactions and those of your clients’ reliably. Your partner can also help you with business development efforts such as branding and marketing efforts, both online and offline. Online marketing includes help with creating and managing your website, co-branding, lead generation, etc., all of which help target an online audience to your core services. Your partner can also support and manage your IT requirements, thus reducing the hassles of needing to set up and manage it all on your own.
Partnerships for the service provider:
As a service provider, you can partner with outsourcing firms to provide you with necessary expertise minus the hassles involved in hiring and setting up internal departments. Thus, you can outsource entire functions, such as IT or web design, etc. Your outsourcing partner will have the proven infrastructure as well as resources and processes in place to ensure your requirements are met smoothly and without any problems concerning security or loss of data.
The product partners for manufacturers:
If you are in the business of manufacturing, ensuring a strong supply chain for your production and manufacturing is essential. Most small businesses may not have the same negotiating power as an established one and hence establishing a partnership with a steady supplier can help you benefit from reduced prices, better supplies and quality ingredients. Further, such a partnership can help both you and your supplier, as your business grows and income increases.
Partnerships for those in hospitality:
Ensuring a steady supply chain, as well as maintaining records of transactions with suppliers and vendors eventually leading to reliable financial reports, are a necessity for those in hospitality. You can partner with someone who has strong accounting and reporting capabilities. Your partner can help you with budgeting, financial planning, ensuring there are no debts, etc.
Further, as your business grows and the volume of transactions increase, you can also take your partner’s support in matters regarding software, accounting software and automation to help you with finances reliably and accurately.
Analytix Solutions has experience in guiding small to mid-sized companies in selecting appropriate partners for their business. For more information on how we can assist you, email us at [email protected]