Building a Strong Partnership Can Be Essential to a Small Business
Rare is the business that doesn’t require the services of another. In fact, for many small businesses, growth and survival relies as much on the strength of the company’s business partnerships as it does on the quality of their own goods and services.
Unfortunately, it is not always easy finding and building such valuable relationships with other business owners and investors. But, there are some things you can do to help improve your odds of landing the perfect business partnership. Here are five tips to get you started.
#1 – Take the As-Seen-on-TV Approach
Do you know why as-seen-on-TV items sell so well? They sell well because the television ads show the products in action. You can use this approach to equally help improve your odds of securing a strong partnership. When you have your meeting, be prepared to show your product in action so your potential partners will be able to see exactly what it does and what value it offers.
By displaying your product in action with a well-thought-out presentation, you show that you have a clear vision, and that you are fully committed.
#2 – Don’t Isolate Smaller Partners
Many entrepreneurs tend to focus only on partnering with major corporations or big-time investors. By restricting your choices in this way, you will miss out on an entire population of smaller partners who may be able to help your business just as much. Smaller partners improve your reputation and your credibility, both of which will make it easier to land a partnership with a larger company down the road.
#3 – Leverage Existing Partnerships to Secure Larger Ones
When you partner with smaller businesses, it shows that there is interest in your company and its products. This attracts the attention of larger businesses because suddenly they are worrying that they might be missing out on something. When approaching a larger corporation regarding a partnership, don’t be shy about leveraging your existing partnerships, regardless of how small they may be.
#4 – Harness Your Network Connections
Networking works! Networking works better than cold-calling or emailing a potential partner, because you’re being introduced to the individual by someone they already know and trust. This is what is called a “warm introduction.”
This works well, because the potential partner will either express interest in meeting with your, or they will tell your network colleague that they are not interested in partnering with your type of business. Regardless, you either secure a meeting with a potential partner or you avoid wasting your time chasing a dead lead.
#5 – Believe in Your Products, Your Business, and Yourself
If you are not confident in your business or your products, business owners and investors will notice. Whenever you are trying to secure a business partnership, you must be confident and sure of yourself, your products, and your business.
Nobody knows your business like you do, so it is up to you to sell it as well as you can. Being passionate about your business and knowing your industry inside and out will put partners at ease, and make it an easier decision to partner with your business.
Photo Credit: Peter Hayes, Flickr.