How to Build Win-Win Strategic Partnerships
Are you looking for a long-term joint venture? Or maybe a temporary alliance? Either way, strategic partnerships are critical for entrepreneurs in any field. The business world is always changing and highly competitive. Having a few good friends is a powerful way to boost your brand’s awareness and sales.
Here are six steps you can take to build a strategic partnership that is a win for both parties!
How to Build a Winning Partnership
Find common ground.
The best alliances work so well because of shared values and enthusiasm. Looking for common ground can help you and your partner discover how you complement one another. Remember, there is strength in the differences between your two companies! Look for an individual or business that has a similar vision for the future and shares a passion for your industry.
Take your time.
Don’t be afraid to take your time. There’s a lot of value in getting to know each other well before you commit to a partnership. Be sure your two companies are a good fit for each other! A great way to set the pace is to schedule follow-up meetings to plan the next steps. Use the time to think over the meeting and address any questions you come up with.
Ask questions - a lot of questions.
As with steps one and two, transparency is the name of the game here! Asking questions and maintaining an open line of communication is crucial. Understand why they’re looking to make a partnership and what they expect to gain.
Be upfront and honest with your answers as well! If you’re only looking to partner for one project, let your prospective partner know. If you’re open to a longer commitment, make sure you discuss it. Keep in mind, even if you only work together this once, you’re developing contacts. Temporary partners may still send you a lot of referral work down the road!
Expect some negotiation.
Any good partnership starts with some negotiation. A little push and pull isn’t a bad thing! Both sides should feel they’re getting into a mutually beneficial agreement. Make sure you’re clear on what you need, but be prepared to make some fair compromises. Visualize a win-win situation!
Write it all out.
Make sure you get your agreement in writing. Having a written document is useful when you need to look back on specifics. Partnerships evolve. Having some kind of contract or agreement will keep everything fair down the road. Some find this step awkward to bring up, but contracts are a smart way to make sure both parties get what they expect.
Remember your value.
A win-win partnership is only reached when both parties know their value. Be clear about the skills, talent, and experience you’ll bring to the partnership. Keep in mind your associate benefits from this relationship just as much as you do. Your contribution has value.
For More Info on Your Local Referral Network, Contact ProNet Today!
ProNet, the Professional Referral Network, is the perfect place to connect with like-minded professionals in Texas. Our welcoming members are focused on creating mutually beneficial and strategic partnerships for a better business world. Take a look at our upcoming local events right here in Texas.