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How Can We Find and Maintain a Good Business Partnership?

Updated: Feb 6


Author: Verban Boev

Date of Publication: 19/05/2023


Many people who plan to start their own business wonder how to establish and keep good business relationships. In fact, this is one of the most important factors for business development in companies from all industries. Here are some tips you should follow if you want to establish and maintain such relationships.


Think about what you can contribute


When you meet your potential business partner, you will be asked what your strengths are and how you will contribute to the enterprise. Yet if you want to have a good business partner with a good reputation, you have to sell yourself. So, make the best possible impression, and make them feel that you are a necessary part of their business development.


Also, when you meet a person, show them that you have the same values as they do. According to Wasserman, 65 percent of partnerships fail due to differences in goals and character. So people who work together should share the same opinion on how things should work.


Identify the partners you need


Depending on your industry, there will be some necessary and unnecessary partners. For example, if you run a company that produces yogurt, you probably won't need to partner with a company that sells telephones. However, it will be mandatory for you to have a good network with different transportation companies. To know what partners are needed for the business, you have to know the industry where you operate. This way, you will optimize your process to make it faster and more effective.


Identifying the partners you need

Seek a partner who is aware of changes


In today's world, changes in trends and technology occur quite often. Therefore, one of the requirements for a sustainable company is to be aware of these processes. That's why it's essential for you and your partner to know how to use new technologies in the most efficient way. What’s more, you need to be aware of the changes in the markets, such as consumer preferences, competition, and technology.


Moreover, It is important for both of you to know the current conditions of the industry. This is because you will have a broader picture of the market. For example, you will see what is missing, and you will be the first one who has found some new opportunity. This way you will stand out from your competitor.


Explore entrepreneur networks


In addition, today you can find partners online and offline. Social networks such as Facebook, LinkedIn, and Meetup offer opportunities for cheap research on various people and companies. [1] This is a good way to find supportive partners even from the other side of the world. Of course, don't forget the option to tap your close friends for people you can potentially build partnerships with.


Explore entrepreneur networks

Look for a partner with different skills than yours


Think for a moment if it is not better to have partners with whom you will have a total of, for example, 5 skills, or two. Otherwise, if we need two people who are perfect in programming, or one who is perfect in programming and another in marketing. If both partners are good in one area, but not enough in another, wouldn't that be a problem? In fact, this makes it difficult with how some of the company's other activities will be carried out. So, if you see a guy who has the same skills as you, think if this partnership would be the best decision.


Be clear with your partner right from the start


As noted above in the article, one of the biggest causes of failure is due to misunderstandings between partners. For this reason, it is essential to find out with them what their goals are. You should see if you share the same vision of how things should happen and if their plans are for the long or short term. Thus, when you clarify these things, the chance of a conflict is lower.


Being clear with your partner right from the start

Respect cultural differences


Last but not least, consider whether the people you want to partner with are from a culture that is totally different from yours. We live in a multicultural world and probably many of us have had to work with people who have a different culture and a different way of thinking. For example, some actions such as being punctual on time or speaking directly and pointing out mistakes may be offensive to some cultures. So, this is a potential cause of conflict that can harm work.


Conclusions


It is important for a business to operate well in order to receive help from the business partners with whom it carries out projects and activities. Actually, finding the best possible partner is not always easy. However, if we manage to do it, we will undoubtedly have a positive result in the activity of our company.


 

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