Thought Partners

How Thought Partners Can Help You Reach Your Goals

Thinking of reaching beyond your company’s walls to find partners? Great idea!

Lighted up sign “THIS IS THE SIGN YOU’VE BEEN LOOKING FOR”
Photo by Austin Chan on Unsplash

There are so many potential partners out there who can help you reach your goals. Vendors, suppliers, business partners, and even competitors. The trick is figuring out which partnerships will work best for you. A partnership should never be entered into it is a long-term alliance. Energy and resources from both parties. You need to make sure that the advantages outweigh the disadvantages. Before signing on the dotted line. Think about what you want from a partner — Do you need capital? Technology? Expertise? A new market outlet? New customers? New suppliers? A technology partner might share your values. Without getting in the way of day-to-day operations. They can also be a great resource when it comes to hiring employees. An agent or distributor might sell your products or services. Through their network while reducing operating costs at the same time. A strategic alliance could save both parties money. By sharing services like marketing, shipping, IT and HR departments among others.

Find the Right Partner for You

Finding the right partner for you will depend on a few things. First, you need to decide on what your company goals are. Do you want more customers? Improved technology? New product lines? Your goals will help you decide which potential partners would be a good fit. Keep in mind that some partners may be able to assist you in many areas. Next, you need to decide what type of partnership would be best for you. While most partnerships have a strong, long-term focus. Some types of alliances are more temporary. Lasting only as long as the goal or project they are meant to do. And, finally, you need to be realistic about who might want to partner with you. Although you want to aim high, you don’t want to ignore potential partners that might not be household names.

Define Your Company’s Goals While Looking for Partners

Start by figuring out what areas you want to improve. To help you do this, write down the problems that have been hampering your growth. You need more funding to expand. Are finding it difficult to hire new employees in your particular industry. Or, you need a new product line to meet the demand in a certain market. Next, write down what your company’s goals are. Your goal is to increase revenue, new product lines, and hire employees. Finding new markets. If you can’t define your goals, how can you expect your partners to know how they’ll be helping you? Make sure you know what you want from a partner before reaching out to them. This will help narrow down your search and make it easier for them to decide if they want to join forces with you.

Ask Around and Do Due Diligence Before Moving Forward

Before you rush into any partnerships, make sure you do your research. Talk to people in your industry to see who they recommend. Find out from your network if any companies are looking for partners. Talk to potential partners, too. Ask them what they need from a partner and if you could fill that need. If you decide to talk to a competitor. Keep in mind that a partnership with them can be tricky, especially if you’re in a competitive industry. In these cases, you’ll need to decide if the benefits outweigh the drawbacks. It’s also important to look at your potential partners’ track records. You can check online to see if they have any complaints or lawsuits against them. You can also check with the Better Business Bureau to see if they have any negative records. Make sure to check their references, too. If they are offering a service, like IT or marketing, where they’ll be working with your company.

7 Questions to Help You Find Partners with Equal Benefits

If you’ve narrowed down your potential partners, it’s time to ask the tough questions. This will help you figure out if a partnership is the best option for you. If you decide to go with a strategic alliance. You’ll want to make sure you ask questions that help you figure out how the partnership will benefit both. Here are a few questions that can help: What are they looking for in a partner? How will this partnership help them achieve their goals? What are they bringing to the table? How do they plan on benefiting you? How do you plan on benefiting them? Is a partnership the best option for both parties? If you’re planning on partnering with a vendor or supplier. You’ll want to make sure you ask questions that help you decide if partnering with them is the best decision for you. Again, it’s important to figure out what benefits the partnership will bring to both parties. Here are a few questions you can ask: What are the benefits to partnering with your company? How do you plan on benefiting us? How do we plan on benefiting you? Is a partnership the best option for both parties?

3 Types of Partnerships that Can Help Achieve Your Goals

There are many different types of partnerships. They can generally be broken down into three categories. Vendor, supplier, and strategic alliances. Vendor partnerships are when you contract with a company. To provide a specific product. This is often done when you need more capital or expertise that you don’t have in-house. Supplier partnerships are when you buy goods. Like materials or supplies, from another company. Strategic alliances are when you partner with another company. To achieve a specific goal by combining your strengths and weaknesses. Then, you end the partnership when you reach your goal or the contract expires. Let’s take a closer look at each of these partnership types to see how they can help you achieve your goals.

Vendor Partnerships

Vendor partnerships are often used when you need capital that you don’t have in-house. For example, if you want to expand to a new country. But don’t have the resources to do so. You might want to find a vendor who can provide financing for the expansion in exchange for a percentage. Vendor partnerships are common in industries where there are high barriers to entry. This means that the industry is difficult to break into. Which makes it difficult for new companies to survive. Examples of industries with high barriers to entry include healthcare, education, and biotechnology.

Supplier Partnerships

Supplier partnerships are often used in industries where there are low barriers. The food and beverage industry, for example, has low barriers to entry. This means that it’s easy for new companies to enter the industry and find success. In these industries, supplier partnerships are often used to reduce costs. For example, if you have a large event coming up and need thousands of plates. You might want to find a supplier who can provide the items at a discounted price. In exchange for marketing your business.

Strategic Alliances

Finally, strategic alliances can be used in any industry. This type of partnership often works when you and your partner want to tackle a problem. Reaching a goal that you can’t do on your own. For example, you might want to create a new product, but you don’t have the expertise or technology to do so. This is when you might want to partner with a company that has the necessary resources.

Summing up

Thinking of reaching beyond your company’s walls to find partners is a Great idea! There are so many potential partners out there who can help you reach your goals. Vendors, suppliers, business partners, and even competitors. The trick is figuring out which partnerships will work best for you. A partnership should never be entered into. It is a long-term alliance that has time, energy, and resources from both parties. You need to make sure that the advantages outweigh the disadvantages. Before signing on the dotted line. Now that you know what you’re looking for in a partner. For the different types of partnerships, it’s time to start searching. With this information in hand, you should be able to find the perfect partner for you and your company.

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