Growing Partners

“No man is an island, entire of itself; every man is a piece of the continent, a part of the main. If a clod be washed away by the sea, Europe is the less, as well as if a promontory were, as well as if a manor of thy friend’s or of thine own were: any man’s death diminishes me, because I am involved in mankind, and therefore never send to know for whom the bells tolls; it tolls for thee.” John Donne, Meditation XVII

One of the biggest mistakes in life and business to make is trying to do everything alone.
So what is a strategic partner? A strategic partner is another business with whom you enter into an agreement that aims to help both of you achieve greater success.

Below are several types of strategic partners that you might consider for your business:

Developing strategic marketing partners can help you grow your business beyond your current client bases with innovative Go-To-Market strategies and tools.
Strategic partners can fill a number of financial roles. They can be accountants, bankers, investors or financial advisors. Their expertise will allow you to discover new solutions as you expand your business.

Nearly all businesses deal with suppliers at some time or another.

Developing strategic partnerships with suppliers has a number of benefits to help grow your business. Working closely with suppliers will ensure that everything is delivered properly and might even lead to special discounts and lower prices. Most importantly, strategic partnerships with suppliers could result in them creating new products tailored to your specific needs that give you competitive advantage.

The modern world is heavily reliant on technology and no business can succeed without strategic technology partners. These can be the people who fix your computer systems, office networks, who create software to run your business more efficiently, or even the people who design and run your website.
These partners are incredibly important and developing a strategic relationship with them ensures that your business has dedicated technology experts (particularly if technology is not your core competence) who understand the specific needs of your business.

 

Building Strategic Partnerships

  • The first step in building a strategic partnership is to identify which firms could help you achieve key goals and give you competitive advantage.
  • Joining forces in a strategic partnership has worked well and profitable for major international names and especially for niche players.
  • With careful planning, it can work for your business too. It all comes down to taking the plunge and saying, “I do” to a strategic partnership agreement.
  • Remember adding these key ingredients to grow a successful partnership: Trust, Respect and Communication

 

At the Private Wealth Association, we offer an array of strategic partnership programs that is beneficial for the development of your business. The potential of possibilities could be unlocked with a step towards a union of ideas.

For your business growth and personal development partnership, contact us.

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