As an entrepreneur, your business is your baby. You have been there since the beginning. You’ve nurtured your company, fed your pipeline and watched it grow! To continue this growth, you may have to look for business partners at some point in your company’s timeline. A parent wouldn’t give just anyone their child to babysit and you shouldn’t do the same with your company. Here are a few attributes to look for in a reliable business partner for your baby.
Value of Time: As a business owner, how much time do you have to devote to building and maintaining a trusted network of partners? How much extra time does it take to manage a stable of contacts than working with one trusted partner? A good partner with a solid network on their end will ensure competitive pricing, consistent quality, and customized service. In essence, they’ll be an extension of your team.
Control: An important point to consider is attitude. Who is going to wear the pants in the business relationship? More importantly, who needs to? Make sure your business strategy and management styles don’t clash when partnering with another business. If both parties can get along, a successful partnership will ultimately lead to bigger sales and more clients. Try getting recommendations from other colleagues in the industry that have partnered up in the past.
Quality: Maintaining your brand is critical! This means attention to brand identity. Ultimately, a good partner who pays attention to what is important to your company’s message and can work within that message. The key is that your business partner can provide the additional information and services without disrupting your brand. At the end of the day, the business most committed to quality is your best bet.
The saying, “It’s not what you know, but who you know” can definitely sum-up what the search for the perfect business partner is all about. Do the research and find the perfect match. Your baby will thrive with the right partnership and hopefully in turn, your business can reciprocate that success to your partner.