Business partnerships can be an invaluable asset for building a solid brand. The right partners can help open doors to new and better opportunities, such as lower costs for your vendor-sourced services and creative ideas for your brand’s PR campaigns. Here are four ways on how you can build long-term business partnerships.
Pinpoint Your Weaknesses
Knowing your weaknesses is as important as knowing your strengths. For your business partner to be useful, he/she must be able to bring a complementary set of skills and expertise to the table. If you are proficient in the technical side of the business but lack sales ability, you should look for a partner who is a good salesperson and can handle the marketing side of the business.
Divide the Work
When you are working on your business with another person, you don’t want your efforts overlapping; otherwise, that’s just wasted time and effort. Before even starting on your tasks, have a clear division of workload. These roles oftentimes change as time passes, so be sure to recheck with your business partner on what tasks you are each working on.
Exchange With Other Businesses
Exchanging goods or services with other businesses is a great way to bootstrap your venture on a shoestring budget. For instance, offer to build a local business their own corporate website in exchange for them letting you leave business cards in their store. Another example would be offering your commercial truck or van on the weekends in exchange for them handling your waste disposal needs.
Learn to Trust Others
It will be difficult to build long-lasting partnerships without trust. You should trust your partner well enough to give them the whole layout of your business plan and not just what they need to know to perform their duties. You should also be able to trust your employees and third-party vendors to deliver on their promises rather than stress yourself out in solitude.
As a final piece of advice, take full responsibility for any decisions you make as an entrepreneur. Working with others can give you a scapegoat anytime something doesn’t go as planned. If you make a mistake, assume responsibility, and be honest with your partner about it. The sooner you admit it, the sooner you both can work towards a solution.