Most sectors are facing increasingly fierce competition, further intensified by technological development. To ensure success, start-ups and SMEs must focus on their core competency and extend their value and increase efficiency by joining partnerships. A design agency might, for example, expand its offer through partnerships with printers, tech businesses and marketing companies, creating the optimal process chain and a common customer.
How To Build Partnerships
Once you have identified potential partners, there are some principles to consider.
1. Initial Meeting
To find out more about potential partners, their values and goals, the first thing to do is to have an open meeting, in which possible ideas for cooperation might emerge or not.
2. Cooperation Pitch
In order to present a realistic and profitable cooperation to the future partner company, it is essential to answer the following questions for all parties involved:
· What can we offer our partners?
· What do we expect from our partners?
· Which criteria are out of the question for us?
3. Test Stage
Set up pilot projects evaluated by measurable criteria to test the success of the partnership and assess the future cooperation.
4. Regulations
Provided that the pilot projects were successful, the details can be planned. For example, clarify how and when the partnership is to begin, who will bring what to the table and how future conflicts and everyday situations should be dealt with. At this point at the latest, the employees of both companies should be informed about the upcoming partnership and its goals.
5. Conclusion Of Contract
Now the agreements between the two parties, including financial consequences, must be listed in a contract. If the partnership includes great risks, seek out legal counsel.
