When you start planning your next big project and realize you could use a partnership or two, it might be difficult to know where to even begin. Before you do anything else, your first step should be to identify who your potential partners are and start to decide who will fit with you or your company best. Keep reading to learn some of our favorite tips.
1. Consider the type of companies that can help you achieve your goals
Be sure before you start identifying potential partners you have specific goals and an action plan on how to achieve them. When starting the hunt for your perfect partnership, start with a list of companies that share the same values as you and can help you achieve your goals.
Not every company will help you obtain your set goals and just because a company is large or well-known, it doesn’t mean they are your perfect pairing. Seek out potential partners that will improve your project overall and will provide support. If a potential partner does not fit in with your goals, it is likely they’re not the right one and you should ensure that you are only reaching out to businesses that can help you succeed.
2. Look out to people you already know
Consider people and companies you already have relationships with. It can be much easier to build a partnership from already formed relationship as opposed from the ground up. You both also might have a good understanding of each other’s company and values which can help save you time and effort in the future. This pre-built trust can serve especially important during later planning.
3. Use both in-person and online networking
Networking is one of the most powerful tools there is when it comes to partnerships. It is also the perfect place to start when identifying potential partners. Look around at the people you do know, attend local networking events, and use sites like LinkedIn to connect with potential partners.
4. Explore local businesses
Working within your local community can be helpful in several ways. Building community can help you be a more visible company in your community and perhaps connect with businesses you are already familiar with and ones that might be familiar with you. This can also help lead to more partnerships in the future that will end with massive benefit.
5. Talk to your customers
What types of partnerships would your customers actually benefit from? If you speak directly to your customers, you can find these partnerships that can generate profit and helpfulness for every party involved. This can also generate some cross-connection help and provide new customers to both businesses.
6. Focus on businesses that have a similar target audience
When you focus on these types of business, there is a much higher chance of mutual benefit. You might be able to find new customers both for you and your partner. Consider how well connected, industry wise, you are to similar businesses and see if partnering will strengthen both of your businesses and create a win-win situation.
7. Join forces with indirect competitors
This might be top of your list but there are real benefits to working with people who compete in your space. Mutually beneficial partnerships can be formed through collaboration on ways of working, meet ups and workshops and even creating a system of referring business that isn’t quite suitable for your company or that you can’t accommodate.
Want to find out more about this topic and more? Register for EventLAB 2019 today.