This article is expert advice from a person who has spent the last five years studying business and the marketplace, and how it works. The reason why many companies fail to thrive is as a result of isolation and zero sense of partnership.
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Businesses that operate in isolation are doomed to fail. Most often, small and big businesses, in a bid to avoid competitors, cave into isolation. Thus, they find themselves nose-diving into oblivion. Therefore, strategic partnership and growth cannot be overemphasized for any company that wants to grow. There are various reasons why considering a partnership is healthy for business.
First, partnership eases the burden of sole-proprietorship; second, access to more funds; third, access to new experience, contacts, knowledge and toolkits to the table; and fourth, wider reach of customers and markets.
In this article, I am to show you how to reposition your business for strategic partnership and growth in a few proven steps.
Know The Kind Of Partnership You Want
This, of course, should be the first on the list. As a businessperson, knowing the kind of partnership you want is the first step towards repositioning. There are basically four types of partnerships. They include:
- General partnership: this is a type of partnership where the company is owned by two or more people who agree to run the business as partners and co-owners. Unless otherwise stated, each partner has an equal share of profits and losses.
- Limited partnership: this type of partnership is more structured than a general partnership, and has both general and limited. The limited partner has limited involvement in managing the company. On the other hand, the general partners have unlimited access to the management of the company.
- Limited liability partnership: this type of partnership occurs when either partner is not held responsible for business debts or other partners’ actions. In LLP, you can’t typically lose your asset if someone takes legal action against your company.
- LLC: known as a limited liability company, this a partnership that consists of two or more owners, called members. Under LLC, members’ personal assets are protected and they can’t be sued for business actions or debts.
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Know And Flaunt Company’s Values And Worth
Another way to reposition your company for strategic partnership is to know and flaunt its value. When seeking partnership, ask yourself; what value are you bringing to the table? Carry out an evaluation of your company and run an assessment of its value. These values could be in annual profit, contacts, market share, and team. When you know how much your company is worth, you can easily reach out and sell your company to people.
Another way to reposition your company for strategic partnership is to network both offline and online. You can milk your contacts through attending conferences, summits, webinars, and so on. Through this networking, you can meet people who might be interested in a strategic partnership. Furthermore, when you network you can see potential partners with similar values.
Belong To Associations
Also, you can reposition yourself by belonging to an association, union, or industry organization. It is advisable to team up with people in the same field as you, because they can easily understand the risks, challenges and intricacies in the industry. By belonging to an association, you can get known among people within your industry who can be potential partners, where synergy and collective growth can be achieved.
Featured Image Source: Business News Daily
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