If you are new in business, how to propel it up and past competitors is a question that is likely to keep lingering in mind. For starters, the truth is that there is likely to be other businesses offering services or products similar to theirs. To beat the odds and build a thriving business, one of the methods that you should employ is working with partners.
In this post, we delve deeper into partnerships in business and demonstrate how you can use them to take the business to the next level.
Identify Partners Willing to Join Hands and Grow Together
The biggest mistake that you can make in business is identifying and working with the wrong partner. A non-committed partner is likely to be disinterested or even aim to bring your enterprise down to dominate the market. Therefore, you have to start by carrying out due diligence to identify the right partner. You can do this through market studies or enlisting the services of experts.
For example, a company looking forward to buying products from China might check for a partner in the import-export business to handle logistics. This can help to not only make the relationship seamless, but also cut down the associated costs. You can agree to work remotely in selecting products, logistics and processing payments to cut down the cost of flights.
Create a Good Working Relationship
The success you can achieve with a business partner is dependent on how effectively you work together. Therefore, your partnership should begin with well-defined goals and performance indicators. For example, most companies coming to Asia are looking forward to growing their market share and sales in the high-potential area.
Before you can start working together, put down an agreement, listing what each party should do. For example, the partner can help facilitate availability of your products on the local market via his supply chain as you handle production, quality assurance and marketing. You can also set up joint promotions, offers, and other direct campaigns to grow the market share. Data from these strategies and their successes should be collected to determine if they are delivering the expected results.
Use Incentives Offered by Government to Grow Your Partnership
When working on partnerships, it is important to factor in all the government incentives. Most administrations are creating structures that facilitate businesses to grow faster and realise their goals. A good example of this type of arrangement is the Closer Economic Partnership Arrangement (CEPA) between Hong Kong and China. Your partnership can exploit this agreement to work with partners in China for faster growth in the rapidly growing market.
This post has highlighted the best strategies that your business should adopt when working with partners to achieve faster growth. According to Adrian Cheng, it is paramount to also use technology to help drive the cooperation. Advanced tech-based tools not only make it easy to communicate, but further allows companies to strengthen partnership with the market, hive off a bigger market share, and grow sales.