Capitalism is not necessarily a bad word. If you own a small business, making money is a vital part of your business plan. Businesses are not just about making money, though. At Outside The Box Design, our team understands that making money is only one part of the small business equation. Here are some tips to help you find partners who will also look at the value of your business beyond just its profitability.
Forbes will tell you that the top things to look for in a partnership are trust, compatible communication skills, and complementary skills. These are essential terms upon which to base a business partnership, but characteristics are just a foundation for choosing a partner. While trust is imperative, and communication and skills are valuable skills, a partnership is likely to fracture if the business partners do not share the vision for the future of the business.
The vision of your business is the cultural basis upon which your company operates. Regardless of how the company grows, it needs to remain true to its purpose and vision. If your small business specializes in local artists, but your partner is an international investor who wants to promote art from around the world, your vision of showcasing local artists will falter. If your business ceases to serve the purpose for which it was created, the business will fall apart.
Sometimes partnering with a smaller company is a better partner than the larger names. Smaller companies prove sound partners because of the potential for shared values and consistent communication, ensuring your business stays committed to your vision and brand.
Collaboration and Growth
The goal of a business partnership is to establish a relationship with someone who will help your business. A good partnership should prioritize collaboration for the purpose of growth, but receiving feedback is not always easy. Business partnerships can learn from other industries, such as non-profit resources, to choose a partner who cares about your business.
Some common fears about partnership collaboration include:
- Poor communication
- Poor judgment by partner
- Personal conflicts
- Deviation from vision or mission
- Being taken advantage of
The potential rewards of a partnership collaboration include:
- Increased operational efficiencies
- Reach larger audience or customer base
- New sources of revenue
- Increased resources
Selecting the right partnership may mean balancing the risk versus the reward and making an informed decision. A partner may have the ideas your business needs to be more effective and reach a greater audience, such as a social media marketing plan.
Try to avoid partners who are not compatible with your business values to minimize the risk of a failed partnership. Communicate your vision with your potential partner and your specific goals for your company and the prospective partnership before finalizing agreements.
A study published in 2018 by the United States Small Business Administration Office of Advocacy showed that small businesses in the U.S. totaled 30.2 million. Small businesses also accounted for 66% of new jobs in the U.S. This study shows the value and importance of small businesses in the U.S. and their impact on the economy. Your business matters and is essential to the community where it is based and the employees you will hire.
When selecting a partner for your business, the partnership should be aligned to a long relationship. To select the right partner, make sure your partner also sees the value of your business.
To learn more about how to select a partner who cares about your business, contact OTBM.io at (860) 375-0297 or firstname.lastname@example.org. We would love to learn more about your business.