Many people in the business world feel as though their best strategy is to close themselves off from the business community, and to operate alone. However, in a world that’s becoming increasingly more connected and collaborative, now more than ever, it’s essential that businesses open their doors and work together.
When 4/5 small businesses fail within their first year of operation, everything needs to be done to minimize the chances of failure. Partnering up with others and sharing, collaborating on, or exchanging resources is one such way to ensure that your business floats above the rest and comes out on top. So, without further ado, here are three reasons why partnerships are a winning business strategy.
1. Technology Is King
In today’s technologically advanced world, it’s essential that businesses are tech-savvy. The only problem is, if you’re a business whose roots are not firmly in the realm of technology, you might struggle to compete against more tech-savvy firms.
If that’s the case, why not collaborate with some companies that are more tech savvy? For example, if you need a website building, why not join with a company that’s specialty is to build sites? This way, you can guarantee quality.
2. Social Engagement is Time-consuming
In our evermore-connected world, businesses without social media will flounder. The problem is, although everybody knows how to post a basic Facebook status, the devils are in the detail. Therefore, partnering with a company that understands how social media really works to target your specific audience is crucial.
It’s also true that constantly engaging with your audience can be extremely time consuming, and this means that you might have to bring on an additional person or two into your team to deliver a reasonable amount of engagement anyway. Therefore, you may as well partner with a company that’s been doing it for years.
3. Customers Expect Customised Service
The old adage that the ‘customer is king’ is more relevant now that it ever has been. This means that if your customer wants it done their way, they get it their way. A good example of this comes from the world of online retail. Here, if a customer requires their item delivering today, partner with a company that offers express service like TNT.
Ultimately, partners are a winning strategy because they allow your company to expand, and keep up with customers’ increasingly digitally-focused, express needs. Find your new business partners today.
Takeaway
Doing everything yourself is counter-productive today. Monopolizing everything means that you can’t access knowledge and expertise that a partner may have. It’s harder and harder these days to have the resources to acquire expertise and technology – “thanks” to the rapid tech advances – and the Internet.
As a small business owner, you need to respond to the trend, starting from opening doors for partnership with other experts in their fields and form a profitable, win-win partnership.
Cover photo credit: Creative Sustainability / Flickr
