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Marketing efforts for small business partnerships are beneficial if they are done right. The collaboration of partners to compile their finances, networks, and other resources reduces risks when branching out of a business’s comfort zone. Safeguarding your brand’s success during expansion gives room to grow, improve, and adapt with fewer concerns.
Everyone knows that in order for a small business to expand, they have to look into creating more products or services that go beyond their market’s comfort zone. Business partnerships can help this expansion.
The end goal of business partnerships is to generate brand reputation, gain customer trust, and expand resources. The power of partnership can provide great opportunities with less damage should the campaign encounter setbacks.
The Power of Partnership
When it comes to small business partnerships, the saying “no man is an island” rings more true than expected. Partnerships consist of building connections and fostering collaborations with others in order to gain brand reputation, resources, input, distribution, and other factors.
There are few downsides to partnerships, especially when you take into account their risk mitigation properties. Allowing a small business to freely test and venture out of their comfort zones without the fear of damage makes it easier and faster to produce vital results.
There are many types of partnerships available. General partnerships have partners that contribute to a business’s capital and expertise. They have some control over the operations of the businesses and are legally liable for the company. Limited Partnerships only provide capital such as cash or assets and have no control over the business operations. However, they still have some liability. The extended version of general partnerships is the limited liability partnership. It has everything general partnerships have except for the legal liabilities.
- General Partnership
- Limited Partnership
- Limited Liability Partnership
How To Find the Right Partner
Small business partnerships reach impressive results when paired with the right partner. However, looking for one will take careful analysis of each potential partner.
There are a few things one should look for in partnerships. Similar values are necessary to not clash in motives or goals. Having different values and objectives could potentially stray one partner from their desired effect.
It’s also important that these partners have the same target audience. Before attempting any small business partnerships, you should reflect on your ideal target and their interests, behavior, and career. Once you have a clear idea of your demographic, it will be much easier to partner with someone who has industry influence on your target.
Skill sets must also be taken into account. The difference in skills is one of the main reasons for optimized resources. Sharing strengths with each other can provide valuable outputs and successful campaigns. This means both partners who excel at the same skill set may fail in their partnership regarding networking for small business, lacking professional diversity. Meanwhile, those with different skills could work together and fill in the gaps of both businesses.
- Similar Values
- Common Objectives
- Target Audience
- Skill Sets
How to Build a Successful Partnership
Small business partnerships should include goals, benefits, and strategies to obtain success within their campaigns. Goals must be realistic and achievable, but also something that both parties agree to dedicate themselves to.
In terms of strategy, joint ventures during the period of partnership are necessary. From co-marketing each other’s brands, sharing resources, tracking engagement data, and inputs on each other’s ideas. Innovation and collaboration between the partners can gain open-minded input that can pull all members of the partnership toward success. Of course, it’s also important to have all partners mutually benefit from this joint campaign.
It’s also important to keep in mind whether or not the campaign will benefit all participants within the partnership. For a business partnership to be successful it will require mutually beneficial actions that can create waves of productivity and engagement for all. Ultimately, the plan is to foster collaboration and reach everyone’s goals to ensure the success of the campaign.
- Goal-oriented and Realistic
- Strategic Partnership
- Mutual Benefits
How to Nurture Partnerships for Growth
Small business partnerships should have transparent communication with each other. In order to collaborate in an effective manner, members of the partnership must actively reach out to one another and respond to any concerns the other members may have.
This also includes transparency regarding data that is required for any collaboration currently being produced. A lack of transparency opens the potential for setbacks, errors, and unforeseen events that could do more harm than good for all involved in the partnership.
However, even with transparent communication, there will always be setbacks during the campaigns. The solution is to maintain a status of flexibility in order to repair and resume progress without further delays.
Flexibility present in all members of the partnership offers more fluid transactions and progressive growth. Without being able to adapt to any sudden changes, the partnership itself could become fruitless due to slow progress.
Nurturing the partnership also includes regularly meeting with one another. By continuously discussing related events within the partnership and offering innovative solutions, the partnership continues to strengthen. This is because it builds relationships with all members involved, allows the opportunity for resources to be utilized, and gives time for partnership strategies to be discussed for any errors or improvements.
- Transparent Communication
- Flexibility
- Regular Meetings
The Takeaway
Small business partnerships are perfect for businesses that wish to explore markets they’re unfamiliar with. Not only does it reduce the risks of demands, but it also gives opportunities to expand your network and resources.
However, strategic planning is required to utilize it to the fullest. By choosing the correct partner, building and nurturing the relationship, and ensuring mutually beneficial gains, partnerships can have a lasting effect on a company’s growth. It’s also crucial to learn which type of partnership is suitable for your business.
The next step to a successful business is always expansion. Consider following up your business’s success with partnerships in order to spearhead the brand into different markets.
The Comm Entrepreneur 