Building the right partnerships can increase growth velocity for early upscale businesses. The right partnerships in business will help both small and medium-sized businesses add long-term brand value.
With the right partners, you can grow and scale your company with a fairly small corporate team and contract. Here are three steps recommended to form stronger and more connected partnerships.
• Connect your partners to your vision: Ideally, when a customer makes a purchase, they aren’t just buying your product, they’re also buying your brand. Applying this concept will go a long way in forming a mutually beneficial bond with your partner. Before you get into any tactical conversation, sell potential partners on your brand’s story and vision. Give them a 360-degree tour of how you operate and what you’re trying to achieve. Seek out partners who are equally excited to be part of it.
•Use collaborative strategy, not transactional: The best partnerships are built on trust, confidence and collaboration. Look for partners who want more than a simple transactional relationship and will bring useful ideas and expertise to the table. They should take a proactive role in identifying problems and working with your team to find solutions.
•Be thorough and selective: While evaluating new partners, don’t just talk to one vendor and sign a contract the next day. Have conversations with multiple vendors before selecting the one that makes the most sense for your company. Aim to select fewer partners, but form tight-knit relationships with them.
Start by researching the partners of brands that you admire. If Brand X works with this vendor, what does that tell you about their diligence, responsiveness and efficiency? Which qualities are most important to you in a partner, and how can you screen for them?
Just because your team is small doesn’t mean your growth prospects have to be. Building partnerships with trusted vendors will allow you to expand your team’s capabilities and scale your company quickly.