How to Identify Partnership Opportunities in Your Business

If your business has hit a roadblock in terms of growth and you feel like you’ve exhausted all your options, it’s time to consider how a partnership can help.

Partnerships allow two (or more) businesses to work together toward a shared goal. And contrary to popular belief, partnerships aren’t just for large, established enterprises. Small businesses can and do participate and oftentimes the results benefit both companies mutually. 

Before you jump right in to scouting out potential partners, however, it’s important to think about what you really want out of a partnership. Who do you want to ally your brand with? What values, knowledge and experience do they bring to the table? 

We’ve all seen instances where a partnership mismatch lead to a complete branding failure. That’s why you want to follow these three key steps before you start your search: 

Take a Serious Look at Your Business

What do you really want out of a partnership? Not just today, but also in the future. Creating a 5 or even a 10 year plan can be beneficial in this case. You can look back and see what you need to do to reach the next level, including what partnerships can add to the mix. 

It’s also important to consider not just what a partnership can bring to you, but also what you can bring to them. What mutual benefits can you provide that will help their growth as well? How soon do you plan to start? Knowing these concrete points is crucial for setting your trajectory, whether it’s a year or a decade. 

Consider Your Strengths and Weaknesses

This is different than nailing down what you expect from a partnership and what they can expect from you. This process is ideal for helping you determine how you’re going to provide value to the the business as well as areas you need to work on. 

As you make your list of strengths and weaknesses, you’ll start to identify a common underlying thread which then gives you the insight you need to seek out partners who can help build up areas where you’re weak while complementing your strengths and vice versa. 

Make a List of Potential Partners

Next, it’s time to create a list of potential partners. It’s also important for you to know their strengths and weaknesses (even if it’s just what’s perceivable on the outside) since this will give you a positive angle to work from. It also shows that you’ve done your homework with regard to their branding, position and values – all of which should complement yours.

From that point on, reach out to set up a discovery meeting and discuss in more detail the ways that you feel that your business could grow alongside a like-minded ally and vice versa. This gives both businesses a chance to see what the other brings to the table as well as formulate their next steps accordingly. 

A Delicate Balance

Finding a company that ticks all of these boxes can seem simple on the surface, but as you dig through and try to determine their values, philosophy, mission statement and other important factors, it can start to become overwhelming. 

That’s why we at Workdom invite you to reach out to us. Our deep industry knowledge can help us help you in finding other, like-minded companies that effortlessly complement your existing skill set while helping you grow. We’ve helped companies in many different areas expand their operations through smart, decisive partnerships, and we’d like to help you too! Contact us today to learn more!

Disclaimer: This post is for general information purposes only. It does not constitute investment advice or a recommendation or solicitation to buy or sell any investment and should not be used in the evaluation of the merits of making any investment decision. It should not be relied upon for accounting, legal or tax advice or investment recommendations. This post reflects the current opinions of the authors and is not made on behalf of Workdom or its affiliates and does not necessarily reflect the opinions of Workdom, its affiliates or individuals associated with Workdom. The opinions reflected herein are subject to change without being updated.